Want to try a money-saving challenge but have no idea which one out there is legit?
Here, we’ll show you 22 quality money savings challenges that will help you save thousands a year!
We have Pantry Challenges, Self Tax Challenges, Side Hustle Challenges, and much more.
Let’s check out the blog below.
What Is A Money Savings Challenge?
A money savings challenge is an awesome way to jumpstart your savings and get on the path to financial security. It can be challenging to save money, especially if you don’t have a lot of extra cash on hand. A money savings challenge can help you get started by giving you a specific goal to save for and a timeline to do it.
There are many different ways to structure a money savings challenge, but the basic idea is to set aside a certain amount of money each week or month into a savings account. At the end of the challenge period, you’ll have a nice nest egg to use for an emergency fund, a down payment on a house, or anything else you might need it for.
Why Would You Want To Do A Money Saving Challenge?
Want to know why you should save money?
Simply put, it gives you a cushion to fall back on in case of an emergency, and it can help you reach your financial goals and maybe even financial independence.
But what if you find it hard to save money? You’re not alone. A lot of people have trouble setting aside money every month.
That’s where a money-saving challenge comes in. A money-saving challenge is a great way to kickstart your savings. It can help you get into the habit of saving money, giving you a goal to work towards, such as saving for maternity leave.
There are many different money-saving challenges you can try. Some last for a month, while others last until the end of the year.
No matter which challenge you choose, the goal is to save as much money as possible.
22 Awesome Money Saving Challenges That Help You Save A Lot
Money challenges are the bomb diggity.
They turn the tiresome task of saving into a fun and exciting way to build thousands!
And, one cool benefit of a little friendly competition with others or yourself is that it is proven to increase motivation!
So lucky for you, we got 22 creative challenges below to help you build a super gigantic nest egg for your future. 😁
ENJOY!
1. Budget Challenge
The first of the money-saving challenges to try is the budget challenge.
A budget challenge is where people challenge themselves to do a budget and stick to it for a specific amount of time. The goal is to see where they need to improve their spending and saving habits.
PRO TIP: Get the free money management app Personal Capital. You’ll be able to effortlessly manage your finances with a tailored money savings plan and get free professional advice. It’s like using a cheat code for this challenge!
Give it a try and see how much you can save!
2. 52-Week Savings Challenge
A 52-week savings challenge is a great way to jumpstart your savings goals.
The premise is simple: you want to save a set amount of money each week, starting with $1 in week one and increasing by $1 each week. So by week 52, you’ll be saving $52 – a total of $1,378 for the year!
There are a few things to keep in mind when doing a 52-week challenge.
First, it’s essential to have a specific goal for your savings – whether it’s a down payment on a house, a new car, or simply to have an emergency fund.
Second, set up a system that works for you – whether that’s setting aside cash each week, transferring money into a dedicated savings account, or using a budgeting app.
And finally, don’t get discouraged if you miss a week or two – just pick up where you left off and keep going!
3. Save $5,000 In 1 Year Challenge
A $5,000 In 1 Year Challenge is where someone does whatever they can to save $5,000 in 1 year.
To do a $5,000 In 1 Year Challenge, first, figure out your starting point.
How much debt do you have?
How much money do you have in savings?
Once you know your starting point, set how much you want to save each month.
Then, start making changes in your spending habits. Track your progress along the way, and celebrate when you reach your goal!
Saving $5,000 in 1 year may seem daunting, but it’s definitely possible. By following the steps above, you’ll be well on your way to reaching your goal.
4. Five Dollar Bill Challenge
Saving every $5 bill you receive is a great way to save money. It may not seem like much, but it can add up over time! Here’s how to do a Five Dollar Bill monthly savings challenge:
1. Any time you receive a $5 bill, put it aside in a safe place.
2. At the end of each month, count up your $5 bills and deposit them into your savings account.
3. That’s it! Just keep doing this every month and watch your savings grow.
5. No Spend Challenge
A no-spend challenge is an excellent way to save money and get your finances in order. It forces you to be mindful of your spending and think about every purchase. It can be difficult at first, but it gets much more manageable once you get into saying no to unnecessary purchases.
Here are a few tips to help you complete a no-spend challenge:
- Pre-game research for fun. Figure out fun things to do that don’t cost money.
- Set a realistic goal. Don’t try to do a monthly money challenge if you know you have a significant expenditure coming up (like a vacation). Start with a shorter time frame, like a week, and work your way up.
- Before the challenge begins, make a list of necessary purchases, such as groceries, gas, and bills.
- Track your progress.
- Have a plan for unexpected expenses like a flat tire or a doctor’s visit.
- Reward yourself. When you complete the challenge, treat yourself to something special.
