Money Saving Challenges: Are They Worth it?

Money saving challenges seem to be all the rage nowadays.  And you can find plenty of money challenge worksheets all over Etsy (mine included).  But are these challenges even useful?  Or, more specifically, are they right for you?

Not everyone needs a challenge in order to get things done.  Some of us can set a goal and see it through to the end no matter what.  But some of us need a little motivation.  A little encouragement along the way.  And that is where money saving challenges can come in handy.

In this post, we will go over what money challenges are, who should do them, what the benefits are, and how you can ensure your success.  We'll also take a look at 20 money saving challenges you could start today!

What is a money saving challenge?

A money saving challenge is a creative way to help you save money and achieve your financial goals.  Typically, money saving challenges are done, for example, when you want to save for a vacation or for a down payment on a new house.

But these challenges can be done just to make sure you are controlling your spending and saving the money you want to save for your financial future.

The best things about money saving challenges is that they are a fun way to keep you motivated and on track for achieving your financial goals.  Plus, they can be done with friends or family to make them even more fun and to give you the support network you need to finish.

While not always necessary, there are printables you can use for your money saving challenges to keep you on track.  You can even upload them and use them with your digital planners.

Should You Do a Money Saving Challenge?

Money saving challenges may not be for everyone.  And you'll have to decide for yourself whether they are right for you and your financial goals.

Money saving challenges are typically best if you need help with saving money.  You may have tried saving for a house, a new car, or retirement several times already unsuccessfully.  Or you may be big a spender looking to finally take control of your spending habit and save more.  

These challenges are also great for people who want to save but just needs a little motivation, encouragement, and accountability.  Because with money saving challenges, you can get all three.

What are the Benefits of Doing a Money Saving Challenge?

There are numerous benefits of doing a money saving challenge with the main benefit being you actually achieving your savings goal.  And in doing so, you will become more confident in your ability to save and manage your finances.

But in addition to that, there are a few more benefits that are worth mentioning. They say that it takes 66 days to form a new habit.  Well, if you set out on a money saving challenge that spans a few months, you could find yourself with a great new habit: saving.

What's more, these challenges could be the thing that helps you kick a bad habit of yours to the curb.  Whether it's spending too much or eating out way too often.  By doing a money saving challenge, you become more aware of your money overall and, so, more cautious in how you spend it.

How to Succeed with Your Money Saving Challenge?

No one does a money saving challenge to fail.  We all want to be successful in our goal of saving money.  So here are some quick tips to help you successfully complete your money saving challenge.

1.  Set reminders on your phone - I always do this with any thing I need to remember.  Ask Siri or Google to help you out.  That's what they are there for.
2.  Be consistent - Make it a point to do the challenge and add to your savings at the same time every day (or every week).  For example, if you are doing the Roll the Dice challenge, make it a point to roll the dice at the same time every week.
3.  Make plans - What are you going to do with the money you save?  Having something already planned for your money is great motivation.
4.  Track your savings - The best part of saving is watching your money grow.  So don't forget to check in on your savings during the challenge.  This will also help keep you motivated.
5.  Get accountability - Statistics show that when you tell someone about your future plans, you are much more likely to achieve them.  So tell somebody that know somebody to tell somebody.  
6.  Set goals - All money saving challenges start with a goal in mind.  So make sure you are clear about yours.

What is the Best Money Saving Challenge?

Okay, now that we know how to be successful at one of these challenges, let's see what's out there.

There are many kinds of money saving challenges to choose from and, ultimately, you are just going to have to choose the best one for you.  Test out a few of them and see which ones you like best!

There are money saving challenges for beginners, money saving challenges for couples or families, and even some for those of us who like to go BIG or go HOME.

Check out a few of these challenges below.

The Dollar Saving Challenge

A dollar a day keeps the worries away! ^^

This challenge is super easy.  To do this challenge, you would only have to save $1 a day for a year.  This means that the maximum amount of money you will have saved is $365.  But, hey, if you are someone who has always struggled with saving money, this could be the perfect challenge for you.

This challenge is so easy it could even be a challenge you introduce to your kids to teach them about saving!

The 52 Week Challenge

This is the classic money saving challenge where you would start out by saving just $1 for week one.  Then for week 2, save $2 and week 3, $3 and so on.  This would continue until week 52 when you would save $52. 

By the end of the 52 week challenge, you will have saved $1,378.  Not bad for someone just getting into the habit of saving. 

Also, don't be afraid to do this in reverse as well.  You could start off week one with $52 and then decrease a dollar per week from there!  This might be great if you feel you will start to loose interest (or will power) towards the end.

