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Last Updated on March 26, 2025 by Katie
Do you want to save money, but find it overwhelming? Money saving challenges are a great tool that give you guidance, keep you motivated and help you to reach your money goals.
They also help you to build your confidence with your finances and improve your overall financial health.
There are tons of different savings challenges out there to suit unique financial goals and situations.
And today, we are going to talk about thirteen of the best to get you started with.
Whether you want to save a few hundred dollars or thousands, these money-saving challenges will help.
Take a look below to start working towards financial freedom!
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Best Money Saving Challenges to Try if You Struggle to Save
Are you confused about how to save $1,000 in a month, or how to save for a holiday?
No matter what your savings are for, setting yourself a savings challenge is a good way to organise yourself for success.
Take a look at the ideas below.
1: 52-Week Saving Challenge
The 52-Week Saving Challenge is a methodical way to build up your savings gradually over a year.
You start by saving $1 in the first week, $2 in the second week, and continue adding an additional dollar each week. By the end of the year, this approach results in about $1,378 saved.
This challenge is ideal for those new to saving or those who need a structured plan.
It’s also flexible, allowing you to adjust amounts if needed and you can set reminders to keep you on track each week.
- Pro: Easy to follow and starts with a low commitment.
- Con: The later months require more significant contributions.
2: 26-Week Saving Challenge
The 26-Week Saving Challenge provides a structured yet manageable approach to saving money.
Over the course of 26 weeks, you incrementally increase the amount you save each week and by the end of this challenge, you could save more than $1,000, depending on how much you decide to put away each time.
This challenge suits those who prefer a short-term commitment to save money in a simple and disciplined manner and for those wanting to build an emergency fund or save for specific goals like vacations.
To succeed, automate your savings transfers and track your progress with a savings chart.
- Pro: It’s easy to follow and helps you build a saving habit.
- Con: Requires consistency and discipline, which can be challenging.
3: No-Spend Challenge
The No-Spend Challenge is about cutting unnecessary expenses for a set period, like a week or a month.
This helps you redirect money you would have spent towards savings or debt.
To start, identify essential expenses like rent and groceries, and commit to avoiding other purchases.
If you are a habitual spender and constantly find yourself buying things you don’t need, this challenge could easily save you hundreds a month.
This challenge suits anyone eager to save or reset their spending habits and it’ll pay to use a budgeting app or journal to monitor expenses.
- Pro: It encourages mindful spending and can lead to significant savings.
- Con: It may require strict discipline, which can be difficult in the beginning.
Further reading: 13 things to stop buying to save thousands.
4: The 100 Envelope Challenge
The 100 Envelope Challenge is an innovative way to save money while making the process engaging.
To start, label 100 envelopes with numbers from 1 to 100 and each day, randomly pick an envelope and place the corresponding amount of money inside.
The challenge will be completed in 100 days, allowing you to save $5,050, which is a nice amount.
This challenge is ideal if you enjoy a structured but flexible approach to saving, and it’s especially helpful if you’re looking for a fun method to accumulate funds for a specific goal like a vacation or paying off debt.
- Pro: Encourages a disciplined saving habit with tangible progress.
- Con: Requires consistent cash availability daily.
5: Roll the Dice Challenge
The Roll the Dice Challenge introduces an element of surprise to saving money.
Each day, roll one or more dice to determine how much to set aside and the sum of the numbers on the dice becomes the amount you save that day.
This method’s flexibility means you can save as little or as much as you can afford.
This challenge suits anyone looking to add an unpredictable twist to saving, but, to succeed, you need to be consistent—roll the dice daily, and keep a record of your progress.
- Pro: Adds fun to routine saving.
- Con: You might set aside varying amounts, so plan accordingly.
6: $500 Savings Challenge
The $500 Savings Challenge is designed for those who struggle to save consistently and is a great option for those wanting to build an emergency fund.
Start by deciding on a timeframe, such as 10 weeks and save $50 each week to reach your goal.
Alternatively, adjust the timeframe and weekly savings to suit your budget and lifestyle.
To keep on track, automate your savings amount into your bank account when you get paid and designate a specific amount to spend each week.
- Pro: This challenge encourages consistent saving habits.
- Con: May feel restrictive if unexpected expenses arise.
7: Spare Change Challenge
The Spare Change Challenge involves saving all your loose change in a jar or savings account.
You could save enough for a small treat or contribute toward a larger financial goal over time, as it’s an easy way to accumulate savings without impacting your budget significantly.
This challenge is ideal for those who dislike strict budgeting but still want to save and it works well for people who use cash frequently.
Consistency is key, so make saving your change a habit by designating a specific time each day, such as 6 pm, that you add your change into your jar.
- Pro: Easy to implement and maintain without significant lifestyle changes.
- Con: Savings may accumulate slowly if you don’t use cash often.
8: The $5 Challenge
The $5 Challenge is a simple and engaging way to boost your savings.
