Do you ever get that feeling that you’re just never going to make it financially? That it’s all just a big struggle to get ahead and you never will get ahead. Ignore it. It’s a lie, I promise.
And if you want to create new savings habits and finally get that amazing feeling of, “I’ve made it, this is it,” then money saving challenges are a great place to start.
They help you with being intentional with your savings, and cutting out the distractions that are keeping you with an empty bank account.
Also, a saving money challenge can help you get out of debt, stick to your long-term money and saving goals, and give your savings a boost in the short-term.
And if the concept of money challenges is new to you, then I’ll give you a run down on how they work. 💵
In This Article:
- What is a Money Saving Challenge?
- Monthly Savings Challenges
- Yearly Savings Challenges
- Goal Setting Savings Challenge
- Holiday Savings Challenges
- Debt Payoff Challenges
- Easy Savings Challenges
- How to Do a Money Savings Challenge the Right Way
What is a Money Saving Challenge?
Money saving challenge are a way for you to challenge yourself to save a specific amount of money, during a certain period of time, and/or with a goal in mind. They give you a roadmap and a step-by-step plan for following through, while also making it fun.
Also, when you’re trying to build healthy savings habits, it helps to turn something into a game; it keeps things interesting and boosts your motivation.
Here are 4 main things to keep in mind when it comes to saving challenges:
- The timeline.
- The rules for how much you need to save each day.
- Things you shouldn’t be spending money on.
- Adopting good savings habits, so that you win this money challenge.
Also, there are many kinds of save money challenges. Some of them more simple than others, so it’s best if you don’t over do it and pick a saving challenge that won’t make you wanna quit.
START SMALL.
You need to keep in mind that you want to win this challenge, so if need be, keep it simple at first. Then move onto more complex and difficult money challenges as your confidence builds.
36 Saving Money Challenges
There are so many money saving challenges to try. And whether you want to go for something short-term to quickly get savings or something long-term so you can hit bigger financial goals, you will most likely find the perfect challenge for your needs right now.
Monthly Savings Challenges
1. $1,000 in 30 Days Savings Challenge
Who this works for: This challenge works for people who want to create an emergency fund quickly, or start their savings process off with a big win.
If you’re able to, then this might be a great way to get an emergency rainy-day fund started up fast!
You can just follow the amount you need to fill in each day, as shown in the printable up above, and start coloring (or crossing off) each jar as you go.
Pretty helpful if you want to stay consistent when making regular savings decisions.
Side Note: To get this printable savings challenge, just right click, save it to your computer, and then print out.
Pro Tip: If you’re a bit intimidated by the amount you need to put back each day, start thinking about (and cutting out) the small and big things you pay for throughout the week, that you don’t necessarily need.
2. Spare Change Challenge
Who this works for: People who have a lot of change lying around, and want an easy way to money for the next 30 days.
This is a super common money saver challenge a lot of people use. It’s so easy to grab a piggy bank, or jar, and start dropping change inside. Then you can just take it to the bank, and put it all in your savings account.
Pro Tip: Try paying with cash more often so that you can get more change!
3. 31-Days To Improve Your Financial Life
Who this works for: This is great for people who want something a lot more challenging, and to break off bad spending habits.
Coming from the blog Part-Time Money, this challenge will take you through a month of ways to save money.
They give you resources and help for each step, and you’ll be finding new saving habits to take on.
Pro Tip: I think that if you’re going to do something this intensive, it’s really important to keep the reason why you started, in front of you. That way you’re not giving up on this one month money challenge, and you keep pushing forward.
Yearly Savings Challenges
4. 365 Day Quarter Saving Challenge
Who this works for: People who have a bit of a bigger budget, and/or those who are hungry to find ways to save, and make more money.
Once this savings challenge is over, you should have $16,786.25 saved!
Basically, with each day, you add an extra .25 cents to how much you save.
Here’s how the challenge will start:
- Day 1, you save .25 cents
- Day 2, you save .50 cents
- Day 3, you save .75 cents
- Day 4, you save $1.00
- Day 5, you save $1.25
Then continue on like this until you reach the end of the year long savings goal. And while a long-term savings challenge like this one can seem a bit more difficult, it’s honestly a wonderful way to grow your comprehensive money skills, build patience, and learn how to play the long game.
