Curious about what the money saving challenges can do for you?

Does the thought of saving $1,000 overwhelm you? The standard recommendation that you will hear over and over is to have an emergency fund of $1,000 for unexpected expenses before saving, investing, or even paying off debt. But what if you just can’t do it? Are you doomed to never save, invest, or pay off your debt?

Just like anything difficult, there are ways to approach saving that not only make it more manageable but also make it fun. How do you make saving fun? Make it a challenge and treat it like a game.

Maybe you already have an emergency fund and you want to kick start your savings. Perhaps you have a vacation that you are planning for. Whatever your reason for saving, these fun challenges can help motivate you and get you off to a strong start so you can reach your savings goals with a smile on your face.

The classic 52 week challenge

You have probably seen this challenge everywhere and for good reason. It’s simple, fun, and it works. How exactly does it work? Each week you save $1 more than you did the previous week.

On the first week you save $1, on the second week you save $2, the third week you save $3, and so on. By the end of the 52 weeks you’ll be saving $52 for a grand total of $1,378. That’s an emergency fund and some investment money.

What’s really great about this challenge, and all of them really, is how customizable they are. Does $1 a week increments seem too low for you? Challenge yourself and start with $10 for the first week and do $20 the second week, and $30 the third. By the time you reach the 52nd week, you will be putting in $520 and will have saved a total of $13,780.

This can be done with any amount so find what will work best for you. The whole point is to motivate you and give yourself a goal. Pick something challenging but doable and watch your money grow week by week.

The spending fast

Much like fasting to lose weight but we’ll be fasting to gain money. This doesn’t mean literally fasting and not eating food. It does mean looking at what you spend your money on, find anything that is non essential, and don’t spend money on that thing for a certain period of time.

This will be much easier if you have a budget in place. Don’t have one? Learn how to get started here. Obviously you’ll be paying your rent, phone, insurance, etc. like you normally would. These are your fixed expenses. However, those late night snack runs and drive through lunch breaks? These are the things that you’ll be giving up.

You can start off with any period of time but I would recommend starting with either one pay period or one month. This way you will be able to see the huge impact you’ve made while not committing to some crazy long period of time that can feel impossible.

A spending fast is an excellent way to kick off another savings challenge and to see what you can live without. It’s a great feeling to be in control and you will really appreciate those things on a different level once you reintroduce them.

Holiday fund challenge

Do you always find yourself frustrated figuring out how to afford gifts during the holidays? Somehow it always seems to sneak up on me and I’m unable to take advantage of Black Friday sales and stress ensues.

A really good way to solve this problem is a holiday fund challenge. Many banks have specific holiday saving accounts that you can set up but you can use a regular savings account or even a jar or piggy bank of some sort. There is something special about seeing your money accumulate in a jar but an account is usually much more convenient with our mostly cashless transactions these days.

So you’ve set up your account or jar. Now what? If you have direct deposit or you deposit your paychecks into your bank each pay period, simply set up an automatic transfer for the equivalent of $10 a week (or more if you’re feeling generous). This will set you up with a nice holiday fund of $480 by the end of November, easing the stress of holiday gift shopping.

Minimalist challenge

Minimalism means living without superfluous items. A life without excess. Living a minimalist life isn’t just for monks and hermits. It also doesn’t mean all or nothing.

Challenging yourself to go minimalist is a perfect way to get into the money saving mindset. Take a look around at things that you don’t use or don’t need. Think of daily habits that you could live without for a period of time and start creating a list.

This challenge can be done for any period of time but I would recommend 30 days. Each day of the challenge, give up one more habit or get rid of one more item. An example would be giving up a habit of buying coffee on your way to work. The next day, find something that you don’t use and put it up for sale. Selling things is a great way to make extra money.

Between selling items that you don’t use and giving up habits that cost you money everyday, you will be amazed at how much you can save in just a month.

Frugal Five Challenge

Quitting things can be difficult, unsustainable, and in some cases, even impossible. You can’t really quit eating, at least not for very long. That’s why I love swaps. Instead of quitting something, you just swap it for a better, and in this case cheaper, option.

So how does this challenge work? Pick five things that you can swap out for a cheaper option and then commit to keeping to the swaps for 30 days. The key here is that these don’t need to be huge changes.

If you have something big in mind that you know you can swap, go for it. If you want to start small and pick some more manageable changes, that’s okay, there are five for a reason and every little bit adds up. If you pick five frugal things to swap in place of more expensive versions, you’ll be amazed at how much money you can save. Make sure to get creative and challenge yourself! It is a challenge after all.

Make your own meals challenge

If you like to cook, you’re in luck. Making your own meals is much cheaper than eating out and, if I may say so myself, is really enjoyable.

I’m sure most of us can agree that buying lunch at work is probably one of the worst offenders when it comes to spending money “eating out.” I put it in quotes because I would say that it does definitely count as eating out but without benefiting from any of the reasons that make you want to eat out in the first place.

My point is, why waste your money if you aren’t even going out on a date or out for some special occasion? Ten dollars for lunch at work doesn’t seem like a whole lot in the moment when you’re hungry but multiplied over the whole month and it’s a different story.

What about dinners and brunches? Ever notice how you always end up spending a little more than planned? Drinks and deserts always seem like a good option when eating out and while tipping well can feel good, it’s expensive.