It works like this – whenever you receive a $5 bill, set it aside instead of spending it and over time, these bills can accumulate into a significant amount.
If you regularly handle cash, this challenge can help you save a substantial sum effortlessly.
It’s excellent for those who prefer straightforward savings methods over complex plans and remember to review your progress periodically to stay motivated.
- Pro: Its simplicity, making it accessible to many.
- Con: Might be that if you rarely use cash, the savings can be slower.
9: The Dollar Saving Challenge
The Dollar Saving Challenge is a simple and manageable way to increase your savings.
It’s a great money-saving challenge for those on low incomes, as by setting aside just $1 each day, you’ll accumulate $365 over the course of a year.
To get started, designate a jar or open a separate savings account for your daily contributions and set reminders on your phone to help you stay on track.
- Pro: It’s a low-pressure way to build good saving habits.
- Con: The total amount saved may not seem substantial for some financial goals.
10: 1% Paycheck Challenge
The 1% Paycheck Challenge is a simple and effective way to boost your savings.
With this challenge, you commit to saving just 1% of your paycheck and over time, this small percentage can accumulate significantly, especially if you receive regular pay increases.
To get started, calculate 1% of your take-home pay and set up an automatic transfer to a savings account.
This challenge offers a manageable and sustainable approach, especially for those new to saving regularly.
- Pro: It’s easy to implement and doesn’t require a drastic lifestyle change.
- Con: The savings growth might feel slow at first, requiring patience.
11: Monthly Subscription Saving Challenge
The Monthly Subscription Saving Challenge is perfect for those looking to tighten their budgets by trimming down on recurring expenses.
Start by listing all your subscriptions and decide which ones you can cancel or at least pause for a month.
You could potentially save $10 to $100 or more each month, depending on the number of subscriptions.
This challenge is ideal for individuals who have multiple subscriptions but don’t maximize their usage and it encourages mindfulness about recurring costs.
- Pro: Reduces unnecessary recurring expenses.
- Con: May involve sacrificing access to services you enjoy.
12: $1K in 90 Days Challenge
The $1K in 90 Days Challenge is perfect if you’re looking to save a significant amount in a short time.
By setting aside about $11 every day, you can reach your goal and it’s a good idea to use a savings app or tracker to monitor your progress
Designed for those who want to boost their savings quickly, this challenge is practical and achievable, but you will need a stable income and discipline to succeed.
- Pro: The short timeframe keeps you motivated.
- Con: Saving nearly $11 a day might be challenging with low cash flow.
13: The Pantry Challenge
The Pantry Challenge encourages you to make meals from what you already have in your pantry, aiming to minimize grocery purchases.
This challenge is perfect for those who struggle with impulse buying or have a stockpile of unused food.
Start by taking inventory of your pantry and planning meals based on those items and you’ll be able to save money by not purchasing unnecessary groceries.
The potential savings could reach several hundred dollars over a month, depending on your usual shopping habits.
- Pro: Reduces food waste and helps declutter your pantry.
- Con: Requires creativity and may get repetitive if your pantry is limited.
Do Money Saving Challenges Work?
Money saving challenges can be effective tools in cultivating better financial habits.
They often work well for people because you introduce a structured plan, so you can systematically work toward financial goals in manageable steps.
One key advantage is the motivation these challenges provide. Breaking down savings targets into smaller, achievable goals often makes the process less daunting and more attainable.
Furthermore, by participating in these challenges, you are also likely to become more mindful of spending habits, reducing spending on unnecessary items.
When Should You Use a Savings Challenge?
Savings challenges are worth using if you’re struggling to save regularly or have a goal of an amount you want to save.
Challenges give you a starting point and have set rules, which should help to keep you on track.
Other reasons to use a savings challenge include:
Motivation Needed: If motivation is an issue, a challenge with specific goals can keep you engaged. The satisfaction of meeting weekly or monthly targets can be encouraging.
Budget Constraints: For those with limited budgets, try challenges adaptable to any income level. Shorter or smaller increment challenges can fit tighter budgets.
Building a Habit: You might aim to develop a consistent saving habit. Regular participation in savings challenges can build discipline.
Specific Goals: Use challenges when saving for a particular purpose like a vacation or emergency fund. Having a clear target makes it easier to select or customize a challenge.
Establishing Financial Discipline: If you’re working on financial discipline, a savings challenge can instill better money management practices.
Variety and Fun: If you find saving boring or monotonous, try a challenge that adds variety with varying weekly tasks.
Final Thoughts on the Best Money Saving Challenges
So, now you have many different fun and proven money-saving challenges to help you reach your financial goals.
Have a read about each one to see which one fits your money goals, needs and current situation.
Not all will work for every person and that’s ok!
But, know that it is possible to save money, even on a low income. And, if earnings are an issue, you can learn how to make $100 extra a day, with various side hustles.
Want more ways to save money?
Check out these frugal living tips to save a ton of extra cash each week.
