The BEST money-saving challenges you need to try today!
Are you in need of some extra cash and looking for creative ways to save? Look no further! We’ve compiled a list of the best money-saving challenges that are sure to help you reach your financial goals.
Whether it’s an emergency fund, paying off debt, or just growing your nest egg, these foolproof tactics will guide you every step of the way. So if you want to learn more about how to make the most out of what you have and start raking in those savings, this is the post for you.
Let’s get started!
We’ve all been there..
We struggle to put away money every month, and some months spend more than we make.
Let’s make this a thing of your past!
If you’re a little hesitant to start a saving challenge, I’m here to tell you; you shouldn’t be. Money-saving challenges can be downright fun and addicting.. after
I know we do, or we wouldn’t have been able to save $100,000 in our mid 20’s.
We love saving so much that we took it upon ourselves to find the best money-saving challenges for YOU!
What Is A Money Saving Challenge?
A money saving challenge is an excellent way to jumpstart your financial journey and set you on a path to success. It’s simply a commitment to yourself to save money in a specific way over a period of time. This could be anything from skipping your morning coffee for a month, setting aside money for savings each week, or even cutting out eating out for three months.
The goal is to put money away that you wouldn’t normally spend and put it towards something else that will benefit your financial future.
According to a survey, 58% of Americans feel that their finances control their life! Studies have found that those who successfully complete money saving challenges not only saved money but also had an improved attitude towards their finances as well as more knowledge about how money works.
Why Should You Try One Of These Popular Money Saving Challenges?
Money saving challenges can help YOU become better at budgeting, build an emergency fund, and even teach you the basics of investing. If any of the above sounds like something you want to accomplish, savings challenges are for you!
Money saving challenges aren’t just about numbers either; they can also teach money management skills such as delayed gratification, responsibility with spending, and learning when it is okay to splurge (within reason).
With determination and focus, money saving challenges can provide an effective tool for those trying to reach their goals of becoming financially independent or simply better managing their day-to-day expenses.
By understanding the basics of good money habits, you’ll be able to develop long-term strategies to improve your overall financial well-being and set yourself up for life-long financial success!
If money savings challenges aren’t your thing, I understand!
Here are other creative ways to save money:
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- 100 Frugal Meals You Can Make On A Small Budget
- The Best Free Debt Tracker Printable: Kiss Your Debt Goodbye
20 Money Saving Challenges You Must Try
Here are 20 great money challenges you must try today!
1. 52 Week Savings Challenge
Check out this fun savings challenge chart! Money challenges couldn’t get any simpler than with this 52-week money savings challenge printable. If you are looking to put money away over the course of a year, slowly. This 12-month saving plan is the challenge for you!
This is a dollar-a-week saving and one of my favorite 52-week challenges! Make sure to give it a try.
2. 100 Envelope Challenge
The 100 envelope challenge is a simple money saving challenge that makes saving money fun. The goal of the envelope challenge is to save $5000 in as little as 100 days.
Here is a quick breakdown of the 100 envelope challenge:
- Number your envelopes 1 through 100
- Mix up the envelopes (if you choose to)
- Put the envelopes in a container
- Every day select an envelope
- Fill the envelope with the money amount on the front
- In 100 days, you’ll have over $5000
3. 365 Day Penny Challenge Reverse
This money-saving challenge is a penny challenge but in reserve. Yes, this is a reverse challenge, meaning you’ll be saving more money in the beginning, and then towards the end of the saving challenge, you’ll be adding less and less every day/week.
This one-year saving challenge will have you saving over $600 by the end of the year.
Head over to DIY with my Guy for more details and your free penny challenge printable.
4. 8-Week Vacation Savings Plan
Are you heading on vacation or just looking to put away some cash quickly? If so, this is one of my favorite money challenges to save money fast. Best of all, if completed correctly, you can save $1000 in 8 weeks!
Yes, that’s a whole lot of money in a short period of time, but when going on vacation, you’ll need it. This weekly savings challenge will have you prepared for any last-minute vacation or event.
Grab your free saving challenge printable and learn more over at The Soccer Mom Blog.
5. 365 Day Saving Challenge
What if I told you saving your change for a year would make you over $650! Some money challenges take things to the extreme, expecting you to save a lot of MONEY from the get-go, not this one. If you’re starting out on your first money-saving challenge, this one-year money challenge is a great place to start!
Head over to Mission to Save to learn more and print off your free printable.
6. 26-Week Money Challenge
This is a biweekly money-saving challenge. If you are looking for a money challenge that you contribute to biweekly (when you get paid), this is for YOU.
Follow along with this challenge, and you’ll save $1400+ throughout the year. This is a great one-year saving challenge.
Learn more over at Saving Our Money and snag your free
7. 3-Month Savings Money Challenge
This three-month money challenge is quick and painless. Every week you put away the same amount of money. After 12 weeks, you will have saved yourself a nice little chunk of money.
Read more about this money savings chart and grab this free savings list challenge.
8. The Penny Challenge
Do you have pennies lying around your home? If so, give this penny challenge a try. Better yet, this is a great challenge for younger children to participate in. This would be a great challenge for them to do alongside you while you tackle a bigger challenge.
Find a container and add a penny to it; add one penny more every day than you did the day before. At the end of the year, you will have saved $667.95. How awesome is that!!
Read more about this challenge at Smart School House and grab your free penny challenge printable.
9. The 26 Paycheck Money Saving Challenge
Like us, If
This weekly savings plan is doable on a smaller budget.
