By December, you’ll be saving $1 a week, for a total of $340. The monthly countdown challenge is a great option to involve kids in saving. At the end of the month, add up the savings amount and put that much money into a savings account. Every month, collect all your receipts that list your purchase savings. If you routinely purchase items on sale or love to coupon, this challenge is for you. Just be sure to hold yourself accountable. You’ll lose out on short-term cash, but you’ll kick a bad habit and have some savings at the end. You can assign the worst transgressions higher dollar amounts. Every time you swear (or engage in another habit you want to quit), put money in a jar. You’ll save hundreds just by sipping homemade brew once in a while. If you typically go three times a week, go once a week instead. The coffee break challenge tasks you with cutting back coffee shop visits. If you frequent coffee shops, this challenge is for you.
Divide that total by 12, and save that amount each month. A year before your vacation, create a savings goal covering all vacation expenses, including airfare, lodging, and spending money. You can do this yourself or use a roundup app like Acorns. You can also save with every purchase you make by rounding up to the nearest dollar and saving that extra change. Simply put your loose change in a jar every time you pass by, and cash in when it’s full. The spare change challenge is a no-brainer for people who regularly spend cash. By the end of the month, you’ll have detoxed from chronic overspending. Pay all necessary expenses, but keep other spending as restricted as possible. For one month, cut your spending to the bare minimum. The no-spend challenge is a growing trend for those wanting to curb their spending habits. By the end of the year, you will have saved $667.95. $3.65 will be your final contribution at the end of the year given it’s not a leap year. On the first day, save one penny, on the second day, save two pennies, increasing your daily contribution by another cent each day. The penny challenge is perfect for people without much extra cash lying around. There are many ways to do this challenge, but most importantly, it’s useful to set aside time for planning finances. On day two, you could do a deep-dive into your savings accounts, investment accounts, and allocate funds for emergencies. For example, on day one you might choose to create a budget spreadsheet with all your monthly investments.
After one week, you’ll have your entire year of savings planned. You’ll devote each day of the week to a different financial goal, such as figuring out your spending habits and creating an investment plan. The 7-day money savings challenge is useful if you’re trying to set up an annual financial plan. If you don’t carry much cash, you can label pieces of paper instead and deposit money into your savings account each day. By day 100, you’ll have saved $5,050, which is the sum of all natural numbers 1-100. For example, if you drew an envelope with the number 3, you’d deposit $3. Every day for 100 days, pull out a random envelope and fill it with the amount of money that corresponds with the number on the envelope.
Take 100 envelopes, label them $1 through $100, and place them in a container. The 100 envelope challenge is a favorite among people looking to save money fast. At the start of the new year, you’ll have saved $6,890! And if you have the extra money to save, increase your weekly savings by $10 or $20 instead. Every week after, add another $5 to your deposit amount. The $5-a-week savings challenge starts with a $5 savings deposit in the first week. On week 52, you’ll deposit $52, for a yearly savings total of $1,378! There are numerous ways to complete this particular challenge. Every week after, add another $1 to the amount you deposit. People love the 52-Week Money Saving Challenge for its ease and simplicity. Choose the money-saving challenge that fits your lifestyle to put a little extra in the bank.
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15 easy money-saving challengesįrom free apps or low-cost money apps to online printables, there are many methods to help you save money. Saving money for a long-term goal or a sudden expense can seem like a daunting task, but with these 15 easy money-saving challenges, you’ll be on the right track to pad your savings account or emergency fund in no time.
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