8 Money Saving Challenges

Saving money is something that many people want to try. However, for some individuals, it is not always a simple and direct process. Moreover, staying on track can sometimes be very challenging.

Therefore, it is essential to find cool and fun ways to keep the initial motivation and not lose focus. The internet and technology at large are working to simplify the whole thing.

One concept that has gained considerable attention is the integration of reasonable grocery savings into your financial routine. By infusing the idea of saving money with a sense of lightheartedness and fun, you can transform your financial goals into a tangible reality.

There are money saving challenges that aim to change your financial goals into reality without stress. Some experts claim that it is easier to follow a routine if there is a fun element to it.

Beneath the fun angle of the money saving challenge, there is a simple idea. Saving money requires a certain discipline.

James Clear, the author of Atomic Habits and expert in decision-making, says:

Saving money is often associated with sacrifice. However, you can associate it with freedom rather than limitation if you realize one simple truth: living below your current means increases your future means.

These fun money saving challenges will lead you closer to financial freedom without too much fuss and fanfare, one game at a time.

8 Money Saving Challenges You Can Try in 2023

These top money saving games have the right tools to help you put more money aside. They help make your big priorities more transparent.

You might have been making some progress on your own, but those challenges will take things to the next level in no time.

It is not a sure bet that all of them will fit you perfectly. However, the baseline is to zero in on the ones that you find fun. They are the money saving games with the most potential to succeed.

While it may be hard at first, staying the course will pay in the long run. You can get some support by inviting people you know to join you; the more, the merrier.

It is also better not to put too much pressure on yourself. You do not need a timeline to get to a better financial situation.

1. 52-week Money Saving Challenge

This is one of the most trendy saving challenges. It is very simple to follow. You save $1 the first week, 2 dollars the second, $3 the third one, and so on.

If you complete the steps the right way, you may end up with $1,378 by the end of the year. The 52-week money saving challenge is ideal for people with small budgets.

This is a plan that can work if you are trying to save enough for a short vacation or to spend money on loved ones during the holidays.

You can add your twist on the challenge by flipping the script a little bit. You start by saving $52 the first week, $51 the second, $50 the third, $49 the fourth, and so on.

2. Penny Challenge

If you are hoping to save more than $600 in one year, this little savings challenge is for you. You start by saving one penny on the first day. Moving forward, you keep adding one cent to the amount you saved before. By the end of the year, without fuss, you can end up with $671,61 (leap year).

In clear, you save $0.01 on the first day of the challenge. When you reach the last day, you will have to deposit $3.65. Additionally, if you put all of the savings together, that is how you end up with at least $667.95.

This is further proof that you really do not need a big pile of cash to start saving. It is just a mindset, and once you get in the dance, you become unstoppable.

3. No Spend Challenge

This is one money saving challenge that gets a lot of attention, and it is fairly easy to understand why that is the case. It is very easy to follow.

You have to go one month without spending extra money. Obviously, you still have to handle most of the essentials like rent, food, and utility expenses.

Here, the person in control is you. You are the one making the call on how long the challenge should go on. Of course, the longer you can stay in the savings game, the better it will be for your account.

To make sure that the challenge really works, perks like Amazon, Target, and Home Depot, buying new clothes, and eating out will have to go on pause for a while.

This game is on point and works well for people who are trying to go through a form of financial detox.

4. Bi-weekly Saving Challenge

With this challenge, you save money twice a month instead of on a weekly basis. Some people prefer this money saving challenge because it aligns with their bi-weekly pay periods.

The final amount when you arrive at the end of the year will be contingent on what you decide to save. For example, if you save $4 every other week, you will complete the challenge with $1,404 in savings.

However, for this plan to work correctly, you need to add $4 to the amount you previously saved each time. In short, the first week, you put $4 aside; the third week, the number goes to $8; and by the 9th week, you will need to put $20 in your savings account.

If you want to do the challenge differently, you can always decide to save $100 every other week. You will have $2,600 in savings when you hit one year.

5. 100-envelope Challenge

The 100-envelope challenge is for those who are really ambitious and can afford to save more. It is fun and gets you where you want to go, way quicker.

The envelope savings challenge is very popular on TikTok. So, how do you do it? You take colorful envelopes and label them from 1 to 100. Every day you randomly pick an envelope.

If the envelope says $99, you will have to put that amount into your savings. After 100 days, your savings account will show $5,050.

In short, this challenge is for significant savings, and if things are tight financially for you, it would be more fitting to try one of the other games.

6. 7-day Savings Challenge

The 7-day savings challenge is a way for you to get on track with your financial plans for the year. The idea is to devote each day of the week to a financial goal.

For instance, you can work on your investment plan on the first day, then choose to focus on your spending habits on the next one. If done the proper way, at the end of the week, you will have a plan for your savings for the whole year.

Therefore, this savings challenge is really useful as a planning tool. Moreover, it helps to take time to see the whole picture when it comes to your financial situation.

7. 6 month Savings Challenge

If you are trying to increase and focus on your savings and be able to get closer to your financial goals, it might be time to start looking into the 6-month savings challenge also known as the 26-week savings challenge.

Interestingly, there is not one way to go about it. Consequently, you can be pretty creative and make it work for you.

The challenge can be very flexible. You save a decent amount of cash for six months. Here is how you get a quick start.

The first week, you save $5, the second, you go to $10; and the third, you put $15 aside. You continue with the same pattern for six weeks.

When you arrive at the end of this savings challenge, you can have over $2,000 in your savings account. Another option is to save the same amount weekly for six months.

You can choose a number like $100. After six months, you will have $2,600 in savings. In short, you are in complete control.

8. Pantry Challenge

Savings with this challenge may vary depending on your personal situation. It works best for families. As inflation continues to be a real issue for many people around the country, the pantry challenge may help make things slightly better.

The concept encourages you to prepare meals with things you already have in your pantry, freezer, and fridge. You can decide to do this for one week or a month.

No matter what you do, your grocery budget will go down. You can also try to put more cash aside by using these great budget apps to save money when it is time to go shopping for food.

Bottom line

A money saving challenge is a creative way to keep your focus and motivation in the right direction regarding your financial state. It is not necessary to start big because the true goal is to make saving money a real way of life.

It is an important matter to keep an eye on the progress you have made. In clear, the fun money saving challenges are there to encourage changes in your lifestyle and your overall relationship with money. Above all, it is essential to not forget that saving games are not short races. They are the tickets for a marathon. In conclusion you need to be in this for the long run. You pick a lane that you like, and you stick to it, no matter what.

About the Author: Muhammad Talha

A passionate entrepreneur advocating financial literacy, while promoting a well-rounded life through the art of money-saving/making tips.
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