If you face difficulty saving your money, a few money saving challenge are everything you need. What’s better than saving a few dollars every week and getting a hundred or even thousands of dollars at the end?
So, let’s look at some of the best money saving challenges to help you start saving today! These work even if you’re a teenager or low income trying to save.
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What Is A Money Saving Challenge?
Before we move on to the challenges, we should know what exactly is a ‘’money saving challenge’’?
A money saving challenge is the best idea for those who cannot keep cash in their hands, or their financial needs don’t allow them to.
But, you don’t have to starve for days to save some extra cash. A money saving challenge allows you to save a few dollars throughout the year. In this way, you have enough money to go on vacations or spend on your home at the end of the year.
In the money saving challenge, you choose a specific plan that will work for months or a whole year, depending on your preference. According to the program and the agreed amount, you save the money on the fixed date.
When the challenge ends, you have hundreds or thousands of dollars at the end of the year! All this is done by you, for you!
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Money Saving Challenges And How They Work
1. $1 Bill Save:
The $1 bill save challenge is the easiest for people who cannot resist spending money on food and other items.
How it works
The challenge works by saving every $1 bill change you get. It may be the change from the food items or groceries you just bought or that from a fun ride at the park.
Although it may not save you too much money, saving some money step by step is the best way to get started for beginners. The amount you save will depend on how often you save that $1.
You can keep this money aside inside a jar or an envelope. When you open it at the end of the year, you will definitely have a few hundred bucks!
2. Money Saving Bingo:
The money saving bingo challenge is the best idea to save some money while having fun playing games for a month.
How it works
For this challenge, you can download a money saving bingo template or making a chart of your own.
The bingo will have a total of 30 squares with different amounts mentioned on each. When you add all those numbers, the total amount will make up to $500.
You will randomly choose a square every day and save the money mentioned in the box. Then, cross the square to avoid repeating it.
In this way, you will save $500 at the end of the month!
3. No Eating Out Challenge:
Admit it or not, we all spend too much money eating out or drinking coffee only to satisfy our cravings. So, boycotting this habit can be a great way to save extra money.
How it works
The challenge is super easy to follow, and the amount of money you save depends on how often you go out to eat.
Instead of eating food at restaurants every week, you can cook delicious meals at your home for a month. Also, you can make coffee yourself and save those $4 every few days.
By the end of the month, you will be surprised to see the amount of money you have saved!
People who eat lunch daily in restaurants have also saved around $5,000 every year with this challenge.
4. 26 Week Challenge:
If you are ready for long-term commitments, the 26-week challenge is the best one for you!
How it works
The challenge works by specifying the amount you will save every week for 26 weeks! As you have already planned the money for every week, you can get an exact figure for the money you get at the end.
The challenge starts by saving money gradually, like $3 the first week, increasing it to $7 in the next week, and so on.
When the challenge ends, you will have saved more than $1000!
5. Wednesday Weather Challenge:
The Wednesday Weather money saving challenge is unique and fun if you don’t know how much money you want to save but still want to give it a try!
How it works
Every Wednesday, you look at the weather forecast.
The temperature that day is the amount you save. If the weather is 45-degree, you’ll save $45 that week. As you have to keep a certain amount only once a week, the challenge is suitable for everyone.
6. 52 Week Money Saving Challenge:
The 52 week money saving challenge is the most popular one designed for people who want a handsome amount saved at the end of the year.
How it works
The challenge starts by making a chart for 52 weeks at once or downloading a template. You will mark the money to save every week.
Start by saving the amount according to the week. For example, you save $1 in the first week, $2 in the second week, and $52 in the last week.
When you calculate the total amount, you have saved $1,378 at the end of the year!
7. 100 Envelopes Challenge:
The 100 envelop challenge is also a unique idea and helps you save $5000 in one year.
How it works
For this challenge, you need 100 envelopes. When you have them, label every envelope with numbers from 1 to 100 at the back.
Now, you randomly pick two envelopes every week. The number mentioned at the back of the envelope is the amount you’ll transfer inside the envelope as savings.
When the envelopes are full, you’ll see you’ve saved $5,000 in just one year.
8. Bi-weekly Saving Challenge:
The bi-weekly money saving challenge is highly recommended for those who stay committed to their savings and realize their importance.
How it works
The bi-weekly savings challenge is similar to the 52-week saving challenge. The only difference is that you save money two times every week instead of one.
Start by saving $3 in the first week and $7 twice in the second week.
If you follow the exact amount mentioned in the 52-week plan for this one, you’ll save $2,756 at the end of the year!
9. Penny-Saving Challenge:
The penny-saving challenge may sound ridiculous, but it will be the source of getting hundreds of dollars in your bank account! If you cannot save too much money daily or weekly because of your exceeding necessities, this challenge will help you a lot.
How it works
In the penny-saving challenge, you save one penny and keep adding another every day to your savings.
On day 1, you save 1 penny. On day 2, you’ll save two pennies. Similarly, you’ll save $3.65 on the last day of the year.
When you see the results, you’ll notice you’ve saved $667 in one year. That’s the power of a penny!
Tips For Saving Money Like A Pro!
Saving your money always requires a lot of consideration and motivation. Apart from the money savings challenges mentioned above, here are a few tips that will help you save your money efficiently.
Stay motivated
Motivation and dedication is the key to success!
You might want to quit your challenge in the middle and eat at your favorite spots and spend your money.
But, your motivation will help you stick to your goals of saving your money for a better future for your family. You need to understand that spending money on useless things will take you nowhere, but keeping some can help in a better future.
Make a separate savings account.
Most of us don’t like keeping thousands of dollars of cash in our hands.
If you follow a long-term money saving challenge, a better idea is to make a separate saving account for every dollar you save. Keeping it with the other money will mix up things, and you might end up spending the money you saved.
You can also keep the money in a separate drawer in your house.
Start today!
If you think it isn’t the right time to start or the money you’re saving is less, you might be wrong!
Every penny leads to a dollar. So, don’t worry about the money you have and wait for the new year to start. The sooner you start, the more money you’ll keep saving.
Whether you start small or not, you’ll see a considerable difference in what you expected and what you saved!
Final thoughts
While most people might not show, deep down, we all face difficulty saving money due to the constant rise in living costs and the stuck salary. Some of us might be facing financial issues due to our rising needs, while others might be overspending what they earn without thinking of saving a few bucks.
Saving money is a challenge for overspenders. But, our money saving challenges will help you save the most out of your expenses without much hassle.
However, you’ll have to stay dedicated throughout the process to see the fruit of your efforts.