Saving money is important for a variety of reasons. It can help you become financially independent, allow you to retire early, and provide a safety net in case of an emergency.
- What is a Money Saving Challenge?
- Money Saving Challenge Ideas
What is a Money Saving Challenge?
A money saving challenge is basically a way to force yourself to save money. There are a lot of different ways to do this, but the most popular one is probably the 52-week money challenge. With this challenge, you start by saving $52 in week one, and then increase that amount by $52 each week after that. So, in week two you’d save $104, in week three you’d save $156, and so on.
Money Saving Challenge Ideas
There are many different ways to save money, but it can be difficult to know where to start. If you’re looking for some inspiration, here are a few money saving challenge ideas to try.
1. 52 Week Money Saving Challenge
The 52 week money saving challenge is a great way to save over $1000 in just one year. The challenge works by setting aside increasing amounts of money each week for 52 weeks. So, for example, in week one you would save $52 and in week two you would save $104. By doing this challenge, you’ll have a nice nest egg to use for whatever you like.
The great thing about this particular challenge is that it really doesn’t matter when you start it – you can start at any time of year and still complete the entire 52 weeks (it just might be a little more challenging if you start in the middle of the year).
2. 26-Week Bi-weekly Savings Plan
If you get paid every two weeks, this savings plan is for you. Over the course of 26 weeks, you’ll save $1300 by setting aside increasing amounts of money each pay period. This plan is a great way to save for a big purchase or to build up your emergency fund.
3. Keep The Change Challenge
Another simple way to save money is to start saving your change. Whenever you get change back from a purchase, put it into a jar or piggy bank. Once the jar is full, you can deposit the money into your savings account. This is a great way to save without feeling like you’re sacrificing anything.
If you aren’t a cash user, Acorns is a great personal finance app for people who want to invest their spare change. The app rounds up your purchases to the nearest dollar and invests the difference into a portfolio of ETFs. This is a great way to get started in investing without putting any effort or thought into it.
4. 365 Day Savings Challenge
If you’re looking for a savings challenge that will really test your limits, try the 365 Day Savings Challenge. With this challenge, you’ll save a set amount of money each day for an entire year. So, if you start with $0.01 on day one, you’ll save $0.02 on day two, $0.03 on day three, and so on.
This might sound like an impossible task, but it’s actually not as hard as it seems. If you can discipline yourself to save just a few dollars each day, you’ll be surprised at how quickly the money adds up. And at the end of the year, you’ll have saved over $600!
5. No Spend Challenge
One of the most popular ways to save money is to do a No Spend Challenge. With this challenge, you commit to not spending any money for a set period of time – typically anywhere from one week to one month.
During the challenge, you’ll need to get creative with how you live your life and find ways to do things for free. This might mean cooking at home instead of going out to eat, taking up a new hobby that doesn’t cost any money, or finding free entertainment options in your area.
If you’re interested in doing a No Spend Challenge, start by setting some ground rules. For example, decide which expenses are essential and which ones you can cut out completely. Then, come up with a plan for how you’ll handle unexpected expenses. Finally, make sure to set a start date and end date for your challenge.
6. The Pantry Challenge
This is a great way to save money and clear out your pantry at the same time. The idea is simple – for a set period of time, you only eat what you have in your pantry. This means no going to the grocery store, no eating out, and no ordering takeout.
If you’re interested in doing the pantry challenge, start by taking inventory of all the food you have on hand. Then, make a list of meals that you can make using those ingredients. During the challenge, try to be as creative as possible with your meals and see how long you can last without spending any money on food.
At the end of the challenge, calculate how much money you saved on groceries and eating out.
7. Roll The Dice Challenge
This is a fun and unique way to save money. With this challenge, you roll a dice each day to determine how much money you’ll save. So, if you roll a one on day one, you’ll save $0.01. If you roll a six on day two, you’ll save $0.06, and so on. You can also use dollars instead of cents to save even more.
This challenge is great because it’s totally up to chance – which makes it more fun than some of the other challenges on this list. Plus, it’s a great way to boost your savings without making any major changes to your budget.
If you’re interested in doing the roll the dice money challenge, all you need is a dice and a jar to store your savings. Then, just roll the dice each day and save whatever amount you land on. At the end of the challenge, you’ll be surprised at how much money you’ve saved!
8. Five Dollar Bill Savings Challenge
This is a unique savings challenge that’s perfect for people who tend to spend their loose change. With this challenge, you save all of the five dollar bills you receive. So, if you get a five dollar bill as change from a purchase, you put it in your savings jar. At the end of the challenge, you’ll be surprised at how much money you’ve saved! This particular challenge is great because it’s easy to do and doesn’t require any major changes to your budget. Plus, it’s a great way to jumpstart your savings goals for the year.
If you’re interested in doing this challenge, but $5 seems like too much to save for your budget, try the same challenge with $1 bills. Or, if you’re in a good place financially, double down and save all the $10 bills you receive.
9. Kick The Habit Challenge
This is a great challenge for people who want to save money and kick a bad habit at the same time. With this challenge, you commit to not spending any money on your bad habit for a set period of time – typically anywhere from one week to one month.
During the challenge, you’ll need to find alternative ways to cope with your urges and avoid triggers that might make you want to spend money on your bad habit. This might mean finding new hobbies, hanging out with friends who don’t share your bad habit, or avoiding places where you’re likely to give in.
So there are a few different options for saving money that might interest you. Are we missing any money-saving challenges that you’ve tried and recommended? If so, please contact us to review and add to the list.