Pro Tip: If this one intimidates you, challenge yourself to see how you could make this savings challenge work. What could you cut, and live without for a whole year? What could you do to earn more money? And think about how GOOD you’ll feel when you reach the end, and have nearly $17K saved! 🤯
5. 365-Day Nickel Savings Challenge
Who this works for: This is great for anyone who feels overwhelmed with making bigger deposits of money, all at once.
Here’s how this challenge works:
- On day one, you’ll save $0.05
- On day two, you’ll save $0.10
- On day three, you’ll save $0.15
So you end up adding an extra nickel every single day, and by the end you’ll have $3,300 in savings!
Pro Tip: I know I’ve recommended this for a couple other challenges, but I think it’s worth mentioning again. Try spending more with cash so that you have more opportunities to get nickels.
6. 1 2 3 Saving Challenge
Who this works for: People who want an easy savings challenge they don’t really have to think about.
Just like with the 365 Day Savings Challenge, you’re adding on the same amount each and every day. Except instead of quarters, you’ll be adding a penny.
Here’s how it’ll go:
- Day 1, you’ll save .1 cent
- Day 2, you’ll save .2 cents
- Day 3, you’ll save .3 cents
And then continue.
You can also decided how long you want to do this. So if you decide on 1 year, on day 365, you’ll be putting back $3.65. Pretty easy!
Pro Tip: Set an alarm each day to save the correct amount, and get some jars. It feels good to see it grow in those glass jars every day. 🙂
7. $50 Challenge
Who this works for: People who like having a certain amount of money going into savings once a week. It’s keeps things simple.
For the $50 money saving challenge, all you have to do is save $50 each week, for 52 weeks (1 year).
This will equal out to $2,600.
Pro Tip: Create a separate savings account where $50 is automatically drawn out each week. That way it’s on autopilot!
8. $10 a Week Challenge
Who this works for: People who have a lower budget, and want a slow but steady way to save money.
For 52 weeks, or a whole year, you put back $10 a week and that’s it!
At the end, you should have an easy $520 saved up.
Pro Tip: Just like with the $50 money challenge, create a separate savings account, and have $10 a week be automatically put in.
9. 10 Cents a Day Money Challenge
Who this works for: People who want to start off with a simple money challenge, that leads to BIG gains.
Just like with the penny challenge, you add .10 cents each day to your savings.
Here’s how it starts:
- Day 1, you save .10 cents.
- Day 2, you save .20 cents.
- Day 3, you save .30 cents.
- Day 4, you save .40 cents.
Try this simple challenge for a year, and you’ll have $6,679.50 saved!
Pro Tip: If you can, try saving up more than what’s recommended, and see if you can give that end total a big boost. 😊
Goal Setting Savings Challenge
10. Sinking Funds Tracker Challenge
Who this works for: People who have a dream, and/or goal, and want to see it actually happen.
If you’re finding yourself wanting to save up for something specific like…
- A vacation
- Home
- New car
- Your kid’s college
Then a Sinking Funds Tracker Challenge might be a good idea!
The Sinking Funds Tracker Challenge helps you to be mindful of what you can look forward to, and keeps track of the money you’re putting back. Also, when you see the money you’re saving, the more excited you might get.
And when that happens, you might end up pushing yourself to go beyond the amount you’d normally put back.
Pro Tip: Try starting off with a small goal, or dream, to help encourage you. And once you see that one quickly accomplished, you’ll have more drive to do something a lot bigger!
11. No-Spend Challenge
Who this works for: Anyone with a big or small budget, who wants to see more savings in their bank account.
Essentially, this is a challenge where you set a certain amount of time to not spend anything beyond the basics.
Here are some examples of basics:
- Rent or mortgage
- Food
- Gas
- Bills
- Essential items, like clothing that need to be replaced
And here are some non-essentials to avoid:
- Going to restaurants
- Splurge items at grocery stores
- New clothing
- Subscriptions
- Helping friends or family with money
- Getting your hair or nails done
- Vacation or special outings
- New home appliances
- Beauty products
- Accessories
So depending on how long you want to do this challenge, you don’t spend any money on things you don’t actually need. You find free activities and ways of entertaining yourself, and spend on essentials only.
Pro Tip: Before starting, do two things. 1.) Make a list of things you can do that are fun, to keep you entertained, and help you not give up. 2.) Go through your bank account, and see what non-essentials you commonly spend money on.
12. $1,000 in 3 Months Savings Challenge
Who this works for: People who want a $1,000 savings more quickly, or an emergency fund, but have a smaller budget.
Very similar to the $1,000 in 1 month challenge, but a whole lot more relaxed.
