Saving money does not have to be boring or difficult. Savings challenges are a fun and engaging way to boost your bank account while building smart financial habits. Whether you want to save for an emergency fund, a vacation, or just increase your savings, there are creative challenges that can help you stay motivated.
Why Try a Savings Challenge?
Savings challenges help you:
- Stay motivated and disciplined in saving
- Make saving fun and engaging
- Build financial consistency and confidence
- Reach short-term and long-term financial goals faster
By following a structured challenge, you turn saving into a game rather than a chore.
Fun Savings Challenges to Try
1. The 52-Week Savings Challenge
How It Works:
- Save $1 in week 1, $2 in week 2, $3 in week 3, and so on.
- By week 52, you will have saved $1,378.
Best For:
- Beginners who want to start small
- Those looking for steady progress over time
Tip: Reverse the challenge by starting with $52 in week 1 and decreasing each week to save the larger amounts first.
2. The $5 Bill Challenge
How It Works:
- Every time you get a $5 bill, set it aside in a jar or savings account.
- Keep saving throughout the year without spending any $5 bills.
Best For:
- People who use cash regularly
- Those who want a low-pressure savings method
Tip: If you rarely use cash, do this with $1 or $10 bills instead.
3. The Spare Change Challenge
How It Works:
- Every time you pay with cash, drop the spare change into a jar.
- At the end of the month, deposit the savings into a high-yield savings account.
Best For:
- People who use cash frequently
- Those looking for an effortless way to save
Tip: Use a round-up savings app like Acorns to do this digitally.
4. The No-Spend Challenge
How It Works:
- Choose a time frame (week, month) where you spend money only on essentials.
- No unnecessary spending on coffee, takeout, shopping, or entertainment.
Best For:
- Those who struggle with impulse spending
- People looking to reset their finances
Tip: Transfer the money you would have spent into a savings account at the end of the challenge.
5. The 100 Envelope Challenge
How It Works:
- Label 100 envelopes with amounts from $1 to $100.
- Each day, pick one envelope at random and put that amount inside.
- At the end of the challenge, you will have $5,050 saved.
Best For:
- People who love surprises and challenges
- Those who want to save larger amounts quickly
Tip: Adjust the amounts to $0.50–$50 for a smaller savings goal.
6. The Monthly Savings Challenge
How It Works:
- Set a goal to save a specific amount each month.
- Example: $50 in January, $100 in February, $150 in March, increasing as the year progresses.
Best For:
- People who prefer structured savings goals
- Those with fixed income who can increase savings gradually
Tip: Keep a calendar reminder to transfer money each month.
7. The Round-Up Challenge
How It Works:
- Whenever you make a purchase, round up to the nearest dollar and save the difference.
- Example: If you buy coffee for $3.75, round up to $4.00 and save $0.25.
Best For:
- People who prefer digital savings
- Those who make small, frequent purchases
Tip: Use banking apps like Acorns or Chime that automate round-ups for you.
How to Stay Motivated During a Savings Challenge
Use a Savings Tracker: Keep a chart, app, or notebook to track progress.
Reward Yourself for Milestones: Celebrate when you hit 25%, 50%, and 75% of your goal.
Make it a Group Challenge: Compete with friends or family to make saving fun.
Visualize Your Goal: Print a picture of what you are saving for to stay inspired.
Set Up a Separate Savings Account: Keep the money out of reach to avoid temptation.
FAQs
1. What is the easiest savings challenge to start with?
The $5 Bill Challenge or the Spare Change Challenge are great for beginners since they require minimal effort.
2. Can I do multiple savings challenges at once?
Yes, but start with one or two to avoid feeling overwhelmed. Choose challenges that fit your financial situation.
3. What if I can’t complete a savings challenge?
Modify the challenge based on what works for you. Even if you save half the target amount, it is still progress.
4. Where should I keep my savings from these challenges?
A high-yield savings account is best to grow your money while keeping it accessible.
5. How much can I realistically save with a challenge?
Depending on the challenge, you can save anywhere from $500 to $10,000 in a year. Choose a goal that fits your budget.