The 26 Week Challenge

Not all of us get paid weekly.  If you are like most people who get paid every two weeks, the 26 Week Challenge might be a better challenge for you.  That way, as soon as you get your check, you can transfer the desired amount straight into savings.

This challenge is essentially the same as above.  The only difference is, instead of starting at $1, you may want to start a little higher just to ensure you save a good amount of money by the end of the year.

If you start with $3 and add $3 dollars every week for a year, by the end, you will have saved just over $1,000!  Not bad at all.

The No Spend Challenge

The name says it all.  This challenge is not about saving but actually about not spending.  It can last for as little as a few weeks or as long as a year (though that may be really hard, even for me).  The point is, you get to decide.

For this challenge, spending on your bills and other necessary expenses is okay but anything else is off the table.  Coffee from starbucks?  Nope.  Want to get your nails done?  Not right now ya don't!

The good news is you don't have to be so hard on yourself if you are just starting off with this challenge.  For the first month, see how many days you can do "no spend".  Then the next month see if you can do more.

Before you know it, you'll be a no spend challenge champ!

Roll the Dice Savings Challenge

This is a fun money saving challenge that leaves the amount you save each day (or week) up to chance.  

For the Roll the Dice savings challenge, you are going to need dice.  One or two will do.  Then every day (or once a week) you are going to roll the dice and depending on the number rolled, that is how much you are going to save for that day.

If you are rolling for the week, I'd add a zero on the end of the number rolled to make it interesting.  This means you could be saving anywhere from $20 to $120 per week if you use two die.

I love this challenges mixes a little spontaneity with savings to make saving money fun and exciting.

Bowl Grab Challenge

This is another fun, creative way to save money.  For this challenge, grab a bowl and some slips of paper.  On the pieces of paper write different dollar amounts and place them into the bowl.  

Then draw a slip randomly every day and contribute that amount to your savings jar.  Like the Roll the Dice challenge, this money challenge adds an element of surprise making it more like a game.

You could even make this a fun family event that your children can take part in. Fun for the whole family while at the same time teaching your kids about the importance of saving!

Double or Nothing Savings Challenge

For this money saving challenge, you are going to start with an amount of your choosing and double it as you go.  That way you can control the difficulty level and adjust it to your circumstances.

For instance, you can start as low as one penny.  Then everyday you will double it and put that amount into your savings.  Do this for a month, 3 months, or a year and see just how much you've saved.  

If you are going to do this challenge over a long period, I recommend you double it every week so you don't put too much pressure on yourself.

Fixed Amount Challenges

So these are the general everyday challenges you are probably used to hearing about such as the $1k, $5k,  or $10k money saving challenges.  Essentially, you start out with a desired amount of money you want to save.

Say, $3000 for a vacation to Peru.  Then you set a time frame in which to save that amount of money.  And finally you break it down to how much you'll need to save on a weekly or monthly basis.

For instance, if you want to save $3k, in 6 months, your money challenge would be to save $250 every two weeks.  That means $125 every week or $500 every month.

Simple, easy, and straight to the point, fixed money challenges are great when saving for a specific money goal.

Holiday Savings Challenge

The holidays come around each and every year.  So why not prepare for them in advance?

Enter the Holiday money saving challenge.  Be prepared for the holidays and have the money you need to enjoy them!  

At the beginning of the year, decide on your budget for the upcoming holidays.  Thanksgiving, Christmas, Halloween, etc.  Then breakdown how much you would need to save each month to achieve your holiday savings goal.

You can keep track of them using these holiday printables or on your own excel spreadsheet or notebook.

Spare Change Challenge

With this simple money saving challenge, you're going to take any spare change you come across and put it into a savings jar.  If it's a coin, it goes into the savings jar.  Then at the end of the month take that jar down to the bank and put it into your account.

You may surprised by just how much money you saved with coins alone.  Now how about taking it to the next level with saving dollar bills?  Which leads me to the next challenge.

The $5 Money Saving Challenge

This is an interesting money saving challenge.  And the best part is, it is so simple and easy that any and everybody can do it.  All you would have to do is save every $5 dollar bill you get.

Easy Peasy.  

So whenever you get change back and it's a $5 bill, chuck it into savings and keep it moving.  You'll be surprised at how quickly they will add up to a sizable chunk of change.

Of course for this challenge, you'll have to actually be using cash when you go shopping.  After all, if all you use is credit cards, you'll never come across that $5 bill that you are supposed to be saving.

The 1% Challenge

If you have automated savings of any kind, even your retirement savings accounts, this could be a great challenge for you. 

For this challenge, all you have to do increase your automated savings by 1% each month or every two weeks, if you're up for it.  Then watch your savings grow.

One percent may not seem like a lot but over time it adds up pretty quick!