So for this challenge, pack your lunches, make your dinners, and have some fun. Take the money that would have gone toward buying your food and put that money in the bank. I guarantee you’ll be shocked at how much you’ve saved at the end of this 30 day challenge.

Treasure hunt challenge

This one is a fun way to start off your savings adventure. Much like the name suggests, you’ll be hunting for treasure. Don’t worry, I’m not going to have you digging holes in your local park. I will, however, have you searching for nuggets of financial wisdom.

Every day for 30 days, I want you to find and learn about one new way to save money, make money, or invest. Each day, when you find your new strategy, write it down and think of how you can implement it.

It can be anything, like finding out how to invest without much money, or ways to make extra money. Look up inspiration on how to live a leaner lifestyle and find out where all your money is going. At the end of this challenge you’ll have a ton of amazing ideas on how to save, earn, and really take control of your financial situation.

Happy hunting!

Piggy bank challenge

This is an oldie but a goodie. If you use cash for purchases, save all your spare change and put it in a piggy bank. Really, any jar will do but a classic piggy bank just seems right for this challenge.

Don’t use cash? Get an app like Acorns to do this for you. Acorns invests your spare change when making purchases. If you buy a piggy bank for $5.57 at a thrift store with your card, for example, Acorns will round up and take the $0.43 and invest it for you without you even noticing.

There’s really no excuse not to do this one. Easy, simple, and effective.

Outdoor Activities challenge

This one is frugal and healthy. Try not to pay for entertainment for 30 days. Instead, find activities that you can do outside for little to no money.

Prices for everything are going up and there are so many outdoor alternatives that come with the added benefit of the beautiful outdoors.

Going to the park is amazing and free. You can read, walk, jog, bike, play frisbee, lay in the grass, and just take in the fresh air. I love going to the park and with a price like free, it can’t be beat.

A local zoo is another great outdoor activity that can be a cheaper alternative to a lot of other forms of entertainment. Even better, a wildlife refuge is another great place to go to learn about your area’s local wildlife and these are usually free.

Hiking can be free depending on where you go but is usually relatively cheap in comparison to other activities. Throw on some good shoes, some sunscreen, and bring some water and snacks with you and you are all set for a fun outdoor adventure.

Find local markets to explore. You might be surprised that I have a market in a money saving challenge but just because you’re there doesn’t mean you have to buy anything and farmers’ markets are amazing places to purchase local produce and other goods for much less than you would pay in a supermarket.

12 Week Vacation Challenge

Do you have a vacation coming up and need to figure out how to save enough money to be able to do everything that you want? Do you want to go on vacation but don’t know how to afford it? This is a three month savings challenge that will help get you vacation ready before you know it.

My wife and I saved up for a trip to Hawaii a few years ago and we were able to do it using a lot of the strategies that we are outlining here. We didn’t eat out, we created a strict budget, and we limited our spending on entertainment. It took about a year to save up what we wanted for our trip and all in all it wasn’t too bad. However, looking back, I would do things a little differently this time. I would do it quicker by challenging myself to be more strict. It would be more challenging but it would be over much sooner.

Let’s break it down. If you save an average of $100 each week, you’ll have $1,200 by the end. That’s pretty good but what if you give up a few things for the 12 weeks as well? If you give up eating out on the weekends and give up getting coffee during the week at Starbucks or an equivalent you’ll have saved  $2,100 at the end of 12 weeks. This is assuming that you eat out on average once a week at around $50 and assuming $5 on average for coffee.

What if you pack your lunch instead of buying lunch at work during the week? You’ll save an extra $600! That’s $2,700 saved in 12 weeks by cutting out a few nonessentials, saving what you would’ve spent on coffee, lunch, and dinner, and putting away $100 a week.

If you have something planned sooner or maybe you just want to do a nice weekend getaway, you can do this same plan for 8 weeks and still save $1,800. Even in just 4 weeks you can save $900.

Have fun on that vacation!

Challenge a friend

Are you competitive? Do you think you can out save your friends? They think they can outsave you and there is only one way to settle it: a savings challenge! All kidding aside, challenging a friend to a savings challenge can take your saving to the next level.

Challenge a friend to any one of these, or more than one, the choice is yours. Having someone doing this with you will benefit everyone and make it a lot more enjoyable during those challenging moments. You can help hold each other accountable and push yourself more than you may have otherwise.

Do you work in an office? Start up an office challenge. Do you have a best friend? Challenge them! Do you have a significant other? Challenge them! Challenge everyone because in this challenge, everyone wins.

The Challenge Challenge

Maybe you’re looking at these challenges and thinking to yourself, “this all looks pretty easy.” If that’s the case then I challenge you to the Challenge Challenge. 
This is not for the faint of heart. This is for the minimalists, the adventurers, and the brave. In order to participate in this challenge, you’ll need to pick one challenge from this list each month for a year.

Be cautious with this one. Saving can be addictive and you can’t save what you don’t have so adjust as necessary when layering challenges. Remember why you’re saving and make sure to have fun doing it!

If you decide to take on this challenge, or any on this list, I highly recommend using our Free Printable Budget Planner to keep track of all of your finances, including budget spreadsheet, subscription tracker, and a lot more.

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