So if you want to save up $1,000 faster than a year, then this three month challenge might be a good option for you!
To save this printable: Right click, save to your computer, and then print out.
Pro Tip: Try challenging yourself to save more than what’s required. See if you can beat the money challenge itself, and do it faster than 3 months! See what you can cut, and how much more money you can make. Play it like a game!
13. Expense Tracking Challenge
Who this works for: This works for people who aren’t so sure where all the money is going, and want a simple way to make quick savings.
It can be so surprising when you start tracking spending and seeing where all of your money is going.
So open up your bank account, grab a piece of paper and pencil, and start creating a list of all your expenses.
You might end up saving a lot more than you realize when you start to organize your expenses!
Pro Tip: Don’t just look at the unnecessary expenses. Try looking for necessary expenses that you can get cheaper elsewhere.
14. 100 Envelope Challenge
Who this works for: This money challenge works for people who want to turn their money saving into a bit of a game and like fun money saving challenges.
This is a kind of a fun way to gamify a savings challenge!
Here’s how it works:
Step 1: Take 100 envelopes, and put a dollar amount on each.
So for example:
- Envelope 1, you’ll write “$1” on it.
- Envelope 2, you’ll write “$2” on it.
- Envelope 3, you’ll write “$3” on it.
Then continue until you get to envelope 100, where you’ll write $100 on it.
Step 2: Mix them up, and put them in a container.
Step 3: Pick 1 envelope each day at random. Don’t look at what you’ll be picking. Whatever you grab, you have to put into the envelope and save.
And at the end, you’ll have $5,050 saved.
Pro Tip 1: If you don’t have the money to do this every day, try it once or twice a week.
Pro Tip 2: You can buy the 100 envelopes challenge on sites like Etsy, if you don’t want to do it yourself!
15. 50 Envelope Challenge
Who this works for: Someone who wants to try the 100 envelope challenge, but wants something a bit smaller.
This one works the exact same way as the 100 envelope challenge, but you’re just doing it with $50 for 50 weeks.
At the end of this savings challenge, you’ll have $1,275 saved up.
Pro Tip: Since the envelope challenges are kind of like a game, try putting on some game show music as you draw one out from a container. 😂
16. $1 Bill Save Challenge
Who this works for: This works for people who want to start off small with a savings challenge. They don’t want to do something too big just yet.
For this challenge, all you have to do is continue saving up any $1 bills you get, and put them into an envelope, or jar.
That’s it!
Pro Tip: If you want, you can set certain parameters to save up a whole lot faster. So challenge yourself to do this for 1 months, and save up to $100. That way you’re saving up more, and doing it faster.
17. $20 Challenge
Who this works for: Anyone who wants to push themselves to save even after they do an unplanned splurge, and/or make themselves think before they splurge.
All you have to do is save $20 after every un-budgeted purchase.
Examples of un-budgeted purchases:
- Going out to eat.
- Getting impulse purchases at the grocery store.
- Buying a new piece of clothing.
- Grabbing a cup of coffee.
Pro Tip: Even if the un-budgeted purchase is less than $20, just think of it as a game for getting ahead financially.
18. $10,000 Challenge
Who this works for: People who want to challenge themselves in a big way, and make big life changes.
This is probably one of the most intimidating cash challenges, but here’s how it works and how you can make it work.
How it Works:
Every two weeks, you’ll set aside a certain amount of money. So in the first two weeks, you’ll save $275, and the next time you’ll save $475.
It will only alternate between those two numbers.
Then by the end of 1 year, you’ll have $10,000 saved up.
How to Make it Work
- Cut down on anything you don’t really need. It adds up more than you know.
- Keep your mind on what you’re saving towards, and how you’ll feel once you reach it. Create SMART financial goals for this if need be!
- Make use of tax refunds.
- Ask your employer for a raise, or do whatever you can to get a raise.
- Find a better paying job.
- See if you can take on a second job.
- Sell things around you home that you don’t want anymore.
- Downgrade cars if you have an overpriced car payment.
Pro Tip: According to the IRS, the average tax return in 2022 was $3,252. So if you get yours back, don’t spend it away. Put it into your savings!
Holiday Savings Challenges
19. Christmas Savings Challenge
Who this works for: People who hate doing rushed Christmas shopping last minute, and don’t like going into debt for presents.
For 25 days, you’ll be saving $25 each day!
This will amount to a savings of $625, for Christmas presents.
Just make sure to start this money saving challenge earlier in the year, so you’re not rushing to get presents!
