Do you find yourself spending money more quickly than you can make? The majority of Americans feel this way, as the cost of living has risen steadily in recent years. A money-saving challenge is exactly what you need.
According to a U.S. government report, food prices rose recently. So when you consider the rise in the cost of living compared to the actual wage index, you can see that people are interested in saving money.
We could use some extra income during these uncertain times. By setting financial goals and participating in a money saving competition, you can set up yourself for financial success.
A money-saving challenge is a great way to build an emergency fund, save for a vacation, or save a down payment on a new home. All you need is a little financial motivation and a good saving challenge to get started.
What is a money saving challenge?
A money saving challenge is a terrific way to be reminded of what you’re doing to achieve your goals. Furthermore, they are quite simple to do. You can save a set amount of money depending on the terms of the specific challenge.
For example, in the $5 discount challenge, you save every $5 invoice you receive. There are many exciting savings challenges available to you to help you meet your personal goals and save money. Soon, saving money will come naturally.
Why a money saving challenge is a great idea
Money-saving initiatives are a fun way to save money. Most importantly, it is a fun way to meet your savings goal and makes your objective more achievable. In addition, a money challenge is a fantastic way to boost your emergency savings when you don’t have very much money saved.
You can participate in a savings challenge to save for a future vacation, pay down a house loan, or pick out a designer handbag.
18 money saving challenges to try today
Having more money will alleviate stress and allow you to meet your financial goals. By participating in a money-saving competition now, you can start building a new meaningful habit and get that savings account built up quickly. In addition, you can even create a savings club account for your tasks.
When choosing a savings challenge, you should choose one that aligns with your goals and that you can stick to. It must be a reasonable goal to set you up for success and prevent you from giving up.
There are challenges when it comes to dining out, saving $5 bills, saving money, and more. These 18 money saving challenges are sure to get you the results you want.
1. The 6 month savings challenge
The monthly discount challenge is easy to complete because the dollar amount you save has already been predetermined. Each week you conserve the amount off the total you saved.
Each week is only $3, week 2 is $7, and the savings increase incrementally each week until it reaches $1378 by the end the 26-week savings challenge.
2. 30 days to master your spending challenge
The no-spend challenge is a fantastic way to save money and stop overspending. Therefore, with this money-saving challenge, you commit to a set timeframe like a week or a month, and only spend what is necessary.
You can only afford necessities such as rent, gas, and groceries. It’s still vital to purchase the things you need to survive during this money saving challenge.
You cannot spend money eating out, shopping, coffee, or anything considered to be non-essential. Anything that isn’t a bill or essential expense should be put off until a later date.
You might be surprised by how much cash can be saved with everyday life if you’re diligent. At the end of the month, keep a careful budget that includes all expenditures to maximize your savings potential. Keep track of your spending with a monthly budget to maximize your saving potential.
3. 30-day meal planning challenge
Eating out is expensive. The average amount spent eating out per day is $9.22. That’s $3,365 per year if you do the math!
With this savings challenge, you pack your lunch 5x per week for 30 days by utilizing meal planning. This will also help decrease wasted groceries and adds a substantial amount to your savings. You can eat the meals you like and avoid unhealthy foods if you prefer.
4. $5 savings challenge
The $5 challenge is a fun way to save up money. When you receive a $5 bill, you set it aside and save it for 90 days. So if you don’t have some spare cash, you should put every extra $5 into your savings.
To help you save more money, we strongly advise you to buy a cute piggy bank, container, or money envelope that makes the deposits easy but takes them out difficult. It’s a little strange, but that’s what makes this money-saving challenge fun!
5. Create a clever girl fund challenge
A clever girl fund is an essential discount program. The fund can be used to pay for unexpected expenses such as unemployment, car trouble, or sudden home repairs. It can be used to establish a sinking fund for future expenses.
The challenge will assist you determine how much you should save, help you set up the right savings account, and keep you updated about regular deposits.
To complete this task, set up an account for saving, and then save $1,000 to start. You can save $333 monthly or save more or less time if you prefer.
Build your Clever Girl Fund, but have a plan in place before you reach $1,000. And if you surpass that amount, consider adding more for added protection.
6. Find extra money challenge
You may not think you have any additional money, but you can make the money you didn’t know you had with some tips and tricks.
In addition, this money challenge is motivating you to get creative. For example, cashing in those spare change items in your wallet, car, bag, or around the house.
You can save a great deal of money by replacing your eating habits and spending less on groceries. You can also sell belongings you no longer need to earn cash. The goal is to challenge you with ways to save that you would normally don’t do.
7. Penny savings challenge
If you don’t think saving money will help you build your wealth, you are mistaken. The penny challenge is like the 26-Week Showdown and easy to use.
