20 Money-Saving Challenges

Starting your financial journey can feel daunting, especially if you have ambitious savings goals in mind. Whether you’re saving for a down payment, building an emergency fund, or simply wanting to get better at budgeting, a money-saving challenge can be a powerful way to jumpstart your goals. Fun, effective, and engaging, these challenges help you build strong financial habits while growing your savings.

Here are 20 exciting money-saving challenges to help you reach your financial goals. Try one or a combination to see how much you can save!

1. 52-Week Money Challenge

This popular challenge involves saving an increasing amount each week for a year. Start by saving $1 in the first week, $2 in the second, and so on. By week 52, you’ll have saved $1,378! It’s a great option for those who like a steady, cumulative approach.

2. No-Spend Challenge

Challenge yourself to avoid any non-essential spending for a set period, such as a week or even a month. Focus on the essentials like groceries and bills, but skip dining out, shopping, and entertainment. You’ll be amazed at how much you save!

3. The $5 Savings Challenge

Save every $5 bill you come across. Whether it’s change from a purchase or money received from others, tuck away each $5 bill in a jar or savings account. This challenge can add up fast without requiring a lot of effort!

4. Spare Change Challenge

This one’s perfect for anyone with a spare change jar. Deposit all loose change you accumulate each day. Alternatively, apps like Acorns round up your purchases to the nearest dollar and invest the change.

5. Daily Dollar Challenge

Save a specific amount of dollars each day. For example, save $1 on Monday, $2 on Tuesday, and so forth, resetting each week. By the end of the week, you’ll have saved $28, which adds up to $1,456 in a year.

6. Envelope Savings Challenge

Label envelopes with different amounts ($10, $20, etc.). Each week, pick an envelope at random and put the designated amount into savings. This fun, gamified challenge keeps things exciting and unpredictable!

7. "Cancel a Subscription" Challenge

Cancel one non-essential subscription for a month and put the amount you’d normally pay into savings. It’s a quick way to assess what you really use and save money on services you can live without.

8. Grocery Budget Challenge

Challenge yourself to lower your grocery spending by a specific amount each week. For example, if you normally spend $100 on groceries, aim to spend only $80. Use the extra $20 for savings.

9. Weather Wednesday Challenge

On Wednesdays, save the amount equal to that day’s temperature. For instance, if it’s 75°F, save $7.50. This quirky challenge is a fun way to let the weather influence your savings.

10. Cash-Only Challenge

Go cash-only for a week or month, setting a strict budget and withdrawing that amount in cash. It’s much easier to stick to a budget when you can physically see how much you have left.

11. "One Thing a Day" Declutter Challenge

Sell one item every day that you no longer need. Use the money earned to bolster your savings. By decluttering, you’ll not only save but also make some extra cash and free up space in your home.

12. Meal Prep Challenge

Commit to cooking all meals at home for a set period. Meal prepping saves money on dining out, and it often leads to healthier eating as well. Take the money you would have spent on restaurants and put it into savings.

13. "Double Your Savings" Challenge

Each month, set a base savings goal, like $20, then double it each following month. Save $20 in January, $40 in February, and so forth. You’ll have $1,560 saved by the end of the year!

14. Monthly Mini-Challenges

Assign each month a specific savings goal. For instance, January could be "no coffee shops," February could be "no dining out," and so on. Adjust your goals as needed to keep things interesting.

15. 10-10-10 Savings Challenge

Each payday, save $10 toward debt, $10 toward savings, and $10 toward investing. This mini-goal approach covers multiple financial goals in a manageable way.

16. "No Online Shopping" Challenge

This challenge is perfect for those who tend to spend impulsively online. Avoid online shopping for a set period and redirect the money you would’ve spent into your savings account.

17. "Save the Extra" Challenge

Whenever you get extra income—like a tax refund, gift money, or work bonus—commit to saving it instead of spending it. This challenge can make a big difference when you least expect it.

18. 10% Savings Challenge

Commit to saving 10% of each paycheck. If that seems too high, start smaller with 5% and increase the amount over time as you get used to saving regularly.

19. Weekly Grocery Receipt Challenge

At the end of each grocery run, take a look at your receipt and identify an item you could live without. Commit to cutting that item out of next week’s shopping list and save the difference.

20. Self-Care Savings Challenge

Instead of spending money on an impulse buy, put that amount into savings. Each time you feel tempted to buy something you don’t need, remember your financial goals and transfer that amount to your savings account instead.

Why Money-Saving Challenges Work

Money-saving challenges work because they’re short-term, specific, and engaging. Instead of vague goals, you get to try small, achievable actions that lead to a tangible financial reward. Plus, the gamified aspect keeps you motivated, making it easier to stick to your goals.

Final Thoughts

No matter your savings goal, these 20 challenges offer a variety of ways to start putting money aside. Choose one that fits your lifestyle, or try combining a few for maximum impact. By making saving money fun and interactive, you’re more likely to build strong financial habits that will help you achieve your goals faster. Happy saving!