8 Different Money Saving Challenges to Try (2024)

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8 Different Money Saving Challenges to Try (1)The start of a new year always feels like the time to re-examine your goals and create new ones. It’s a common time to get your finances in order.

Saving challenges are popular for helping you get creative with saving. Sometime, there is hesitation to join them out of fear.

Nobody wants to do one and then fail to complete it, right?

Well, savings challenges are more than just completing them. They jump start your savings and get you on track to developing a consistent savings habit. Which is important when it comes to reaching your dreams.

Completing them, no matter if it’s finished fully or not, can help you get on your way towards bettering your finances and life.

If you’re looking to jump start your savings, here are eight different saving challenges to try.

1) 52 Week Saving Challenge


The most notable challenge is the 52-week saving challenge. If you’ve spent any amount of time on a personal finance site, you’ve probably seen it.

During the challenge, you saving an increasing amount each week. The dollar amount corresponds with the week. So the first week you save $1, the second week $2, third week $3 and so on. On the 52nd week of the year, you save $52.

By the end of the year, you will have amassed $1,378.

You could use this amount to save towards something like a travel or a mini emergency fund.

Grab our free 52-week money challenge spreadsheet and printable to get started.

2) Reverse 52 Week Saving Challenge


The 52-week saving challenge is popular and many people have completed it. Although not everyone loves the idea of it.

People have pointed out how the challenge involves saving over $200 during the month of December. A time of the year when many people are buying gifts and things for the holidays.

The reverse 52-week Saving Challenge involves saving a decreasing amount each week. You start off by saving $52 the first week, then $51 the second week, and $1 on the 52nd week of the year.

A positive of doing the challenge this way is the quick win you get of saving a sizable amount of money. Doing the normal 52-week saving challenge would yield you $10 after four weeks. The reverse 52-week saving challenge would yield you $202 after four weeks.

Seeing a greater amount right off the bat could motivate you more. Saving the bigger amount at the start of the year could be easier to do since it won’t be during the holidays and you might have things like a tax refund to put towards savings.

3) Mini 52 Week Saving Challenge


For those looking to start small, the mini 52-week saving challenge involves starting at $0.50 rather than $1. You start off saving $0.50 the first week, $1 the second week, $1.50 the third week, and on the 52nd week, you save $26.

By the end of the challenge, you will have saved $689. Half the amount of the regular 52-week saving challenge.

If you’re looking to start small and save for small expense, this could be a good challenge to try.

4) Bi-Weekly Saving Challenge


If you get paid every other week, then that equals to 26 paychecks in a year. The bi-weekly saving challenge involves saving an increasing dollar amount corresponding to each week, except you save when you get your bi-weekly paycheck.

So for your first bi-weekly paycheck, you would save $3 ($1 for week one, $2 for week two). The savings for the second bi-weekly paycheck would be $7 ($3 for week three, $4 for week four). The final bi-weekly paycheck would involve a savings of $103 ($51 for week fifty-one, $52 for week fifty-two).

By the end of the challenge, you will have amassed $1,378.

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5) Monthly Saving Challenge


The monthly saving challenge involves saving an increasing amount month to month but a set amount each month. It can be an option for those who get paid once a month.

The saving amount varies from $25 to $150 for the month. In January you save $25, February $50. It goes up in $25 increments until you reach June and July when you save $150 for each month. After that it goes down in $25 with December being a month you save $25 for.

6) The No-Spend Challenge


No-spend challenges are usually done on a one-month basis, but people have also done it for an all-year thing.

A no-spend challenge may involve not buying anything outside of bare essentials. They could also be for not spending anything in “trouble” areas like eating out, shopping, or entertainment.

While there is no set amount you can expect to save, there are lots of benefits to doing a no-spend challenge. You’re able to pinpoint areas you’re struggling with and help you get resourceful with what you have.

7) Spare Change/Dollars Challenge


Do you remember the piggy bank you had as a kid? Yeah, this saving challenge is kind of like an adult piggy bank. You put all of your spare change into a jar and count it up at the end of the year.

There are a few ways to take this further. You could utilize financial technology services and download an app like Qapital which rounds up your bank transactions to the nearest dollar or two. So that $3.21 coffee means $0.79 in savings.

You could also incorporate dollar bills into it and save the $1 and $5 bills you have.

8) 365 Day Money Challenge


Think a penny saved can’t make a difference? Think again. With this challenge, you save money every day.

Start off with $0.01 the first day, $0.02 the second day and on the last day you save $3.65. In total you save $667.95 by the end of the year.

Final Word


A lot of saving advice out there advises saving a set amount each month. Automating your savings can be great, but starting out by savings a set amount can feel hard.