Also, the presents will be cheaper, since you’re not buying during the holidays.
Pro Tip: Start the day after Christmas (if you’re reading this a little too late). That way it gets done sooner, and you don’t have to think about it for the rest of the year.
20. Holiday Helper Fund
Who this works for: This savings challenge is great for people who want to get way ahead of the big holiday expenses.
On January 1st, you’re going to be setting aside $20 each week, and putting it into a savings account.
And by the end of November, you’ll have saved $960. Pretty easy!
Pro Tip: Try adding an extra $10 every so often. Then you’ll have a bigger amount saved up, and be able to have more fun around the holidays.
Debt Payoff Challenges
21. Debt Payoff Tracker Challenge
Who this works for: People who have debts, big and small, and want to see them disappear completely.
If you want to start seeing your debt overwhelm leave, then a Debt Payoff Tracker Challenge is probably a great option for you!
Also, this one one of those money challenge ideas you set the parameters for. You get to decide how big of a debt you want to pay off, and over what timeline, so you’re not getting overwhelmed.
Pro Tip: Start off with a small debt so that you can work up your confidence to go after bigger ones.
Easy Savings Challenges
22. Penny Saving Challenge
Who this works for: People who want to save basically on autopilot. Or people who are a bit nervous when it comes to starting off with big savings challenge ideas.
Basically, instead of saving up any and all of your change in a jar, you start off SUPER simple by just saving your pennies.
It’s a whole lot less intimidating and one of the easy saving challenges to try!
Here’s how it works:
- Get a jar, or jars.
- Set your savings challenges goal for a certain amount of time. So maybe 3 months, or 1 year.
- Get any and all pennies you can find. This can be from when you get change back after paying for a coffee, your spouse, your kids, on the sidewalk, in your car, etc.
Pro Tip 1: Use cash more often when paying for things. That way, when you get your change back, you’re more likely to get pennies.
Pro Tip 2: Challenge yourself to fill a certain amount of jars within a specific timeframe.
23. $5 Challenge
Who this works for: People who want to save without thinking.
Plain and simple, whenever you get a $5 bill back, don’t use it to spend on a coffee, or a cheap lunch out.
Put it in a jar, or envelope, and watch them stack up!
Pro Tip: Try pairing this with another savings challenge, and have more than one going. That way you can have multiple sources of savings.
24. Money Throwdown Challenge
Who this works for: Competitive people, or people who just like to have some fun.
Super easy and super fun!
Get a friend, family member, or even your significant other to take part in this challenge.
Basically, you both compete to see how much one of you can save in a month, or any other given timeframe.
Just make sure to set some rules that you both can follow, and see who wins!
Pro Tip: Make a list of all the ways you can save money on things. Then you can win the challenge, and beat the other person!
25. No Eating Out Challenge
Who this works for: This challenge is great for anyone who wants a simple way to quickly save money.
For this challenge, all you have to do is stop eating out for an entire month.
And of course you can alter this challenge. So maybe you stop eating out for two months. Or every other 2 months, you stop eating out. It’s up to you!
Pro Tip: Try challenging yourself to make better home cooked meals then anything you could get at a restaurant. You might end up eating in even when the money challenge is over. Also, you might want to try meal prepping so that when those really busy days hit, you’re not getting takeout.
26. Little Vices Savings Challenge
Who this works for: This one is great for people who have a lot of smaller expenses they need to get rid of.
It can be easy to spend a lot more than you realize on the tiny things. And a lot of them are vices, which in this case just mean, things you don’t really need.
So make a list of all the different vices you have in a month. This could be as simple as grabbing a coffee a couple times a week.
Then figure out how long you want to cut these things out. It could be for a month, or even two. It’s up to you!
Pro Tip: When you’re finding it hard to say no to yourself, remind yourself of why you started this challenge. What’s more important? That in the moment want, or your dream goal?
27. Round-Up Money Saving Challenge
Who this works for: People who want a set it and forget it money saving challenge.
This one is SUPER easy, and my husband and I did it on autopilot.
We set up an investors Acorns account back in 2016, and hooked it up to our credit and debit cards.
For each purchase, they would round up to the nearest dollar, and put it into our Acorns account. And in there, it could gather interest, and grow over the years.
We had forgotten about it, and then around 2021, we checked it out and saw that we had over $5,000 saved!
And we saved all that without thinking. 🤯
Pro Tip: Set a reminder for yourself to check it once a year, and see where you’re at. It’s great to see it progress!