PRO TIP: Use Swagbucks to get free gift cards. It could make this challenge a cakewalk. 😁
6. Spare Change Challenge
It’s simple. For one year, save all the spare change you get. This can be from couches, pockets, cars, purses, or anywhere else. Then, count up how much money you’ve saved at the end of the year.
The spare change challenge is a great way to save money without feeling like you’re sacrificing anything. It’s also a great way to get into saving money.
You may be surprised at how much spare change you can accumulate in just one year.
7. Keep All The Pennies Challenge
Most people tend to underestimate the power of saving pennies. A keep all the pennies challenge is where you save every single penny for a specific long-term goal. This could be from the day your child is born until they graduate from college or any other long-term savings goal.
The key to making this challenge successful is to be disciplined and patient. It can be challenging to set aside every single penny, but it is essential to be patient and wait for the result.
You’ll be there before you know it. 😊
8. 26-Week Savings Challenge
If you’re looking for a way to jumpstart your savings, the 26-week savings challenge can be a great option. By saving in increments of $3 each week, you can save over $1,000 by the end of the challenge.
This challenge can be easily tailored to work with you if you get paid every other week.
It’s just like the 52-week money challenge but cut in half. 😊
9. Build a $1,000 Emergency Fund in 90 Days or Fewer Savings Challenge
It’s exactly what it says it is, a savings challenge focused on getting you a legitimate emergency fund of $1,000 setup in 3 months.
Why is having an emergency fund so important?
Because life happens, and you want to be prepared financially when it does. An emergency fund acts as a financial buffer between you and life’s unexpected events so that you’re not left scrambling or taking on debt.
10. The Pantry Challenge
It’s simple – you use up the food in your pantry before buying anything new.
This means that you’ll save more money on your grocery bill, and you won’t have to worry about food going bad before you can eat it.
There are a few things to keep in mind when doing a pantry challenge:
- You’ll need to have a good inventory of what you have on hand. This will help you plan your meals and ensure you’re using up everything before it goes bad.
- You’ll need to be creative with your meals. This is where a little bit of planning can go a long way.
- Don’t be afraid to get help from friends or family. They may have some great meal ideas that you can make with what you have on hand.
So, what are you waiting for? Give the pantry challenge a try and see how much money you can save!
11. The Borrow Challenge
A borrow challenge is a great way to save more money, force yourself to be more resourceful, and help you with living below your means. The idea is not to spend any money on certain items for a set period but instead borrow them from friends, family, or other sources.
For example, you could do a borrow challenge with your car, internet, or phone. For a set time (say, one month), you would not spend any money on these items but borrow them from others.
12. The Free Finder Challenger
This money-saving challenge is all about finding freebies for an extended period. This could be anything from picking up a loose $20 bill on the street to finding furniture on the side of the road. The goal is to see how long you can go without spending any money.
It’s kind of like a scavenger hunt!
13. The Discount Challenge
A discount challenge is where you try to get a discount on every single purchased item. It’s critical to do one for two main reasons:
- You can save a lot of money.
- It’s a great way to learn about haggling and negotiation.
If you’re interested in doing a discount challenge, here’s how to go about it:
- Make a list of all the places you typically shop.
- For each place, research the typical discount offered (if any).
- Try to get a bigger discount than the standard at each location.
- Keep track of your successes (and failures).
Simple as a pimple. 😁
14. No Swear Challenge
It’s no secret that swearing can be a bad habit. But did you know that it can also be costly? A no swear money saving challenge is where you put money in savings every time you say a swear word.
Boom, done.
The bad habit is broken by the motivator Mr. Cold Hard Cash.
So how much should you save?
That’s up to you.
But we recommend $1 for every swear word.
15. No Dining Out Challenge
If you’re looking to save extra money, or simply eat healthier, a no dining out money challenge may be for you. By eating at home, for example, you can save money and improve your diet. Plus, it’s a great way to bond with family and friends. Here’s how to do a no dining out a challenge:
1. Set a goal. Whether it’s for a week, a month, or longer, set a goal for how long you’ll commit to eating at home.
2. Make a plan. Decide what you’ll cook, and make a grocery list accordingly. If you need some inspiration, look up recipes online or in cookbooks.
3. Stick to your plan. When the urge to eat out outstrikes, remember your goal and stick to your plan. If you have a slip-up, don’t worry – just get back on track.
Pizza night, here we come!
16. Self Tax Challenge
What is a self tax challenge?
A self-tax challenge is where you tax yourself for a specific time. For example, you might tax yourself 10% for 30 years.
This can be a great way to save extra money for your future or even a rainy day fund. It can also help you get used to living on a lower income, should you ever need to do so.
17. The Mile Challenge
This is one of the easiest money-saving challenges, you get exercise, and it can teach you how to enjoy life without money!
Every time you walk a mile, you put $10 away in your savings.
This can really add up over time!