Do a saving challenge to help you kickstart your savings. Set up a dedicated savings account to keep track of your savings. If you contribute $100 a month you get a high 2.45% APY on a CIT Bank savings account. This high interest rate could make a huge difference (DC learned this the hard way).

Consistency is the key thing to remember. Even if you’re starting out small, staying consistent will help you reach your savings target.

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8 Different Money Saving Challenges to Try (2024)

FAQs

What are the challenges of saving money? ›

Here are seven money-saving barriers — plus advice on how to knock each of them down.
  • Spending too much on housing. ...
  • No defined budget. ...
  • The “I'll save when I make more money” mindset. ...
  • Lack of a measurable savings goal. ...
  • Student loan payments. ...
  • Your comfort zone. ...
  • Overusing credit cards.

What is the 5 savings challenge? ›

The fiver challenge - save £7,000

This challenge works the same as the 52 week challenge, but you go up in multiples of £5 rather than £1. So week one = £5, week two = £10, all the way up to week 52 at £260. Alternatively, if you're not in the position to save these larger amounts, you could save £5 every week instead.

What is the $20 savings challenge? ›

The $20 Savings Challenge is a great way to easily save $1,040 this year without noticing! All you have to do is save $20 each week for a year, and then you'll easily have $1,040.

How to do the 52 week money saving challenge? ›

Week 1, you save $1.00. Week 2 you save $2.00, and it continues through the year, adding one more dollar to each week's savings goal. By Week 52, you'll set aside $52.00, which will bring the year's total savings to $1,378!

How to challenge yourself to save money? ›

The 52-week money challenge works like this: Start by depositing $1 in week one, $2 in week two, $3 in week three and so on. Keep the funds you save in an interest-bearing savings account. By week 52, you'll have amassed a full $1,378 in savings.

What is the 1 to 100 saving challenge? ›

The 100-envelope challenge is pretty straightforward: You take 100 envelopes, number each of them and then save the corresponding dollar amount in each envelope. For instance, you put $1 in “Envelope 1,” $2 in “Envelope 2,” and so on. By the end of 100 days, you'll have saved $5,050.

What is the $1 challenge? ›

Match each week's savings amount with the number of the week in your challenge. In other words, you'll save $1 the first week, $2 the second week, $3 the third week, and so on until you put away $52 in week 52.

What is the $10 savings challenge? ›

Save $10 a week with this 52 Week Savings challenge will help you to meet all of your savings goals. Each week you tick of each amount in order to save the full 520 in the amount of weeks in a year. Saving can be hard but with this you can make it a fun challenge. Safe enough a week to add to the savings pot.

What is the 1 to 50 saving challenge? ›

Label your envelopes from £1 – £50. The corresponding amount of money will go in each envelope. Then, place the envelopes in the box. Each week pick out an envelope to fill up – you don't have to go in order, some weeks you might have more money left over than others.

How much is $1 dollar a day for a year? ›

The answer to that question depends on interest rates or rates of return. With no interest involved, putting one dollar a day into a bank account (or a jar at home) will see you end up with $365 in a year. Multiply that amount by 30 years and you'll end up with $10,950.

What is the 360 day saving challenge? ›

For every 365 days of the year you save pennies. Starting at 1p on day one and then each day you add on a penny to the previous day's amount e.g. Day 2 = 2p, Day 3 = 3p, Day 4 = 4p etc.

How to save $10,000 in 6 months? ›

How I Saved $10,000 in Six Months
  1. Set goals & practice visualization. ...
  2. Have an abundance mindset. ...
  3. Stop lying to yourself & making excuses. ...
  4. Cut out the excess. ...
  5. Make automatic deposits. ...
  6. Use Mint. ...
  7. Invest in long-term happiness. ...
  8. Use extra money as extra savings, not extra spending.

What are 3 disadvantages of saving? ›

The disadvantages of using personal savings:
  • You're limited to what you can afford: your savings may only get you so far.
  • It's risky to spend all your savings: you might need your savings for a personal emergency.
  • Your responsibility for success: having more people behind your business could lead to more success.
Mar 15, 2024

What are the risks of saving money? ›

While safe, savings are not risk-free: the risk is that the low interest rate you receive will not keep pace with inflation.

Why is it difficult to save money? ›

Having debt is one of the reasons many people have difficulty saving money. The urge to pay it off vs. save is strong. That's especially true if you're carrying revolving debt, like debt from credit cards.

What is the hardest part about saving money? ›

It takes time to make a saving plan. It takes time to track records how much you have already saved this month, and how much you still need to save to reach your saving goals. And, it takes time to change old money-saving habits. None of the above is easy.

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