This post is all about 7 Awesome Ideas For A Money Saving Challenge! Best saving challenges to saving money!
I’m sure you’ve seen hundreds of these posts about money saving challenges, but if you haven’t, welcome to the fun! These are some of the most popular money saving challenges out there. I’ve almost tried all of them but I HAVE to say, #3 is my favorite.
What is a money saving challenge?
They are as simple as it sounds, a challenge you can start today that will help you save money. Money saving challenges are super fun to do and will help you to get out of the habit of spending on unnecessary things. The last savings challenge I did, I saved over $300 in two weeks. If that doesn’t tell you how easily it is to get off track with your budget, then I don’t know what will.
So are you ready to take on a money saving challenge? Keep reading to find out the best ones to try!
7 Super Fun Money Saving Challenges:
#1 - Spare Change Challenge
This one is easy! If you pay cash for your stuff, which you should for most things, all you have to do is take the leftover change and put it in a jar. This includes all dollars as well as cents.
After about a year, you’ll have quiet a bit of money saved.
#2 - 52 Week Challenge
So this one is based upon whatever you want. You can choose to save however much money you would like, but you do it once a week for 52 weeks. Maybe start smaller for your first year, and if you get a raise or find more income, you can amp it up to a higher amount for the remaining time.
If you saved $25 a week for 52 weeks, you’d have $1,000 saved by the end of the year. $1,000 after one year could easily pay for a nice staycation or you could put it towards a travel fund and keep saving year by year until you reach your savings goal.
Here are a few more examples:
$50 a week x52 = $2,600
$75 a week x52 = $3,750
$100 a week x 52 = $5,200
and so on…
#3 - No Spend Challenge
My favorite challenge! I love this challenge because it’s something you can do anytime you want throughout the year! I like to do one every few months or so.
Basically, you pick a timeframe and a date. During this timeframe, you don’t spend any money EXCEPT for necessary household items. For instance, you need to pay for your rent, electricity, gorceries and insurance, but you don’t need to buy a new purse, extra makeup and an iced coffee.
This challenge focuses on sticking to what you NEED and not what you WANT. Something I preach about all the time here on A Life Simply Loved.
#4 - Bi-weekly challenge
Kind of like the 52 week challenge, instead you will pick a bi-weekly amount. Some people get paid bi-weekly and this is an easier way to budget your finances.
Same rule applies, every two weeks, pick an amount to save and put it away for however long you want. You can pick 4 weeks, 60 day, or even 52 weeks. Hell do it for two years! This challenge is fun because you can also change up the amount every week. One week you can dave $25 and the next save $50 then go down to $15.
The choice is yours, as long as you’re saving.
#5 - Round-Up Challenge
This one is pretty simple, every time you buy something that doesn’t equal out, round-up and put that money into a savings. There are some cool apps out there that you can link your bank account to and they will do the math for you. I used to use Mint to do this, but there are several other savings apps that will help you with this.
Try some out and see if this works for you!
#6 - Money Mistake Challenge
How many times have you purchased something that ended up being a big mistake? Well, we all have been there. Whenever this happens, take the same amount of that item and put it into a savings.
This can be hard because some purchases can be extremely expensive and you may not have that money right away. One way to do this is to slowly put the money back into your savings. If you spend $500, work on putting $100 a month away ($25 a week) until that amount is “paid back”.
This way, you won’t feel guilty about what you spent your money on. This will help to build discipline for purchasing unnecessary items.
#7 - Price Match Challenge
For this challenge, every time you spend money on an item, you immediately put the money into your savings.
I love this challenge, I use this throughout the week on the smaller items. If I go get a coffee before grocery shopping and I spend $6, I’ll put $6 into my savings account. Then if I’m at the grocery store and I buy something that isn’t on my list, like a bottle of hot sauce that costs $4, I’ll put $4 into my savings.
So after just one trip, I spent $10 on unnecessary items, that means $10 is going into my savings. You’d be surprised at how this can add up throughout the week!
I truly believe in saving challenges, they help me to get excited about my financial journey! I try them out often, usually once a month. I have yet to try the 52 week challenge, but it’s definitely on my list. If you are like me and sometimes have a hard time sticking to your budget, these challenges can help you get back on track and save some money. It will teach you discipline when it comes to random spending.
I hope this this post helps you with your savings goals. I know these challenges have worked amazing for myself, hopefully they work for you as well!
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