Whatever level of frustration you’re experiencing with savings right now, trust me, I’ve been there. Saving isn’t easy and if you’ve ever needed – and I mean really needed money in an emergency and didn’t have it, you know that it sucks not having money.
According to GOBankingrates, 32.90% of Americans had less than $100 in their savings account in 2023. That’s an insanely small amount, right? But that’s real life. Saving money is hard.
Why?
Almost every social media page or TV advertisement tries to sell you something, and once you get caught in the trap of consumerism, it’s hard to get out.
Personally, I’ve lived paycheck to paycheck, and it was the most depressing, stressful years of my life. So I know how you feel.
The 15 saving challenges I’m about to share with you have helped me (an avid spender) to save over $3000. They’re fun and manageable, so you can make real progress this time and stick with it!
Challenge 1: The Spare Change Challenge
Imagine your pockets, bags, and random corners of your home filled with spare change. It might seem like chump change, but what if I told you those neglected coins could be the secret sauce to boosting your savings?
The rules are simple: every time you come across spare change, toss it into your designated savings jar. It could be the coins jingling in your pocket, the ones hiding in your couch cushions, or the change you got back from your coffee run, hiding at the bottom of your bag.
I always find change in my washing machine, so don’t forget to check for those. It’s like a mini treasure hunt in your own home!
You might be thinking, “Is this spare change really going to make a difference?”
Well, my friend, the magic lies in consistency. Over time, those seemingly insignificant coins add up to a substantial sum. You’ll be amazed at how quickly spare change can turn into a weekend getaway fund or an emergency savings buffer. Don’t laugh, it’s true!
Challenge 2: No-Spend Week
If you’ve ever wondered how much control you have over your spending habits, the No-Spend Week Challenge is here to put your financial prowess to the test. I had a lot of fun with this money-saving challenge when I was still figuring out what worked for me. The idea is to commit to a week without spending any money on non-essential items. Yes, you heard it right—seven days of budgetary abstinence.
Now, I know what you’re thinking. A week without spending? Is that even possible? Take it from someone who once went on a shopping spree and then couldn’t buy food a week later; it is possible.
Begin by taking stock of your essentials—groceries, bills, and any unavoidable expenses. Once those are covered, it’s time to put a temporary lock on your wallet.
During your No-Spend Week, get creative with free activities and entertainment. Explore local parks, dive into your reading list, or organize a game night with friends using what you already have. The goal is to see how much to can save if you only buy necessities for a week.
Challenge 3: The $5 Bill Challenge
Prepare to meet your new financial BFF: the $5 bill. In this challenge, every time you receive a $5 bill, it’s not going into your usual spending pool. Instead, it gets a VIP pass straight to your savings stash.
This challenge thrives on the principle of diverting a small portion of your spending into savings without feeling a significant impact on your daily life. $5 bills might seem inconspicuous, but watch them accumulate and transform into a tidy sum. You’ll be surprised at the little financial victories these fivers can achieve.
To kick it up a notch, try paying for small purchases with larger bills, ensuring you receive more $5 bills as change. It’s like a financial game of hide-and-seek with your own money, and trust me, your future self will thank you for the extra padding in your savings account.
Challenge 4: 52-Week Money Challenge
Picture this: a savings plan so straightforward it’s practically foolproof. Enter the 52-Week Money Challenge, a year-long adventure that turns saving into a habit rather than a chore.
Here’s the game plan: In week one, you save $1. Easy, right? The following week, you bump it up to $2, then $3 the week after that, and so on. By the time you reach week 52, you will have saved $1378! That might not be a lot to some, but it’s a great start if you’ve been dead broke.
Feel free to adjust the amounts based on your comfort level and financial capacity. The goal is consistency, not sacrificing your quality of life. Whether you’re saving for a specific goal or just building a financial cushion, the 52-Week Money Challenge is your trusty companion on the road to financial success.
Challenge 5: DIY Gift Challenge
Who says thoughtful gifts have to come with a hefty price tag?
Instead of splurging on store-bought presents, challenge yourself to create personalized gifts that speak volumes without draining your bank account. I’m guilty of spending on elaborate gifts at Christmas with borrowed money, and when it was time to repay the debt, the stress and frustration got overwhelming.
Whether it’s handcrafted artwork, a custom playlist, or a jar of homemade cookies, the options are as limitless as your imagination. Don’t stress yourself about expensive gifts if you really can’t afford them.