First, you start out with one dollar every day and increase the amount over 365 days. You save a total of $667.95 in one year. Remember, every dollar leads to a dollar!
8. Christmas club challenge
These vintage savings accounts are making a comeback, and they are excellent ways to save money for Christmas!
You can use a Christmas Club Savings account to save money on presents for friends and family during the holiday season. However, you can also set up a personal savings account independently through the bank of your choice.
You can use this account to save for whatever you need to purchase.
These accounts are available from credit unions. So if you open this account type, you will get a payment coupon book to make deposits with.
On November 1, your funds will be transferred to your dedicated account. You may not access your funds from this account without a cost, so you will refrain from spending it during the money-saving challenge.
9. Coffee break challenge
The price of a latte a day makes it challenging to save money! So quit going to Starbucks for this fundraiser.
Compared with a specialty coffee, which can cost up to $1,000 a year, the average person spends about $700 on specialty coffee each year.
For this assignment, set up a piggy bank or money jar next to your coffee pot. Then make coffee for yourself. So every time you do, you can add $2.75 to your bank account!
Afterward, you can use those additional funds and purchase a luxurious coffee machine as an award and put the rest into your savings or toward paying down debt.
10. Weather Wednesday savings challenge
The money thermometer on Wednesdays can dramatically increase your bank account. On Wednesdays, you learn the highest temperature in your state, and you fund that amount in dollars.
So, if it is 80 degrees outside, you save $80 per week! The hotter it gets, the more you save. For best results, do so during the summer months.
(Love Wednesdays? Check out our Wellness Wednesday ideas!)
11. The 30-day minimalism challenge
With a 30-day minimalist challenge, you essentially eliminate something every day for 30 days. Focusing on eliminating items means you aren’t as concerned about spending cash. In turn, this will save you money.
You can earn some extra cash by purchasing the items that you no longer need.
12. 12 month savings challenge
A 12-month discount challenge is quick and will provide you with plenty of time to save up money. During this challenge, you will save a bit of money every week.
It starts with a dollar, and each week it adds another dollar. You’ll save $1,378 by the end of the year!
13. 3 month savings challenge
There are various amounts of money you can save for the three month discount challenge based on your objective. You may choose to save $1,000, $2,000, or more.
The goal is to save a certain amount per week or month and then reach your goal by the end of the three-month period.
14. $20 money saving challenge
Consider participating in the $20-per-week savings challenge. Each week, you save $20 from your income, and at the end of the year, you have saved $1040! It’s easy and effective.
If you have an expensive purchase coming up that isn’t time sensitive, it’s particularly great to try your hand at something luxurious like a luxury purse or a small house project.
15. Cancel all the things savings challenge
Don’t worry — it’s more fun than it sounds! The cancellation challenge is a convenient way to save on subscriptions, streaming services, and monthly memberships that you aren’t using.
There’s no need to make any changes to your way of life because of the change in your well-being. You can conserve all the cash that you are not paying now. Your results will vary based on how many things you cancel, so be as frugal as possible in order to succeed!
16. Monthly savings challenge
The flexible Savers Club makes it easy to select your own savings goals. To begin, set your financial goals and determine how much money you would like to save each month.
You can start with the same amount every month, and then increase or decrease it over time. Soon, you will reach your savings goals.
The best part of a monthly savings challenge is that you get to decide how much of the savings you get to keep. You can work longer hours, rent out items around the home, or do anything else you can think of to conserve the funds.
17. No new clothes challenge
For this challenge, you will save yourself money, time, and an overstuffed closet. The no new clothes challenge is both easy and difficult – you don’t buy any new clothing for an entire year.
Turn this into a money saving challenge by taking the mean amount you ordinarily spend on clothing, and either saving or investing it. By the end of 2019, you might be surprised at the extent of your savingss!
18. Monthly money challenge
If you would like to continue challenging yourself and winning, set yourself an annual money challenge every month for the entire year. The rules are simple: do a different challenge every month, and complete the challenge you picked.
It’s a great way to save a lot of cash, but you get to have fun doing it.
Great times to start a money saving challenge
Saving money can be easier if you have a fresh start. Choose a financial goal and set a goal that will allow you to save more for that time of year.
It is good practice to plan your goals in stages.
January is an excellent time to launch a budget challenge, especially after the year-end expenses that frequently arise in December.
Make saving money your goal for 2019. Figure out how much money you need to save by December 31 and start saving.
A new season is the perfect time to start a money challenge. You can compete in a 90-day savings challenge for each season.
You can jump-start your summer savings by starting your quest in the spring. This is a good way to establish savings targets.
Save your way to success!
Saving money allows you to be financially secure. You will eventually be able to secure your personal finances against emergencies and be able to take that dream vacation you’ve always wanted.
Doing a money saving challenge with friends can also give you the support you need to actually complete the task!