18 Money Saving Challenges To Save More Money!

Do you spend money faster than you may make it? In case you feel this manner, you’re not alone. That said, ideas on money saving challenges may very well be just what you would like, as we could all use some more money, especially in these trying times.

According to Forbes Advisor, over 75% of Americans are concerned about their family’s financial security. And while you compare the rise in the associated fee of living versus the real wage index, you may see why people is likely to be thinking about saving.

By setting financial goals and partaking in challenges, you may set yourself up for financial success.

For instance, a monthly savings challenge can make it easier to construct an emergency fund, save for a vacation, or save a down payment on a brand new home. All it takes is a little bit motivation for saving money and a few great challenges to start.

What’s a money saving challenge?

Because the name implies, a money saving challenge can remind you and keep you focused on doing what’s vital to realize your goal.

As well as, they’re very easy to do. You just save a set amount of cash, depending on the principles of the actual challenge.

For instance, within the $5 challenge, you save every $5 bill you get. There are lots of fun money challenges to pick from to make it easier to achieve your savings goals and turn out to be higher with money. Soon, saving a part of your paycheck will turn out to be second nature.

Why money saving challenges are an amazing idea

Money saving challenges are an efficient option to motivate you to avoid wasting your money. Most significantly, it makes saving money fun and makes your goal easier to realize.

As well as, a money challenge is a wonderful option to construct your emergency fund while you haven’t any savings.

You need to use a monthly challenge to avoid wasting on your dream vacation, put a down payment on a brand new home, or start that stunning designer handbag collection you’ve been eager for.

18 money saving challenges to try today

Having more money can relieve stress and make it easier to achieve your financial goals. By participating in these ideas, you may start constructing a brand new successful habit and get that savings account built up fast.

Further, you can even open up a dedicated savings club account just on your challenges.

When picking a challenge, be sure you pick one which lines up together with your goals and that you’ll have the option to stick to. It must be a practical goal to set you up for fulfillment and stop you from getting discouraged and quitting.

There are challenges for eating out, saving $5 bills, saving pennies, and more. So, regardless of your financial goals, these 18 money saving challenges are sure to get you the outcomes you desire.

1. The 6 month savings challenge

The 6 month savings challenge is simple to follow since the amount you save is already planned out for you. Each week, you save the allotted amount scheduled.

The primary week is just $3, week 2 is $7, and it progressively goes up in increments each week. By the tip of the 26 week challenge, you’ll save $1378!

2. 30 days to master your spending challenge

The no spend challenge can prevent some serious money and make it easier to stop over spending.

So with this challenge, you commit to a particular timeframe, on this case a month, and only spend money on necessities. The principles are easy:

Only buy essentials

You possibly can only spend money on essentials corresponding to rent, gas, and groceries. It’s essential to still buy the things it’s good to have a healthy lifestyle when doing the cash saving challenges.

Don’t buy non-essentials

You can’t spend money on eating out, shopping sprees, coffee, or anything considered non-essential. Anything that isn’t a bill or basic expense must wait until later.

When you start, you’ll be surprised at what number of non-essential items can sneak into your each day spending habits.

Lastly, track this monthly money challenge with a spending journal for optimum results.

3. 30-day meal planning challenge

Eating out is pricey. The common amount spent eating out every day is $9.22. That’s $3,365 per 12 months while you do the maths!

With this challenge, you pack your lunch 5x per week for 30 days by leveraging meal planning.

As well as, this also helps prevent wasted groceries and adds a big amount to your savings. Plus, you need to use ingredients you want and avoid unhealthy foods if you should.

4. $5 savings challenge

The $5 challenge is a fun challenge that stacks up the money fast. Over 90 days, each time you get a $5 bill, you put it aside.

So, for those who don’t use money, for each extra $5 you’ve in your checking account, transfer it to your savings.

To forestall you from spending that extra money, get a cute piggy bank, container, or money envelope that makes putting the cash in easy but taking it out hard. It’s a bit random, but that’s what makes this money saving challenge fun!

In case you go for envelopes, consider the 100 day envelope challenge or the 200 envelope challenge!

5. Create a Clever Girl Fund challenge

A Clever Girl Fund is a vital money challenge. The fund might be used for unplanned life emergencies corresponding to job loss, your automotive breaking down, or urgent home repair. It could actually even be used to establish sinking funds for upcoming expenses.

The challenge will make it easier to determine how much it’s good to save, make it easier to with establishing the appropriate savings account, and keep you on top of constructing consistent deposits.

To do that challenge, designate an account for saving, after which try to avoid wasting $1000 to start out. You possibly can save $333 monthly and save your money quickly, or take kind of time for those who want.