Not only does this challenge save you money, but it adds a personal touch to your gift-giving. It’s a win-win for both your budget and your loved ones.
Challenge 6: Digital Detox Savings
In the age of digital convenience, we often find ourselves subscribed to various online services that nibble away at our budgets. The Digital Detox Savings Challenge is all about evaluating and decluttering your digital subscriptions.
Start by listing all your subscriptions, from streaming services to fitness apps (that you never use). Identify those you genuinely use and value and those that may have slipped through the cracks of your awareness. Trim the excess by canceling or downgrading services that don’t align with your current priorities.
Not only does this challenge free up extra cash, but it also encourages mindful consumption. You might discover that a break from digital noise is not just good for your wallet but for your mental well-being too.
Challenge 7: Grocery Shopping Bingo
Turn your routine grocery shopping into a thrilling game of Grocery Shopping Bingo. Create a bingo card with items you typically purchase, and each time you buy one, mark it off. The challenge is to complete a row or column on your bingo card, encouraging mindful and strategic shopping.
Not only does this money challenge add an element of excitement to your grocery trips, but it also prevents impulsive purchases. You’ll find yourself sticking to your shopping list and avoiding those tempting aisles that usually lead to budgetary detours.
Challenge 8: Cash-Only Week
Embark on a Cash-Only Week to reignite the tangible connection with your money. For seven days, challenge yourself to use only physical cash for your transactions. This not only helps you become more mindful of your spending but also provides a clear visual of where your money is going. Leave the cards at home, embrace the simplicity of cash, and watch how this challenge transforms your spending habits.
Challenge 9: Declutter and Sell Challenge
Combine the joys of decluttering with the thrill of making extra money through the Declutter and Sell Challenge. Take stock of your belongings, identify items you no longer need, and sell them online or through a garage sale.
This challenge not only helps you create a more organized living space but also puts cash back in your pocket. One person’s clutter is another person’s treasure, so why not turn your pre-loved items into someone else’s newfound joy?
Challenge 10: Budget-Friendly Meal Prep
Saving money can be as delicious as it is rewarding with the Budget-Friendly Meal Prep challenge. Plan your meals for the week, buy ingredients in bulk, and spend a dedicated time preparing and portioning your meals.
Not only does this challenge save you money on dining out, but it also promotes healthier eating habits. You’ll have tasty, home-cooked meals ready to go, reducing the temptation to order takeout on busy nights.
Challenge 11: Homemade Happiness
Embrace the Homemade Happiness challenge by committing to creating one homemade item each week. Whether it’s baking your own bread, crafting DIY household cleaners, or brewing your coffee, this challenge adds a personal touch to your daily life while saving money on store-bought alternatives. Get creative, discover new skills, and revel in the satisfaction of crafting your own, all while boosting your savings.
Challenge 12: Energy-Saving Month
Ready to make a dent in your utility bills? The Energy-Saving Month challenge is here to guide you through simple yet effective strategies to reduce your energy consumption.
From turning off lights when not in use to upgrading to energy-efficient appliances, these small changes can have a big impact on your monthly bills. This challenge not only saves you money but also contributes to a more sustainable and eco-friendly lifestyle.
Challenge 13: Second-Hand September
Join the Second-Hand September movement and commit to buying only second-hand items for a month. Whether it’s clothing, furniture, or gadgets, explore the world of thrift stores, online marketplaces, and vintage shops.
Not only does this challenge save you money, but it also promotes sustainability by giving pre-loved items a second life. It’s a fantastic way to refresh your wardrobe or home without breaking the bank or contributing to fast fashion.
Challenge 14: DIY Home Improvement Challenge
Spruce up your living space without emptying your wallet with the DIY Home Improvement Challenge. Tackle small, budget-friendly home improvement projects to enhance your surroundings.
From creating handmade decor to repurposing furniture, this challenge not only saves you money on expensive renovations but also adds a personal touch to your living space. It’s a creative and cost-effective way to transform your home on a budget.
Challenge 15: Reflect and Set New Financial Goals
As you wrap up these money-saving challenges, take a moment to reflect on your achievements and lessons learned. Did you discover new habits that positively impacted your finances? Did you face any unexpected challenges?
Use this reflection as a springboard to set new financial goals. Whether it’s increasing your emergency fund, saving for a specific purchase, or investing for the future, the journey doesn’t end here. The Reflect and Set New Financial Goals challenge ensures that your savings adventure is an ongoing and evolving process.
