16 Awesome Money Saving Challenges: Start One NOW!
Last week we talked about emergency funds. So I thought this would be an excellent time to speak about money saving challenges!
Do you struggle saving money? Trust me. You are NOT alone! There are plenty of us that are in the same boat!
Sometimes I swear the money burns a hole right in my pocket. Sound familiar?
With all that in mind, I did some looking around and found some money saving challenges. Doing one of these creative ways of saving money can develop new saving habits in us, and the competition aspect of it will push us to success!
Read through each of these money saving challenges, pick one, and START RIGHT NOW! I am going to do the “52 Week Age Savings Challenge”!
Don’t forget to set up a separate saving account for this challenge or find another creative way to keep it less accessible to you! Doing so will make it much easier to control yourself and to WIN one of these money saving challenges!
Don’t forget to read 7 Reasons You Have No Money or Savings.
52 Week One Dollar Money Saving Challenge and the Reverse Way
In this challenge, you add one dollar each week to the amount saved.
To start, you save 1 dollar. The second week you save 2 dollars. Keep adding 1 dollar until finally in week 52 you save, you guessed it, 52 dollars.
At the end of this challenge, you will have saved 1,378 dollars!
Now, depending on when you start this challenge, you could potentially be nearing the Holidays. So those last couple of weeks might be a little bit harder to manage. If that is the case, do this challenge in reverse.
Yes, it is as simple as that sounds. You save 52 dollars the first week and work your way down to saving 1 dollar the final week!
52 Week Two Dollar Money Saving Challenge and the Reverse Way
This challenge is the same as the last one except your going to add 2 dollars each week.
Week one will be 2 dollars, week two will be 4 dollars, with week 52 being 104 dollars.
At the end of this challenge, you will have saved 2,756 dollars!
The reverse of this challenge is precisely like the last one. Week one will be 104 dollars working our way down to week 52 is 2 dollars.
52 Week “Extreme” Challenge
In my opinion, if you can do this money saving challenge, then you are already good at saving money, and you have more money available for saving then some of us.
This challenge is in increments of 10 dollars.
Week one you will save 10 dollars, week two will be 20 dollars, so on and so forth. When you get to week 52, you will set aside 520 dollars!
Week 26 in this challenge is 260 dollars. The point is, saving these amounts each week is impossible for a vast majority of us.
Again, this challenge is not for the faint of heart lol. Not many of us can do this challenge!
If you can, get after it and make us all proud! At the end of this one, you will have saved 13,780 dollars!
52 Week Flexible One/Two Dollar Money Saving Challenge
This challenge is quite simple.
Pick either the one or two dollar money saving challenges. Then flex your savings and mark them off as you go.
In other words, maybe week one you will save 48 dollars, week two you save 36 dollars. Week three, you save 24 dollars.
Be flexible and save what you can save each week and mark those amounts off your list.
At the end of one year, you will still have saved either 1,378 dollars or 2,756 dollars as long as you set aside each of the weekly directed amounts.
Daily Money Saving Challenge
This money saving challenge will net you 1,456 dollars after one year.
To reach this goal, you will save 28 dollars per week broken down daily.
On Monday, save 1 dollar, Tuesday is 2 dollars, working your way to Sunday, which is 7 dollars. Next week, start over with 1 dollar on Monday!
Monthly Money Saving Challenge
The Monthly Money Saving Challenge is going to provide you with 496 dollars saved in a 31 day month!
How does this one work you ask?
With this challenge you are going to save 1 dollar on the first day of the month, 2 dollars on the 2nd, 3 dollars on the 3rd, and so on. On day 31 you will save 31 dollars!
365 Day Money Saving Challenge
I like this money saving challenge.
Now, this one will only save you 667.95 dollars after one year, but it is easier for lower incomes to achieve.
In this challenge, on day one, save 1 cent. Day two you will save 2 cents. You get the idea. On day 365 you will save 3.65 dollars.
52 Week Twenty Dollar Challenge
This challenge is self-explanatory, I think.
Save 20 dollars per week for 52 weeks. Easy right?