To make sure you stay on track, it can be helpful to use a GPS watch to track your progress. You’ll always know how far you’ve walked and how much money you’ve saved.
18. Compliment Challenge
What is a compliment money-saving challenge?
A compliment money challenge is an activity where you set out to give a certain number of compliments each day, and if you don’t meet that quota, you put $5 in a jar.
Giving compliments is a great way to make someone’s day, and it can also help improve your mood and outlook. Additionally, it’s a great way to build up positive social interactions.
19. Skype A Parent Challenge
Like most parents, you want to be as involved in your child’s life as possible. But with work and other obligations, it’s not always easy to find the time to talk. So we’re challenging you to Skype a parent at least once a week!
It’s easy to do, and if you forget, you can just put $20 away for savings. So why not give it a try? It’s a great way to stay connected with your parents and let them know you’re always there for them.
20. The Recycle Challenge
This money-saving challenge is a great way to save cash and help the environment. It’s easy to do, and you can get started right away.
First, gather all of your recyclable materials together. This includes any plastic bottles or cans that you have.
Next, take your recyclables to a local recycling center. Many cities have these centers, and they will often give you money for your recyclables.
Finally, put the money you receive from the recycling center into a savings account. This will help you save money in the long run.
21. Carpool Challenge
A carpool money challenge is where you spend one month carpooling vs. driving to save money. Carpooling can save you almost $1,500 a year. If you’re up for the challenge, here’s how to do it:
First, find someone who lives close to you and is also willing to carpool. You can ask a friend, neighbor, or even find someone through a carpooling app or website.
Once you’ve found your carpool buddy, start planning your route. First, map out the best way to get to where you’re going and figure out a schedule that works for you.
Finally, start carpooling! This means taking turns driving and maybe even chipping in for gas money. Keep at it for the whole month, and see how much money you can save.
Money saved…
Friends made. 😊
22. Side Hustle Challenge
And one of the last saving challenges to try is one of my favorites…
The Side Hustle money-saving challenge!
This is when you start a side hustle for at least one year, and if you fall short, you put away $2 for every day you did not finish the side hustle.
This challenge is perfect for those who want to start their own business but may not have the time or resources to do so. By taking on the challenge, you commit to making your side hustle a success.
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FAQ
How Do You Start A Money Saving Challenge?
1. Figure out your goal. What are you trying to save for? A rainy day fund, a new car, or a vacation? Knowing your goal will help you stay on track.
2. Make a plan. Once you know your goal, you need to figure out how you’re going to reach it. This means setting a savings goal and creating a budget.
3. Set yourself up for success. This means creating a system that works for you. Whether setting up automatic transfers into your savings account or making a pact with yourself only to spend cash, find a method that will help you stick to your plan.
How Old Do I Have To Be To Participate In A Money Challenge?
Ask your parents for permission if you’re a child. Suppose you’re a legal adult. You’re good to go.
How Can I Save $500 In 3 Months?
Saving $500 in 3 months is possible, but it will require some work. To start, you should create a budget and track your spending to know where your money is going. Once you understand your spending patterns, you can begin to make adjustments to save money.
Some simple ways to save money include cutting back on unnecessary expenses, eating out less often, and shopping around for better deals on groceries and other items.
What Is The Quickest Way To Save $5000?
The quickest way to save $5000 is to make a budget and stick to it. Then, try to make small changes, like bringing your lunch to work instead of buying it, that can add up over time.
Automating your savings by setting up a direct deposit from your paycheck into a savings account can also help you reach your goal.
Finally, try to make saving money a priority to become a habit.
How Can I Save $20000 In 2 Years?
One great way to save $20000 in 2 years is to do a 20K savings challenge. You can also save money by clipping coupons, eating out less, and cutting back on your entertainment expenses.
Another great way to save money is to start a side hustle or get a second job.
Finally, make sure you have a plan for your money to reach your savings goals.
Summary
So there you have it, 22 money-saving challenges for you to choose from.
Why not pick one and get started today?
Imagine the freedom and security that comes with knowing you have a cushion of savings to fall back on. And think about all the amazing things you could do with extra cash in your pocket each month – travel, invest, spoil your loved ones rotten.
Whatever your goal, these challenges will help you achieve it.
So what are you waiting for?
Start saving!
So which one of the money-saving challenges will you do?
Will you do the budget challenge and use Personal Capital to give you a leg up?
Or will you do the side hustle challenge and use Bluehost to create your own money-making blog!
Hello! I'm Charles. 1st gen millionaire, real estate investor, health enthusiast, and military veteran. In the last 17 years, I have managed billions of dollars of resources for the Department of Defense. Created financial management plans that enabled fellow service members to get out of thousands of dollars in debt and tailored wellness plans that helped people reverse and eliminate high-blood pressure, pre-diabetes, and obesity. Learn more about me here.