Six money-saving challenges to help you reach your goals

Money saving challenges are structured activities designed to help you save money systematically over a set period of time. They can be a fun and engaging way to build a savings habit. By making savings feel more like a game and breaking goals down into manageable milestones, money-saving challenges can provide structure and motivation. 

If you find that it’s hard to save money, a challenge might be the jump-start you need to overcome hurdles and start creating a new habit. There are lots of money-saving challenges to choose from, so you can select the right one for you and start your savings journey. 

In this article, we’ll cover:

• 52-week money-saving challenge
• 26-week money-saving challenge
• 30-day money-saving challenge
• Biweekly money-saving challenge
• 100 envelope saving challenge
• No-spend challenge
• Success tips for saving challenges
• Money-saving challenge FAQs

52-week money-saving challenge

The 52-week money-saving challenge is a year-long effort where you save an increasing amount of money each week. Start with $1 in the first week, then add an additional dollar each subsequent week (e.g., $2 in week two, $3 in week three, and so forth). By the end of the year, you’ll have saved $1,378. This incremental approach lets you start small and gradually build your savings. At the end of the year, you’ll have accumulated a tidy sum and built momentum for an ongoing habit. 

26-week money-saving challenge

The 26-week money-saving challenge is similar to the 52-week savings challenge, but with a shorter timeframe and different saving cadence. In this challenge, you save a set amount every two weeks, and double that amount in each subsequent two-week period. For example, you could start with $5 and increase the amount by $5 every two weeks (e.g., $10 in week two, $20 in week four, etc.). This method aligns well with biweekly pay periods.

30-day money-saving challenge

The 30-day money-saving challenge is a short-term, intensive saving effort. Over 30 days, you save a specific amount each day, starting small and doubling your savings amount daily (e.g., $1 on day one, $2 on day two, and so on). By the end of the month, you will have saved a total of $465. This challenge provides quick wins and immediate gratification, making it ideal for people who want a fast boost to their savings habit.

Biweekly money-saving challenge

The biweekly money-saving challenge involves saving a set amount every two weeks over the course of a year. You start by setting a total savings goal, then divide it by 26 (the number of biweekly periods in a year) to get your biweekly savings amount. Then you save that amount every two weeks. This consistency helps build a solid saving habit without feeling overwhelming. And because many people get paid biweekly, this challenge makes it more simple to budget for saving a set amount from every paycheck.

100 envelope saving challenge

The 100 envelope saving challenge adds an element of surprise and gamification to your savings regimen. Label 100 envelopes with varying amounts of money from $1 to $100. Each day or week, draw an envelope from a container and save the amount written on it. This approach is very flexible; it’s easy to tailor the challenge for your financial situation. The game-like aspect of the 100 envelope challenge can be particularly motivating for those who have struggled to get in the habit of saving money.

No-spend challenge

The no-spend challenge is about not spending money on non-essential items for a set period, such as a week or a month. This helps you identify and curb unnecessary expenses, allowing you to redirect that money into savings. Taking on a no-spend challenge can help you learn to distinguish needs vs. wants, cut out impulse buying, and recognize how much you spend on discretionary expenses. At the end of the challenge, you’ll ideally have built up your savings as well as developed a more mindful approach to your finances.

How to succeed with money-saving challenges

Choose the right challenge

Select a saving challenge that fits your financial situation and goals. If you’re new to saving, you might want a challenge with a shorter timeframe or one that lines up with your payday schedule. And feel free to adjust challenges to align with your circumstances; you can always change up the dollar amounts or schedules to fit the reality of your budget.  

Set clear goals

Define specific savings goals before starting a money-saving challenge. Knowing exactly what you’re saving for can help you stay committed to the challenge and resist the temptation to give up. Savings challenges can be an ideal way to put aside money for a specific need or want. They can also help you build up your emergency fund or nest egg to enhance financial security. 

Create a plan

Develop a step-by-step plan for your chosen saving challenge. Prepare and organize your savings process, setting reminders and keeping track of your progress. This can be a good time to create a budget so you can plan how you’ll cover your expenses and work on your savings goals. 

Track your progress

Tracking your progress during a money-saving challenge helps you stay on course. Use tools like budgeting apps, spreadsheets, or a savings journal to monitor how much you’ve saved and see how close you are to your goal. As you watch your savings grow, the sense of accomplishment can keep you committed.

Stay motivated

Maintaining motivation is key to successfully completing any saving challenge. Visualize your end goal, keep track of your progress, and consider sharing your challenge with friends or family for accountability. You might try the idea of loud budgeting, in which you publicly talk about your financial management efforts, to build accountability and community. 

Ready to try a money-saving challenge?

Money-saving challenges can help you work toward your goals with a structured approach that feels more like a game than a chore. The limited timeframes and set amounts of a challenge can take the guesswork out of deciding how much you should save each month, which may make the prospect of saving money seem less overwhelming. At the end of a money-saving challenge, you’ll have more than a pile of cash saved up; you’ll also have developed habits that can help you cultivate a long-term commitment to saving. 

If you’re feeling up for it, try a money-saving challenge today and see how it can transform your finances. No matter how small you start, taking the first step can set you off on the path to a brighter financial future. 

Investing made easy.

Start today with any dollar amount.

Get Started

Money-saving challenge FAQs

What is the best money-saving challenge?

The best money-saving challenge depends on your financial goals and lifestyle. For instance, the 52-week money-saving challenge can help you steadily build your savings habit by starting small and gradually increasing, while the 30-day money-saving challenge may be ideal if you’re looking for quick gratification. There are lots of options, so you can explore until you find one that appeals to you. 

How to save $5,000 in three months challenge?

To save $5,000 in three months, you’d need to put aside approximately $1,667 per month. You can break it down further to about $417 per week. To meet the challenge, you might want to find practical ways to save money or pick up a short-term side hustle to boost your income.

What is the $5 savings challenge?

The $5 savings challenge involves saving $5 on the first day, $10 on the second day, $15 on the third day, and so on, adding $5 to your savings amount each day. You can adapt this challenge to weekly instead of daily if that works better for your budget.

What are some money challenges?

Some of the most popular money-saving challenges are the 52-week challenge, 26-week challenge, 30-day challenge, biweekly challenge, 100 envelope challenge, and the no-spend challenge. Each offers a unique approach to help you build your savings habits. Many of these challenges have gained popularity on social media in recent years, so it’s easy to find like-minded savers who share your goals. 

The post Six money-saving challenges to help you reach your goals appeared first on Stash Learn.