Have you ever checked your bank account balance and felt a sudden wave of panic? You are definitely not alone.
It feels like everyone on social media is buying houses or taking European vacations, while you are just trying to afford the weekly grocery haul. Traditional budgeting can feel incredibly restrictive and boring, especially when living costs keep rising.
But what if saving money didn’t feel like a punishment? What if you could turn it into a game?
If you are tired of the constant financial stress, you need a fresh strategy to trick your brain into building wealth. That is exactly why we put together this ultimate list of 10 Money Saving Challenges to Try This Year.
These challenges are designed to be fun, realistic, and totally doable, whether you are a stressed-out college student or a millennial navigating the corporate world. Let’s dive in and find the perfect challenge for your wallet!
Why You Should Gamify Your Finances
Let’s be honest: staring at a spreadsheet filled with strict spending limits is not motivating. In fact, it usually makes us want to rebel and buy something we don’t need.
Gamifying your finances changes the psychology behind saving. By turning your goals into a game, you trigger a dopamine release in your brain every time you score a “win.”
Instead of focusing on what you are giving up, you start focusing on the thrill of hitting a target. It shifts your mindset from scarcity to achievement.
Plus, completing a challenge builds serious momentum. Once you see that first $100 or $500 sitting in your savings, you will be hooked on watching that number grow.
Weekly and Monthly Savings Challenges
If you like a structured, step-by-step approach, these time-based challenges are the perfect place to start.
1. The Classic 52-Week Money Challenge
This is the granddaddy of all savings challenges, and for good reason: it works. The concept is incredibly simple and eases you into the habit of saving.
During week one, you save $1. In week two, you save $2. You keep matching the dollar amount to the week of the year until you save $52 in week 52.
By the end of the year, you will have saved exactly $1,378! That is a solid emergency fund or a guilt-free vacation, all from money you barely noticed leaving your checking account.
2. The No-Spend Month Challenge
Are you an impulse shopper? The No-Spend Month is the ultimate reset button for your spending habits.
For 30 days, you are only allowed to spend money on absolute necessities: rent, utilities, groceries, and gas. Everything else—takeout, new clothes, random Amazon purchases—is strictly off-limits.
If you usually spend $150 on dining out and $150 on online shopping, successfully completing this challenge puts a cool $300 right back into your pocket.
3. The Envelope Savings Challenge
This one involves a little bit of arts and crafts. Get 100 physical envelopes and number them from 1 to 100.
Every week, pick two envelopes at random. Whatever numbers are written on the envelopes, you put that exact amount of cash inside.
If you draw a 12 and a 45, you save $57 that week. If you fill all 100 envelopes over the course of the year, you will save a massive $5,050!
Daily and Habit-Based Savings Challenges
Sometimes, the best way to save money is to tweak the tiny decisions you make every single day.
4. The Daily Coffee Shop Challenge
We all love our iced lattes, but those daily cafe runs drain your bank account faster than you think.
Try swapping your $6 daily coffee shop habit for coffee made at home, which costs about $1 per cup. Put that $5 difference into your savings account every single day.
Over the course of a 30-day month, that is an extra $150 saved. Over a year? You are looking at a sweet $1,800!
5. The 24-Hour Rule Challenge
This is less about putting money in a jar and more about stopping money from leaving your wallet. It is a brilliant way to cure impulse buying.
Whenever you see a non-essential item you want to buy that costs more than $50, you must wait exactly 24 hours before checking out.
Nine times out of ten, the urge to buy will fade, and you will realize you didn’t really need that $75 pair of shoes anyway.
6. The Keep the Change (Round-Up) Challenge
Remember when people used to throw their spare change into a big glass jar? This is the digital version of that exact habit.
Every time you make a purchase, round up to the nearest dollar and transfer the difference to savings. If your lunch costs $12.40, you move $0.60 to savings.
Many banking apps will do this automatically for you. It usually results in saving around $30 to $50 a month without you having to lift a finger!
Unique and Fun Money Saving Challenges
If the standard challenges sound a bit too traditional for you, try these out-of-the-box ideas to stash some cash.
7. The Weather Wednesday Challenge
This is a wildly unpredictable challenge that adds a fun twist to your weekly savings routine.
Every Wednesday, check the high temperature in your city. Whatever the temperature is, that is the exact dollar amount you transfer to your savings account.
If you live in a place where it hits 85 degrees in the summer, you save $85 that week. (Pro tip: If you live in a really hot climate, you might want to divide the number by two!)
8. The “Eat the Pantry” Challenge
We are all guilty of letting food go bad while we constantly order takeout or buy new groceries.
For this challenge, you are not allowed to go to the grocery store or order delivery for one full week. You have to get creative and eat only what is already in your fridge, freezer, and pantry.
If your average weekly grocery and dining out budget is $125, you just saved $125 simply by eating the food you already paid for!
9. The $5 Bill Challenge
In an increasingly cashless world, this challenge gives you a reason to carry a little bit of paper money again.
The rule is simple: every time a cashier hands you a $5 bill as change, you are not allowed to spend it. You must take it home and put it in a safe place.
If you end up saving just four $5 bills every month, you will have an extra $240 stashed away by the end of the year.
10. The Bad Habit Jar Challenge
We all have habits we want to break. Why not monetize them to build your savings?
Pick a bad habit—like hitting the snooze button, swearing, or biting your nails. Every time you catch yourself doing it, you have to transfer $2 into your savings.
If you hit snooze five times a week, that is $10 saved. It is a win-win: you either break a bad habit or build a solid emergency fund!
Tips for Crushing Your Savings Goals
Starting a challenge is easy, but finishing one takes a bit of strategy. Here are a few ways to ensure you cross the finish line:
- Automate it: If your bank allows it, set up automatic transfers so you don’t even have to think about moving the money.
- Keep it visual: Print out a tracker and put it on your fridge. Coloring in your progress is incredibly satisfying.
- Find an accountability partner: Do a challenge with your best friend or partner. A little friendly competition goes a long way.
- Keep the money separate: Open a separate, high-yield savings account (an account that pays you more money just for keeping it there) so you aren’t tempted to spend your challenge funds.
Frequently Asked Questions (FAQ)
What is the most effective saving challenge?
The most effective challenge is the one you will actually stick to! If you are a beginner, the 52-Week Money Challenge is fantastic because it starts small. If you struggle with impulse shopping, the No-Spend Month or the 24-Hour Rule will yield the fastest results.
Can I do multiple money saving challenges at once?
You definitely can, but be careful not to overwhelm yourself. A great strategy is to pair one active challenge (like the No-Spend Month) with a passive one (like the Keep the Change Round-Up). Don’t stretch your budget so thin that you end up giving up entirely.
Where should I put the money I save from these challenges?
Do not leave it in your everyday checking account, or you might accidentally spend it! The best place is a high-yield savings account. These accounts are free to open and pay you a much higher interest rate than traditional banks, meaning your money will actually grow over time.
Conclusion
Building your savings doesn’t have to be a miserable experience of extreme couponing and denying yourself every joy in life.
By picking just one of these 10 Money Saving Challenges to Try This Year, you can take control of your financial future while actually having a little fun in the process. Remember, small, consistent steps are much more powerful than one massive, unsustainable leap.