At the end of this challenge, you will have saved 1,040 dollars towards that emergency fund!
Right? You are working on your emergency fund I hope!! Do one of these money saving challenges to help you achieve your goals!
52 Week Age Money Saving Challenge
This one is the money saving challenge that I am going to do. In fact, I am going to start it right now!
Today, Sunday, August 11th, 2019, I am officially starting the 52 week age money saving challenge.
This challenge means that you save your age each week. For example, I am 42 years old, so each week, I am going to set aside 42 dollars in a separate saving account that I set up solely for this purpose!
In this example, my example, at the end of the tear I am going to have 2,184 dollars additional money saved up! That doesn’t count the extra Dollar I will start adding in March. Math is hard! lol
5,000 Dollar Challenge
This challenge has a more direct annual goal.
Save 5,000 dollars in one year. Break this up however you want — 100 dollars this week, 150 dollars next week, etc.
Or, save 96 dollars per week for 52 weeks to have 4,992 dollars saved in one year. Add 8 dollars at some point to reach the big 5k!
10,000 Dollar Money Saving Challenge
Similar to the 5,000 dollar money saving challenge, but in this one, the result is 10,000 dollars!
Can you do it? 10k in one year is a substantial amount of money for most of us!
Again, break this up how you want but create a checklist, and mark them off as you go.
Set aside 193 dollars per month will net you 10,036 dollars at the end of the year!!
Spare Change Challenge
I used to do this all the time. However, I don’t use cash very often anymore.
In this challenge, each time you pay for something, the coin change you receive gets put in your jar!
Don’t EVER spend any coins for any reason for one year!
If you pay cash for pretty much everything when shopping, going out to eat, etc. this can add up to a nice amount of money.
I used to get 500ish dollars after six months of saving all change.
Save a Certain Money Denomination Challenge
Similar to the spare change challenge, this one means you will save the same bills/coins every single time you get one.
For example, if you decide on the 5 dollar bill, you will save every single 5 dollar bill you receive!
This challenge can add up quickly to a substantial nest egg of savings!
Compete with Your Friends/Family
Another excellent way to keep yourself going on the challenge you select is to make it even more competitive.
Invite your friends or family members to do it with you.
Make a friendly wager (not money because that defeats the purpose) and go at it for one year!
Healthy competition with people can motivate you, even more, to stick to your goal and accomplish them, especially if, like me, money burns those huge holes right in your pockets!
Other Ideas for Saving Money
Another great way to save money with ZERO effort is by using Digit.
After you set up Digit, it automatically saves money for you. You don’t have to do anything after the initial set up. It uses an algorithm to decide how much you can afford to save that continuously learns your spending habits.
One day it may save 38 cents for you and the next maybe it will save 2.56 Dollars.
Either way, this is COMPLETELY effortless as Digit does everything for you!
Read Having Trouble Saving Money? for more info.
Also, if you find yourself struggling to do any of these money saving challenges because you can’t afford to save any money, then you should be making extra money!
How do you do that you ask? One effective way is to sign up for Survey Junkie. I routinely earn more than 100 Dollars per month by spending some of my spare time taking surveys and getting paid for them!
Do the 20 Dollar per week saving challenge, and make the entire 20 Dollars from Survey Junkie! Super easy to do and it starts forming your new saving habits, and it beefs up your emergency fund!
Or, head on over to Swagbucks and earn some extra cash there. You can do that by watching videos, playing games, online shopping, and more! Check it out, make some extra cash, and save some money!
To Sum Up…
If you are trying to become financially free, then saving money is essential.
Now is the time to develop good money saving habits and stick to them.
Whichever challenge you decide to do it is significant to pay yourself first!
The best way to do that is to automate your savings. This way you can’t accidentally spend the money before you save it.
Set up automatic transfers as soon as you start the challenge to make your life easier and to ensure your success!
Also, read 21 Practical Frugal Living Tips for Saving Money.
YOUR TURN – What do you do to save more money? What habits have you formed to make saving money easier? Let us know in the comments!
And please, if you found this helpful please share it with your family and friends!