Money Saving Challenges to Try This Year
If you’re struggling with your finances and barely have any money saved, you’re not alone.
According to GO BankingRates, 58% of Americans have less than $1,000 in savings.
Their previous surveys also indicate that women had a harder time saving than men!
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If you’re sick of being a part of these statistics a money saving challenge just might be the kick in the butt you need to start padding your mattress 😉
What is a money saving challenge?
It makes saving fun and gives you a visual aid to track your progress.
Each challenge has a different savings goal, time frame, and rules, but in the end the goal is to get you to save money.
What kind of money saving challenges are there?
There are so many kinds of money saving challenges.
Here are the ones you should try if you want to get out of debt or have a specific goal you want to reach this year.
1) 30 Day Money Saving Challenges
2) 52 Week Saving Challenges
3) Bi Weekly Money Saving Challenge/26 Week Money Challenge
4) Toonie Money Saving Challenge
5) The Penny Challenge
6) Coloring Page Challenges
7) $10, $15, & $20 Money Saving Challenges
8) Quarterly Money Challenge
9) Customized Money Saving Chart
10) No Spend Challenge
11) Grocery Saving Challenge (Stockpile/Pantry)
#1 30 Day Money Saving Challenge
If you’ve never done a money saving challenge before, this 30 day challenge is a good challenge for beginners. It will help you save $465 in just 30 days.
The first few days are easy because you scrounge up money in your sofa cushions or brown bag your lunch a few times. It’s when you get closer to the end of the month that you have to get creative. Here are some side hustles if you want to make some extra cash.
Source: Meraadi
#2 – 52 Week Money Saving Challenges
A great way to get used to saving money on a regular basis is a 52 week money saving challenge.
Each week you save a set amount of money to save and as you deposit that amount into your account you check it off.
What I like about the 52 week challenge is you can skip around to different weeks depending on how much money you have available that week.
Here are two 52 week saving challenges to try:
52 Week Money Challenge Printable – $2,425 (Source: Meeradi)
52 Week Money Challenge Printable – $1,378 (Source: Mumlyfe & Simply Stacie)
52 Week Money Challenge Printable – $5,000 (Source: Gathering Dreams)
#3 – Bi Weekly Money Challenge
This challenge was created keeping smaller budgets in mind.
Each person’s expenses and income varies so do one that fits your specific situation.
Source: Simple Money Mom
#4 Toonie Money Saving Challenge
For my non-Canadian readers, a toonie is a Canadian $2 coin. By saving just $2 a day you will save $730 in 365 days.
For my American readers, you can still do this challenge, but instead of saving a toonie you can save two $1 bills.
Source: My Organized Chaos
#5 – The Penny Challenge
If you’re at a point in your life where saving money seems daunting and unfeasible, start with the penny challenge.
You start day 1 by saving just 1 penny and every day from there that amount doubles.
Here are two penny saving challenge printables from Savor and Savvy & My Organized Chaos that will help you save $667.95 in one year.
Reverse Penny Challenge
An interesting twist on the penny challenge is the 365 day penny challenge reversed (Source: DIY With My Guy).
Instead of gradually saving more money, you start with the highest amount first and gradually work your way down.
Related posts:
Common budget items you’re forgetting
Best finances books of all time
#6 – Coloring Page Challenge
I created this coloring page saving challenge as an extra fun way to save $300 at your own pace.
If you make saving into a game or competition you’ll be amazed at how much savings you can squeeze out of your paycheck. Clarissa Wilson has 6 free money saving charts that resemble Bingo cards. Just save an amount and cross off the corresponding amount until all squares have been marked.
#7 – $10, $15, and $20 Money Saving Challenges
If you don’t like saving change or have varying amounts each week, the $15 and $20 money saving challenges are for you.
If you save $15 a week you’ll save $780 a year. If you can up it to $20 a week, you’ll save $1,040 a year, which is the perfect way to start building your emergency fund if you don’t already have one.
$10 Money Saving Challenge (Source: Honey+Lime)
$15 Money Saving Challenge and $20 Money Saving Challenge Printables (Source: My Organized Chaos)
#8 – Quarterly Money Saving Challenge
In just 12 weeks you can save $800.
Use this printable savings plan to start saving for Christmas, emergency fund, or upcoming expense (Source: Like A Bubbling Brook).
#9 – Customized Money Saving Challenge
If you have a specific savings goal, you can make your own visual using a printable like this one.
Source: Small Stuff Counts
#10 – No Spend Challenge
If you’re looking to cut back your spending, a no spend challenge is the way to go.
Here are the rules for a no-spend challenge (source: Organizational Toast) and great tips for having a no-spend weekend, month, and year (source: Living Low Key).
If you want to have a visual aid for your no spend challenge you can join my mailing list and get a printable sent to your inbox!
#11 – Food Saving Challenge
One of the biggest household expenses is food.
When we were working our way out of debt we were able to successfully cut our grocery bill in half.
Now as our kids get older we have to get more creative. We recently used the cash envelope system to shave off $200 on our groceries.
Try this pantry challenge from Struggle Today, Strength Tomorrow and the stockpile challenge from Practical Self Reliance and you can easily save a few hundred dollars.
FINAL THOUGHTS
Money saving challenges are a great way to make saving money a habit. They can be done any time and for however long you want.
Once you get used to saving money (even a little bit), challenge yourself to “save until it hurts”.
We now automate all of our savings, but when we want to push ourselves to save a little extra we do a money saving challenge.
I am currently having custom-made no-spend coloring pages made just for you. If you want to be notified when they’re available sign up to the Lucky Mojito mailing list.
Happy savings and don’t forget to pin for later!