Take so long as it’s good to construct your Clever Girl Fund. Just be certain you’ve a plan in place. And after you get to $1000, consider adding more for extra security.

You’ll find the cash you didn’t know you had with some suggestions and tricks. Simply search for more money in various places.

As well as, this money challenge will encourage you to get creative. As an illustration, cashing in all those spare coins in your wallet, automotive, purse, or lying across the house.

Or spending lower than your grocery budget and putting the more money in your savings account. It’s also possible to declutter your property and sell items you don’t use anymore for extra money. The entire idea is to challenge yourself with ways to avoid wasting that you simply ordinarily won’t do.

7. Penny saving challenge

In case you don’t think that saving pennies will help construct your savings, you’re fallacious! The penny challenge is just like the 26-week challenge and is super easy to follow.

Firstly, you begin with one penny, and every day, your amount increases over twelve months. So that you save a complete of $667.95 in a single 12 months! Remember, every penny results in a dollar!

8. Christmas club challenge

These classic savings accounts are making a comeback, and so they are the proper option to get monetary savings to prepare for Christmas!

A Christmas Club Savings account is obtainable by certain banks to make it easier to get monetary savings for Christmas.

Nonetheless, you can even set it up on your individual with a dedicated savings account.

Most significantly, you need to use this account to make it easier to save for whatever you should purchase.

Typically, these accounts can be found via credit unions. So while you open this account type, you’ll get a payment coupon book to make deposits with.

On November 1st, your funds shall be transferred into your dedicated account. You can’t withdraw your funds from this account with no penalty, so it prevents you from being tempted to spend it through the challenge.

9. Coffee break challenge

A latte a day makes the money go away! So say goodbye to Starbucks for this challenge.

The average cup of coffee costs $4.90. This adds as much as over $1700 per 12 months for those who buy a cup daily, a fairly large chunk from most individuals’s salary!

With this monthly money challenge, you arrange a piggy bank or money savings jar next to your coffee pot. You’ll then motivate yourself to make your individual coffee. So every time you do, add that $4.90 (or the associated fee of your coffee) to your piggy bank!

After that, you need to use those extra funds and buy a flowery coffee maker as a reward and use the remainder to repay debt or save.

10. Weather Wednesday saving challenge

The Weather Wednesday money challenge can bulk your checking account fast. Every Wednesday, you discover out the very best temperature in your state, and also you save that quantity in dollars.

So, if it’s 80 degrees, you save $80 that week! The warmer it’s, the extra money you add to your weekly savings!

So for best results, do that through the summer months.

(Love Wednesdays? Take a look at our Wellness Wednesday ideas!)

11. The 30-day minimalism challenge

With a 30 day minimalism challenge, you principally eliminate something daily for 30 days. So, by specializing in eliminating items, you might be less focused on spending money.

In turn, this may prevent a variety of money since you may sell the items you eliminate to earn some extra money!

12. A 3 month savings challenge

There are different amounts of cash you may save for the three month savings challenge based in your goals. You would possibly select to avoid wasting $1000, $2000, or kind of than this.

The concept is to avoid wasting a set amount per week or month after which reach your goal by the tip of the three-month mark.

13. A 12 month savings challenge

A 12 month savings challenge is simple and provides you loads of time to save up money. For this 52-weeks money challenge, you’ll save a certain amount of cash per week.

The challenge starts with a dollar, and every week it increases by one other dollar. You’ll save $1378 by the 12 months’s end of this 52-week challenge!

14. $20 saving challenge

In case you’re looking to avoid wasting up a small emergency fund over the course of a 12 months, then the $20 challenge may very well be the proper thing. Every week, you save $20 out of your paycheck, and by the tip of the 12 months, you’ve put away $1040! Easy and effective.

It’s an especially good thing to try if you’ve a somewhat expensive purchase coming up that isn’t time-sensitive. Treating yourself to something like a luxury purse or a small home project can be great.

15. Cancel all of the things challenge

Don’t worry – it’s more fun than it sounds! The cancellation challenge helps you get monetary savings by canceling every subscription, cable alternatives or streaming service, and monthly membership that you simply don’t use.

You won’t even notice there’s a difference in your on a regular basis life, but you may easily save all of the money that you simply aren’t paying now. Your results will vary based on what number of belongings you cancel, so be as frugal as possible to succeed!

16. Monthly savings challenge

The monthly savings challenge is a really flexible option for selecting your individual savings goals. To start out, determine how much money you should save monthly.

You possibly can begin with the identical amount every month after which change or increase it over time. Soon, you’ll reach your savings goals.

