At this point in the year, most people have completely fallen off their new years resolutions and saving money is at the back of most of our minds, especially with summer quickly approaching. I’m a huge fan of starting things like money saving challenges at this time of the year because it adds a little added reset to a time that is usually a little unorganized.
Doing a money saving challenge is a super popular and really smart way to jumpstart your savings and get a little creative with your process instead of just throwing any leftover money into a savings account and hoping for the best.
The best part about doing a money saving challenge? Well, doing challenges like this can help you to build new money saving habits that will stick with you long after the challenge is over. You’ll feel an insane sense of accomplishment when you complete one and your bank account will thank you.
I really wanted to compile a list of a few of my absolute favourite money saving challenges for you guys so you can choose the one that would work best for you and get started on a new savings goal!
If you find it hard to stick to things like challenges, I highly suggest that you find a friend or family member that will try and do it with you! That way you can motivate each other throughout the process and there will be less of a chance of you falling behind.
10 Money Saving Challenges
1. no-spend challenge
One of the greatest ways to save a lot of money really quickly is to participate in a no-spend challenge.
The basics of the no spend challenge are that you are not allowed to spend any money on anything that isn’t an absolute essential to your day to day life. This means you aren’t allowed to go out to dinner, buy a new pair of shoes, or see a movie unless you already own it.
A great benefit of doing a no spend challenge is that it can help you see the places where you’re struggling and spending so much unnecessary money each and every month and once the challenge is over (most) people completely cut back their spending on things like Starbucks or McDonald’s.
If you decide to do a no-spend challenge you can put all of the money you would have normally spent on eating out and other random expenses into your savings and you’ll be amazed at how much you can save in a single month.
2. the penny-a-day challenge
When most of us think about pennies, we don’t think they’ll add up to much. Here in Canada, we don’t even have pennies any more… seriously. They completely eliminated the penny a few years ago and now retailers will round up or down depending on the cost of an item, so how can a penny make a difference in your savings?
Well, with the penny-a-day challenge you save money each and every day but the amount is never something that will bankrupt you if you’re struggling.
On the first day of the year long challenge, you’ll save exactly $0.01. On the second day, you’ll save $0.02 and so on. By the last day of the challenge you’ll be putting $3.65 into your savings account.
Some people think that the challenge is going to be more difficult once you’re at a point of saving $3+ a day, but I think it actually gets easier. You’ll be spending the entire year building up a habit of saving that you didn’t have before and the $3.65 a day will feel like nothing.
After an entire year of saving you’ll have $667.95 in your savings account, which I think will feel pretty darn good!
3. 52-Week money saving challenge
I am pretty sure that this is one of the most popular money saving challenges out there. There are hundreds of articles online that talk ab out the 52-Week Money Saving Challenge, and I’m not entirely sure where it originated. It’s a great way to kickstart your savings if you are able to spare more than a penny a day.
How it works is simple, and isn’t done daily, but weekly. During the first week of the challenge, you’ll put $1 into your savings, simple right? Then, during week two you’ll put $2 into your savings. Week three, $3 and so on. During week 52, you’ll be saving $52.
After an entire year of weekly saving you’ll have $1,378 in your savings account!
4. ADJUSTED 52-WEEK MONEY SAVING CHALLENGE
There are a lot of people who have been unable to complete the traditional 52-week money saving challenge for various reasons. A lot of people start the challenge in January and end up having to put way too much money in their savings account around the holidays which just doesn’t work for them.
That’s why the adjusted challenge was created! In this version, you can save any amount from $1 to $52 each week but you’re able to decide how much you want to save based on your weekly bills, events, and other things that may suck up your money.
You can list the monetary amounts from $1 to $52 and cross of the ones you complete each week as a process of elimination until the entire page is crossed out! People love these kinds of money saving challenges because they allow for more flexibility and help you to not have to make huge sacrifices on the heavier weeks.
5. SUPERCHARGED 52-WEEK MONEY SAVING CHALLENGE
This one isn’t for everybody, because it’s a little more intense than the traditional 52-week money saving challenge, so to get this one done you’ll need a little more disposable income. I don’t even think I could get this one done.
Instead of starting your 52-week challenge with a $1 deposit, you’ll deposit $5 into your savings and add $5 each and every week. This means you’ll be saving $260 by the 52nd week of the year.
This challenge isn’t impossible but, it is going to take a little more dedication and drive to get it done. But, you’ll have $6,890 by the end of the year!
6. weekly coin saving challenge
Some of my favourite money saving challenges include coins because there’s something about coins that almost makes them not feel like real money. It’s a lot harder for a person to put $5 in a jar than to put $5 in coins in a jar, yknow?
Back when I worked at a coffee shop I would get $10-15 a day in tips that were all coins. It was a lot, but it allowed me to save hundreds of dollars in a giant jar without really thinking about it.
In this challenge, you’re saving money each week, but it’s always a coin. It can be any kind of coin, but during week one you save one coin a week, and during week 52, you save 52 coins.
There is no set amount for saving during this challenge because it varies per person!
7. The $5 bill challenge
A great and simple money saving challenge is to put every $5 bill you encounter for an entire year into a jar or box or something and don’t touch it for an entire year. Sounds simple, right? Cool!
The only issue is that this money saving challenge requires that you use cash for a lot of your purchases. However, it can really add up nice and quick if you make a lot of smaller purchases.
Obviously, there is no average savings for this type of challenge because it depends on how often you use cash for purchases and how many things you’ve bought!
8. monthly money saving challenge
For a lot of people doing money saving challenges it’s hard to remember to put money away each day or each week, it can be a lot to keep track of. That’s where an awesome monthly money saving challenge comes in!
In this challenge, you’ll save increasing amounts of money each month until the middle of the year, and then the amounts will go back down. So, in month one, you’ll save $25, month two is $50 until you hit $150 and then it starts to go back down in $25 increments.
Doing this money saving challenge can save you $1,050 over the course of a year.
9. bi-weekly money saving challenge
This is best for people who are paid every other week, instead of weekly or monthly. That would be 26 paychecks per year. Essentially, it’s the same as the 52-week money saving challenge, but it is organized perfectly for someone who is paid bi-weekly.
On your first paycheck, you’ll save $3, which will be $1 from the first week, and $2 from the second week. For your second paycheck, you’ll save $7, which will be $3 for week 3, and $4 from week 4.
If you do the bi-weekly money saving challenge, you’ll have $1,378 in your savings account by the end of the year!
10. backwards money saving challenge
The 52-week challenge has been made and remade in just about every single way possible, and this one is probably the most realistic. As with all the other challenges that take 52 weeks, you’ll save a little bit of money each and every week and the numbers will change.
This one is backwards, so the first week you’re saving $52 when you have the most momentum and drive towards finishing the challenge. Then week two, you’ll save $51. By the time December happens and you’re dealing with all things holidays, you’ll only need to save $10 for the entire month!
As with the other 52-week money saving challenges, you’ll save $1,378 in a single year!
I really hope you guys enjoyed this list of the best money saving challenges I’ve found on the internet! If you do any of these challenges and they work for you, be sure to let me know in the comments down below!