The No Starbucks Challenge

Ok maybe I throw a little too much haterade at Starbucks.  But, essentially, this challenge is all about giving up a bad habit of yours that is costing you big time.  It could be anything from buying too much soy chai lattes at Starbucks to treating yourself to chocolate chip ice cream every day after work.

The point here is to see what happens when you give that up for a month.  How much money did you save?

And if it is a really bad habit, like smoking try to think of what you can do instead. How much money did doing the alternative save you?

Round Up Money Saving Challenge

This is an old school challenge that has been around for years.  Some banks even offer it as a service.  For this challenge, every time you spend money, you would round up to the nearest whole dollar.  And the portion you rounded up, you would save.

For instance, if you buy a cup of coffee that costs $3.95.  You would round that up to $4 and save 5 cents. 

This challenge is a simple way to save without noticing that you are saving.  It is great for people who find saving hard.  And in the end, you may just end up saving much more than you expected.

Weather Wednesday Saving Challenge

Now this is a very creative money saving challenge.  This is a weekly saving challenge but you can turn it into a bi-weekly or monthly saving challenge as well.

To do the Weather Wednesday challenge, every Wednesday you must go online and find the hottest temperature either locally or worldwide.  Then depending on what the hottest temperature is that is the amount of money you must save for that week. 

With this challenge you never know what you are going to get.  But, because of that, it adds a little excitement to the art of saving money.

30 Day Minimalism Challenge

Now this is a challenge I need to do myself.  While it may not seem inherently tied to the normal saving money challenges, it is integral to you feeling in control of your life and so your finances as well.  Not to mention you could potentially make some good money on the side from this.

So for the minimalism challenge, what you will need to do is go through everything you have in your house.  Then every day get rid of one thing.  You can choose to sell it, donate it, or just throw it out.  What you do with it is up to you.

The goal is that by the end of this challenge you will have less stuff cluttering up your house and feel more free and in control of your life and your surroundings.

The 100 Envelope Challenge

The 100 Envelope Challenge is a money saving challenge that can help you save cash fast.  It is a fun challenge as it kind of gamifies saving money.  To do it, you must first get 100 envelopes.  It could be 100 real envelopes, envelopes in digital format, or a simple worksheet with 100 envelopes printed on it. 

Next, you will write various amounts on the envelopes from 1 to 100.  Then every day you would choose an envelope randomly and put the written amount of money into it.  Easy peasy and fun!  And before you know it, you'll have a good chunk of money saved!

$5,050 to be exact.

If you want a bigger challenge, you can always increase the amounts you write on the envelopes.  Also, play around with the timeline.  Maybe do a 52 Envelope challenge where you would randomly draw one envelope per week.  

Note: If you do decide to use a worksheet, you'll need to find some way to make sure you don't know the number on the envelope.  You still want to keep that element of chance.

30 Day Meal Planning Challenge

This challenge is great for helping you stop eating out so much and start eating in.  With the 30 day meal planning challenge, you will plan out your meals for the month in advance.

That way you will already know ahead of time what you'll need to get from the market and won't be tempted to buy things you don't need.  Plus, it'll make it easier for you to just go home and cook as planned.

At the end of the month, take all of that money that you would have usually spent eating out and put it into savings.  How much were you able to save?

Cash Only Challenge

For those who know me well, you know that I am a big proponent of going cash only.  This helps you be more aware of your spending and will prevent you from spending more money than you actually have.

To do this challenge, you are not allowed to use any credit cards.  You must only use cash day in and day out.  So whatever you have that day in your wallet is the max amount of money you can spend for the day.  You can do this challenge for a week, a month, or a whole year.  The choice is yours.

Money Throwdown Challenge

Challenge a friend to a good ol' money saving battle.  The money throwdown challenge is a fun challenge that can be done with a friend, roommate, or family member.

For this challenge, you guys can make a bet to see who can save the most money in a month.  Depending on salaries and certain circumstances, try to come up with a fair way to judge the winner.  For example, the winner can be determined by the percentage of their income they were able to save. 

Also, set the terms to make this challenge even more interesting.  Maybe the loser has to cook dinner for a week.  Or they must treat you to your favorite meal at the best restaurant in town.  Whatever it is, get creative!

I love a little competition so this is definitely something I can get down with.  But if competing is not your thing and may demotivate you, then feel free to give this challenge a pass.

All in All

Money saving challenges can be a great way to boost your savings or help you kick a bad spending habit.  Whether you want to pay off debt or save up for a house, money saving challenges can help you do so in a fun, creative way.

I hope that one of these challenges will help you achieve your savings goals and build a better financial future for you and your loved ones!  Let me know which money saving challenge you like best!

Happy Saving!