The perfect part a couple of monthly challenge is you get to decide on the quantity, and you need to use any tactics you should get monetary savings – from working extra hours to selling items across the house.

17. No latest clothes challenge

For this money-saving challenge, you’ll save yourself money, time, and an overstuffed closet. The no latest clothes challenge is straightforward but difficult – you don’t buy any latest clothes for a complete 12 months.

To show this right into a month-long challenge, take the typical amount you spend on clothes monthly and begin saving or investing that quantity as a substitute. By the tip of the 12 months, you is likely to be shocked on the progress you’ve made!

18. Monthly money challenge

If you should keep being challenged and also you prefer to win, determine to do a monthly money challenge every month for a complete 12 months. The principles are easy: you will need to do a unique challenge every month, and you will need to complete the one you decide.

It’s an amazing option to save a ton of cash but in a fun way that also helps you to keep your financial freedom.

Expert tip: Organize your money to maximise savings

To have the option to avoid wasting consistently, be certain how much you’re making and spending. A budget can make it easier to keep track of your income and expenses. When you may see how every dollar of your money is being spent, you’ll understand how much you may save every month. 

Then, you may set an amount to avoid wasting every month and cut out expenses to be certain you reach your goal. When you’ve discovered that quantity, arrange automatic transfers to a savings account every week, month, or each time you receives a commission.

Voila! You’re saving without much effort.

The perfect times to do money saving challenges

It’s all the time a very good time to start out saving money, but sometimes it’s easier while you have a fresh start. Choose your financial goals and pick a monthly savings challenge that may boost your savings for that point of 12 months.

Listed here are some great times to start out doing money saving challenges:

Latest 12 months

January of the brand new 12 months is an amazing time to start out a monthly challenge, especially after the expenses that usually come up at the tip of the 12 months in December.

You possibly can make your money saving challenge your ultimate financial goal for the 12 months. Determine how much you should save by the identical time next 12 months and start.

Latest season

A brand new season is one other excellent opportunity to do money saving challenges. You possibly can try a 3 month savings challenge for every season.

For instance, you may jumpstart your summer vacation fund by starting your challenge within the spring.

What are the potential obstacles to saving money?

Potential obstacles to saving, like impulse buying and overspending, could make it hard for you to avoid wasting.

Saving is usually a struggle as well for those who’re not making enough money to cover all of your expenses. The identical is true for those who don’t have a consistent income.

Moreover, having to repay bank cards may prevent you from saving. 

But by keeping your focus and staying disciplined, you may overcome these obstacles. Plan ahead together with your money so that you aren’t tempted to impulse buy or overspend. Consider paying off debt and saving at the identical time so you may make progress with each.

Moreover, a very good budget can go a good distance toward helping you afford each your expenses and savings.

Why is it difficult to get monetary savings?

Unfortunately, the associated fee of necessities like groceries, transportation, and housing has increased, making it difficult to avoid wasting. For a lot of, their income doesn’t unlock much for saving. 

On top of that, it might probably be difficult to get monetary savings for those who’re carrying any form of debt. Alternatively, saving might be difficult just because you’re not used to it. 

Start small by doing a monthly money challenge to get into the habit. It gets easier over time as you see results. Reminding yourself what you should achieve from saving money might be added motivation as well. In case you don’t earn enough to avoid wasting, consider picking up an additional job corresponding to dog walking or freelance writing.

How can I save $5,000 in 3 months challenge?

Using the principles of the three month savings challenge, you’d need to avoid wasting $416 per week for 12 weeks. Or $1,666 every month to realize your goal of saving $5,000.

The concept of saving $5,000 in 3 months might be overwhelming. More so for those who don’t have a high income or are paying off debt, however it’s doable. 

First, calculate how much you make every month. Next, take a look at your expenses.

Then, create a budget using a budgeting method. Plan the way you’re going to spend every dollar you make in the subsequent three months. Look where you may cut your spending and allocate all of the more money to savings.

As well as, you could need to search out ways to make more money, corresponding to working time beyond regulation if that’s an option at your job. It’s also possible to start a side hustle. And don’t forget to go searching your home, you’ll have home items which you can sell for quick money.

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Save your option to success!

If you get monetary savings, you might be setting yourself up for financial success. You’ll finally have an emergency fund for unexpected events and have the option to take that dream vacation you deserve.

Doing money saving challenges with friends may also provide you with the additional accountability it’s good to actually complete the challenge!

In case you’re able to take control of your funds and construct your savings, get our FREE Savings Challenge Bundle and start now! Plus, for those who love these money saving challenges you’ll love our expanded list of 30-day challenges on your life and money!