Money isn’t the easiest thing to find for many people these days. More than two-thirds of Americans say they live paycheck to paycheck.
So it’s not surprising that saving money is a top priority for many people. But, even if you know you need to save money, it can be tough figuring out how to do it, especially when your income is already stretched thin.
That’s why we’ve come up with a list of five money-saving challenges to try this year. These challenges aren’t easy, but they will help you save a lot of money if you stick with them.
Save $1,000 in 30 Days
To save $1000 a month, you’ll need to save about $33.33 every day, $250 per week, or $500 every other week.
This money-saving challenge is a pretty lofty goal, but it’s doable if you’re willing to put in the work. The easiest way to save $1,000 in 30 days is to make small changes to your spending habits, such as:
- Ditching your gym membership and doing exercises for free like running or walking.
- Cutting back on eating out, buying new clothes, or ordering coffee every day.
- Canceling unused subscriptions or memberships.
- Brown bagging your lunch instead of eating out at work.
These are just a few examples, but there are endless ways to save money if you’re creative and willing to make small changes in your spending habits.
Try implementing a couple of these ideas each day and watch how quickly your savings can grow!
52-Week Challenge
The challenge is simple: you save $1 on the first day, $2 on the second week, and so on until you reach $52 in the last week of the year. This challenge can help you save a lot of money, mainly if you stick to it. You can save $1,378.54 if you complete the challenge!
You can also get creative. You can start with the highest amount and count down, or you can go back and forth. Any way that works for you will be fine as long as it helps you save some money by the end of the year!
$20 Savings Challenge
The goal of this challenge is to save $20 a week. While that number may not seem high, it adds up fast. At the end of the year, you’ll have saved about $1,000!
Follow these four steps to take part in this challenge:
- Collect all your loose change at the end of each day. Every time you break a bill or get a change back from making a purchase, add it to your collection.
- Separate the coins from the bills. Coins are difficult to spend when you’re out and about, so they’re perfect for saving! Bills can be used on purchases relatively quickly—especially if you opt to use credit or debit cards instead of cash whenever possible.
- Set up a savings account dedicated to this challenge. Make sure it’s one with limited access—you don’t want to take money out of the account too easily! If you can, set up an automatic transfer for $20 per week on payday so that your savings are automated. If you can’t, make sure to deposit the money yourself each week.
- Keep track of your progress. You can do this on an excel spreadsheet or with pen and paper, but there are tons of helpful apps out there too! Some banks even have built-in savings tools that keep track of your progress and make saving easier.
Habits are hard to change, but if you can save $20 a week for the next 52 weeks, it’ll be well worth it!
Roll the Dice Savings Challenge
This money savings challenge is a fun way to save money. The goal is to save as much money as possible by the end of the month. To do this, you’ll need to roll the dice every day, and whatever number you roll, that is how much money you save that day.
For example, if you roll a 3, you tuck away $3.00 into your savings account. If you roll a 6, then you save $6.00!
Here are some other examples of ways that you can adapt this challenge to make it more exciting for you and your family:
- Roll the dice every week rather than once a day.
- If you roll a double, then put $20 into savings.
- Put away an extra $50 every month if all members of your family participated throughout that month without missing a day.
Bowl-Grab Challenge
The Bowl-Grab Money-saving Challenge is a great way to motivate people to save money. Here’s how to do it:
- Choose a bowl that will be your savings goal.
- Decide on a dollar amount you would like to save and write it down.
- Every day, put that amount of money into the bowl.
- Once you have saved up the desired amount, reward yourself with something fun!
This challenge is fun, easy, and tailored to any budget. It’s a great way to get started on your savings journey! You could also use this challenge to save for something specific, like a vacation or a new car. The possibilities are endless! Give it a try and see how much money you can save.
Final Thoughts
Each challenge is designed to help you cut down on your spending and live a more frugal lifestyle. If you can stick with these challenges for an entire year, you’ll be able to see a significant difference in your bank account. So what are you waiting for? Start saving today!