Save More Money With These Simple Yet Effective Money Saving Challenges

Saving money can be difficult, but it doesn’t have to be. With some clever tricks and creative challenges, you can easily sock away extra cash without feeling deprived. In this post, I’ll share some of my favorite money saving challenges that will help boost your savings in fun and motivating ways.

The 52-Week Money Saving Challenge

This popular challenge is one of the simplest ways to save over $1,300 in a year. Here’s how it works:

• Week 1 – Save $1
• Week 2 – Save $2
• Week 3 – Save $3
• Week 4 – Save $4

And so on until…

• Week 51 – Save $51
• Week 52 – Save $52

At the end of the 52 weeks, you will have saved a total of $1,378!

The great thing about this challenge is you start small, so it doesn’t feel intimidating. As the weeks go on and as you get used to saving, the weekly amount gradually increases.

Get started now: Download a 52 Week Money Challenge printable tracker to help you stay on top of it.

The $5 Bill Savings Challenge

This challenge capitalizes on the power of cash. Here are the simple rules:

1. Anytime you receive a $5 bill in change, set it aside.
2. At the end of the year, deposit the stash into your savings account.

The great thing about savings challenges focused on physical money is they make you ultra aware each time money passes through your hands. By consciously setting aside $5 bills, you effortlessly build savings without feeling deprived.

Get started now: Place an empty jar near your front door to easily stash $5 bills whenever you come home.

The Round-Up Savings Challenge

This challenge links your spending directly to your savings using round up apps like Acorns and Digit.

Here’s how they work:

• Connect the app to your checking account
• Make purchases as usual
• The app rounds up each transaction to the next whole dollar amount
• The “round up” amount gets automatically transferred to your savings account

So if you buy a $3.50 coffee, 50 cents gets added to your savings. Over time, all those digital pennies add up.

The set-it-and-forget-it nature makes this challenge effortless. Before you know it, you could save over $1,000 per year without even trying!

Get started now: Sign up for Acorns or Digit to link your spending to your savings each month.

The $1,000 Savings Challenge

If you want a straight-forward way to save $1,000 fast, this challenge is for you. Just set aside $100 each month for 10 months.

Here are some creative ways to come up with that $100:

• Cut out lattes and pack your lunch instead
• Have a no-spend day once per week
• Sell old stuff you don’t need anymore
• Pick up a side gig like dog walking or survey taking

Get started now: Open a separate savings account and set up automatic $100 monthly transfers so the money quietly builds without temptation.

The 365 Day Money Saving Challenge

If you want a daily money saving challenge, this one delivers a fun and frugal way to save $667 in a year.

Grab a mason jar and label it 1 through 365. Each evening, draw a chip, then set aside the dollar amount written. As the year goes on, your savings will escalate more and more!

Get started now: Print out this 365 Savings Challenge list and cut up the amounts to add to your jar.

The Keep The Change Savings Challenge

This challenge turns your debit card purchases into automatic savings deposits each time you use your card.

Here are the steps to enroll:

1. Ask your bank about their “keep the change” savings program
2. Agree to have each debit purchase rounded up
3. The round up difference automatically transfers to your savings account

So again, no effort on your part is required! Just spend as normal and watch your balances grow.

Get started now: Call your banking institution to ask about their round up features. Most large banks like Bank of America and Wells Fargo offer keep the change savings programs.

The Mailbox Money Savings Challenge

This challenge jump starts your saving through unexpected money that lands in your mailbox. Here’s how it works:

1. Anytime you receive cash gifts, rebate checks, or other monetary surprises in the mail, save 100% of it.
2. Treat this “mailbox money” as lucky cash infusions specifically meant for your savings account.
3. Within one year, you could easily save a few hundred dollars or more.

Get started now: Set up automatic transfers to your savings account so you don’t even see the money hit your checking account. Out of sight, out of mind!

The $50,000 Savings Challenge

If you want a straight forward, automatic way to save $50,000 in 10 years, this savings challenge fits the bill!

Here are the simple saving steps:

1. Open an account with Betterment or Wealthfront, popular robo-advisors that offer automated investing.
2. Set up automatic monthly contributions of $417. That’s it!

These set-it-and-forget-it monthly transfers are invested over time. Thanks to compound growth, $50,000 is very achievable in just 10 years.

Get started now: Head to Betterment or Wealthfront to open a hands-off investment account. Then relax as your money goes to work for you!

Which Money Savings Challenge Will You Try?

As you can see, challenges make saving extra money surprisingly simple. They outsmart your brain by automating transfers or letting small amounts of cash painlessly accumulate over time.

The key is picking a challenge strategy that fits seamlessly into your lifestyle. So take a close look at your habits and see which option – be it round up apps or $5 bill stashing – can catapult your savings without stress or effort.

With a little planning and creativity, reaching your financial goals can actually be fun! The anticipation of watching your accounts grow is thrilling and so rewarding.