Learn more over at Simple Money Mom and grab your free money savings challenge.
10. The BEST $5 Savings Challenge
Have you ever heard of the $5 savings challenge before? I think most of us have. The $5 monthly savings challenge is a lot of fun! How it works is every time you get your hands on a $5 bill, you store it away somewhere safe.
YES, every time a $5 bill presents itself, you put it into your savings. Whether that be in a jar or a savings account, hide it away. At the end of the year, count how much you were able to save.
Learn more over at Personal Finance Junkie
11. $1000 Travel Savings Plan
We all love traveling, am I right? Nothing is worse than not having the funds to enjoy your vacation fully. There is no better time to start planning for your next vacation than now!
Head over to FITNANCIALS to learn more about this travel savings plan.
12. The No-Spend Challenge
I love no-spend weekends, and I think you will too! No-spend challenges save you a lot of money!!! I’m talking about hundreds of dollars a month. We all spend the most money on the weekend. Having a no-spend weekend cuts out those costly weekend expenses.
Learn more about a no-spend weekend here and enjoy this AMAZING list of things you can do besides spending money.
13. One-Year Savings Challenge
Check out this saving challenge chart! Money challenges couldn’t get any simpler than with this 12-month money challenge if you are looking to put money away over the course of a year.
This 12-month saving plan is the challenge is a must try!
Head over to Drugstore Diva and grab your FREE one-year plan printable.
14. Dime Challenge
The Dime Challenge is a money-saving challenge that can help you reach your financial goals in no time. It involves putting aside 10 cents every day for the next 100 days, and when completed, you’ll have saved over $100!
This money saving challenge is an enjoyable way to save money without feeling like you’re sacrificing too much of your hard-earned money.
If you want to get started on achieving your financial goals faster, try the Dime Challenge!
15. Expense Tracking Challenge
An expense-tracking challenge is a great money saving challenge that can help you keep track of your money and where it’s going. Grab an expense tracker and take a few minutes daily to write down your expenses. Understanding what money is coming in and where it’s going out is important.
This type of money saving challenge can help you identify areas where you can cut back on spending, leading to more money saved over time. Tracking expenses also helps ensure that money isn’t wasted on unnecessary items or activities.
To get started, grab this expense tracker!
16. The Loose Change Challenge
The Loose Change Challenge is a money-saving challenge that is tons of fun and doesn’t require saving for an entire year! It involves collecting spare change you come across throughout the day, such as the change from purchases, money found on the ground, and money in your piggy bank, and putting it aside for however long you feel necessary.
This spare change challenge isn’t only fun! It’s a quick way to score $50-$100 bucks with little effort. If you are looking for extra money, this is one of the easiest challenges to try!
17. 6 Month Savings Challenge
The 6 Month Savings Challenge is one of the most effective money saving challenges out there. It encourages you to save money gradually and consistently so that your financial goals can be achieved over time.
This money-saving challenge involves saving $6 more every week than the week before for 6 months!
How to get started:
- Week 1 save $6
- Week 2 save $12
- Week 3 save $18
- And so on!
18. 30 Day Minimalist Challenge
Are you looking for a money saving challenge that will also help reduce clutter in your home? If so, the 30-Day Minimalist Challenge could be just what you need!
This money saving challenge encourages people to get rid of one item from their home every day for thirty days. By completing this money saving challenge, not only will you save money by reducing clutter and getting rid of unnecessary items, but it can also help increase mental clarity and create more space in your living area.
So if you’re ready to take on a money saving challenge with the added bonus of decluttering, then give the 30-Day Minimalist Challenge a try!
19. No New Clothes
Taking a no-new clothes challenge is an excellent way to reduce your spending and save money. This money saving challenge encourages you to abstain from buying any new clothing items for a set period of time, such as 30 days or even 6 months.
Not only will this help you save money since you are not purchasing any new clothes, but it can also help reduce clutter in your home and give you the opportunity to wear items that may have been forgotten about in the back of your closet!
20. Subscription Cancellation Challenge
The Subscription Cancellation Challenge encourages people to identify and cancel any unnecessary subscriptions they may be paying for. This challenge helps you take control of your finances and actively reduce money spent on things you don’t really need. Having more money at the end of the month can help you reach your financial goals faster.
To start this money saving challenge, make a list of all the subscriptions you currently have. Review each one to determine if it is necessary or if better alternatives exist.
You can also consider if the cost per month is worth the value or if you can find something cheaper elsewhere. Once you have identified what subscriptions need to be canceled, take action and free up some extra money in your budget!
Where To Put Your Money From Your Money Saving Challenges
If you want to hold and save your money for a long-term purchase, such as an emergency fund, you will want to put your money into a high-interest savings account.
We love banking with online banks. Not only do they have high-interest rates, but our money is out of sight, out of mind.
We bank with CIT bank and highly recommend you check them out. Their rates are the best in the industry! You can check out our CIT Bank review here.
If you need a safe place to keep all the money you’re saving? This is our bank of choice!
Money Challenge- Final Thoughts
After exploring the above 20 money saving challenges, you should feel inspired to take on a few for yourself. All that’s left to do is pick one – or two – that fits comfortably into your lifestyle, budget, and goals. Whether you’re saving for a house, a car, a vacation, or just want to keep money in the bank, these are all great challenges to get started with.
You will see positive results with some dedication, discipline, and good old-fashioned hard work. So don’t wait — take the plunge today and try one of these life-changing money saving challenges!
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