28. Cancellation Challenge
Who this works for: People who have a lot of subscriptions they’re not using, or using enough.
Go into your bank account, and other places, and look at anything you pay for regularly. Then see what you can cancel and get rid of.
Here’s a quick list of things you can cancel to win this money challenge:
- Monthly subscriptions.
- Unused gym memberships.
- In app subscriptions.
- Apps that encourage you to spend to get special deals.
- Accounts that encourage you to spend to get special deals.
- Online and offline groups you need to pay for access, that you’re not using.
Pro Tip: Add it all up, and put all that money you would have spent on those subscriptions, into money jars. Visual aid is a great way to show, and encourage yourself, to keep moving forward.
29. Weather Savings Challenge
Who this works for: This is great for people who want a more entertaining money challenge.
Started by a blogger from Arizona, once a week, you’ll deposit money into your savings that matches the high temperature for that day.
Very simple, and can definitely vary depending on where you live! 😂
Pro Tip: If you don’t feel like doing this each week, you can just look back, and see what the high was for each week. Then just deposit those amounts into your savings account, at the end of the month.
30. The Overcharge Challenge
Who this works for: This money challenge works for anyone who wants to fine tune all the small details when it comes to saving money.
Go through your bank account, and any other apps, and see where you’re being overcharged for a bill (or other necessities).
Ask yourself if you either:
A. Need to go with a different company.
B. Call into the company to see if there are ways you can cut down on your monthly bill.
C. Go with a new plan to save money.
This money saving challenge is all about seeing where you can cut costs with bills, and get further ahead.
Pro Tip: Look for money savings hacks online when it comes to specific companies. There are plenty of people who have been able to ask for certain things when they call in, or who have moved to better companies.
31. 1% Challenge
Who this works for: This is a great one to try if you want something that’s incredibly quick and easy to do if you wanna start stashing cash.
For this challenge, you’re just going to go into work, and increase your 401(k) contribution, by just one percent.
Then you’re going to do the exact same thing in two months. That’s it!
Pro Tip: If you don’t have a retirement account, then you can just simply calculate 1% of your gross pay. Then you can simply divide that by your total paychecks for that year. And finally, put that amount into your savings account after your first paycheck.
How to Do a Money Savings Challenge the Right Way
I know that starting almost any kind of money challenge can be pretty intimidating, but here are some tips for how to do a money savings challenge:
- Keep it Simple: Don’t start off big, choose a small challenge that gets you small, quick wins right away.
- Create Separate Savings Accounts: Then do automatic withdrawals so that you don’t have to think about it.
- Figure Out Your Why (Or why’s): What are you working towards? Understanding this will help keep you motivated when you’re tempted to give up.
- Get Rid of Bad Money Beliefs: If you believe something like, “Well I’m just bad at saving money,” chances are, it’ll become a self-fulfilling prophecy, and you’ll spend it away.
- Get Creative: If there are ways to cut costs, and make more money, research and start small. Find simple ways to save more, and make more, that won’t intimidate you.
- Compete with a Friend or Even Significant Other: This way you can keep yourself on track, and have more fun with it!
- Don’t Spend Extra Money: If you get something like a money gift, or a tax refund, don’t spend it for in the moment desires. Instead, use it to beat your savings challenge, or get yourself there faster.
- Make Sure You’re Celebrating Milestones: No matter how small it is, make sure you’re seeing the progress you’ve made and celebrate small wins.
I hope you enjoyed all of these ideas on ways to save money, found the different money saving challenges helpful, and were able to learn some valuable money lessons!
I know that changing your savings decisions isn’t always the easiest, but once you get going and start building something, the more you’ll want to continue and transform your savings habits.
You’ve got this! 💪
Grace Moser is the author and founder of Chasing Foxes, where she writes articles to help women create a life they love in big and small ways. She's been a full-time traveler since 2016 and loves sharing her experiences and exploring the world with her husband, Silas. Her lifestyle and travel advice can also be seen on sites such as Business Insider, Glamour, Newsweek, Huffpost, & Apartment Therapy.
These are all great challenges to help boost anyone’s savings, especially myself i love nr 29 Cancellation Challenge. I canceled my Amazon subscription since I didn’t order that much stuff online to justify paying for it, along with HBO. great list!
Thank you so much! I’m glad you liked it. 🙂
Çok yararlı bir makale olmuş. Severek takip ediyorum. Teşekkür ederim.
Thanks!