[Total: 1 Average: 5]

Do you know the power of the saving money challenge? Before Hanfincal dives into it, we have a quick question for you: Do you live like a millionaire at the beginning of the month and then struggle with poverty at the end? If you said yes, this article is right for you. Don’t pass up the appealing challenge to keep your money with you. Continue reading to get a boost of motivation for your saving journey.

Table of content show

1. What money-savings challenge means?

When it comes to a challenge, everyone knows what its purpose is. That is, it can boost your motivation to do something more effectively. In some cases, you may not have enough energy to complete your work; however, participating in a challenge can lift your spirits and keep you motivated all the time.

In other words, dive into saving challenges that means you set an alert alongside you; it will remind you daily and keep you focused on completing your mission to save money.

2. Why should I save money?

The Savings’ Motivation

The Savings’ Motivation

  • Firstly, saving can help you prepare for all calculated financial risks. If you have a health problem and cannot work for one, two, or more months, financial circumstances do not place a burden on your shoulders. Furthermore, if your boss fails to pay your salary on time, you will be able to cover your necessary expenses without being concerned about the late paychecks.
  • Second, financial independence is an important goal of saving money. This means that you do not give up your passions for economic reasons. For example, if you want to own a coffee shop and have enough money saved, your dream will quickly come true. Similarly, no more financial burden can stop you; you can do whatever you want.
  • Finally, by saving money over time, you will accumulate a large sum that will allow you to purchase many valuable items such as a new car, a new home, or something similar. As a result, by saving money daily and monthly, you will become wealthy.

3. Top savings money ways for later use

Incredible Saving Money Challenges

Incredible Saving Money Challenges

3.1. Money saving challenge by day

14 days in saving money

If this is your first time saving, this challenge is the best option. Furthermore, this will be a first step toward assisting you in more complex challenges. Bear in mind that a small action can have a significant impact. Let’s take a look at what’s inside this challenge:

  • D1Pay yourself first: Depositing funds into a savings account before paying your monthly living expenses and making discretionary purchases.
  • D2Opening a savings account: Keep your money hidden from yourself by putting your money in Nest Egg. You can’t see it; you won’t spend it.
  • D3Set up the right online shopping: You should find and apply coupon codes at checkout for every online order, thereby saving a lot of money. In the same way, by using food stamps, you can buy food for FREE.
  • D4Manage your credit card: Use your credit card wisely; it can be an excellent tool for accumulating points. As a result, if you get enough points, you can essentially travel for free. Find out how to improve your credit scores now; many benefits are waiting for you with your high credit score.
  • D5Do some quick math: Calculate your spending habits compared with your hours worked.
  • D6Switch your credits, loans, or debts to a lower interest rate, thereby saving a pretty penny.
  • D7: Exercise self-control: Say ‘no’ to something you want to do, such as shopping or eating out.
  • D8Re-evaluate your subscription: Recheck all your bank and credit card statements, looking for monthly subscription costs that you can cancel.
  • D9: Set a specific goal after you’ve completed more than half of the challenge. This can help you persevere.
  • D10: No spending day. Hide your credit cards or business credit cards out of your eyes during this time.
  • D11Leave your car at home: On this day, you can walk, bike, or take public transportation instead of driving.
  • D12: Recheck your insurance policies: Truly, combining homeowners insurance with auto insurance policies saves you 15.97% on average.
  • D13: Try couponing: Let’s get started with intelligent grocery shopping habits. In other words, you must use a coupon on at least one item to keep your cash whenever you go shopping.
  • D14: Begin the calendar method: Don’t let your progress go to waste; continue to challenge yourself with a new month of savings.

30 days spend challenge

After you complete the previous challenge of saving, the next challenge should be 30 days spend challenge. Keep your progress active and going; you’ll get a significant result in the end.

To get the best results, you must keep track of everything you spend your money on. In other words, you only spend money on necessities and control your credit cards usage. Setting a limit for your credit can control the money you spend via this payment. This challenge’s rules are as follows:

  • You can only spend money on living expenses such as rent, gas, and groceries.
  • Next, you should limit spending money on eating out, coffee, shopping, or anything else considered non-essential.

30 days meal self-planning challenge

Let’s see how much you spend each time you go out to eat. A typical meal consists of an appetizer, a main course, and a dessert. Three portions of a meal must cost at least $10-$20 per day, correct? This amount does not include drink and VAT. As a result, eating out will cost between $2600 and $5200 per year. That’s too much; you can reduce it and save an amount of money on other essential things.

You don’t have to prepare every meal and every day, and it is acceptable to cook five times per week. This also helps to reduce food waste and adds a significant amount to your savings.

30 days of minimalist challenge

A 30-day minimalist challenge entails getting rid of something physical, mental, or even a bad habit daily for 30 days.

Following this rule, you will eliminate one thing in your room or your soul once a day, whether an object or a bad habit. You will gain positive feelings at the end of the challenge. As a result, you can unwind, refresh and brighten up your life, including your physical, mental, and financial life.

Enhance your financial life in 31 days

With this 31-day challenge, you can improve your financial situation. Change your entire financial habits, including saving and spending. One day do one action; you can make a difference.

While I can’t promise you’ll be wealthy or debt-free by the end of this journey, I guarantee that if you follow the 31 tips, your financial situation will be much better this year than last.

65 days challenge

This is also known as the penny challenge. So how does it work? By saving $0.01 on the first day and increasing it by $0.01 daily after that, you have closely followed the challenge’s rules. At the end of this journey, you’ll have $3.65.

By following this challenge, you can save $667.95 over a year.

365 days of nickel-saving

This is the same format as the previous one. To follow the rule, you must deposit $0.05 per day for the entire 365-day challenge. Specifically:

  • On the first, put $0.05 into savings.
  • On the second, put $0.10 into savings.
  • On the third, put $0.15 into savings.

Every day, you add a Nickel to the previous savings. Then, by the end of the year, you will have deposited $18.40. After all, you’ll have saved a whopping $3,300.

3.2. Saving challenges by week

Bi-weekly saving 

Instead of receiving your paycheck every month, maybe you will receive it every two weeks. If so, the bi-weekly money challenge may be an ideal option for you in that case. Please find out how it works.

With your first paycheck, you’ll save $3 ($1 for the first week and $2 for the second). With your second paycheck, you’ll save $7 ($3 for the third week + $4 for the fourth), and so on. The result is a savings of $1,378 per year. What a fantastic amount!

8 weeks of saving plan for vacation

Going on a vacation is a great motivator to save an amount of money. It’s not a long-term saving strategy; this will end in just two months’ progress. You will have $1,000 in 8 weeks rather than all year.

12 weeks in money-saving

The power of this challenge comes from accumulation. This means that you’ll save a different amount each week, ranging from $65 to $100 during 12 weeks. After that time, you will have saved $1,000. This is an excellent option if you’re trying to save for an emergency fund or a trip.

26 weeks in money-saving

The specialty of this challenge is that the saving amount will be already planned for you weekly. Your job is to follow that flow and save it. Week 1 is only $3, Week 2 is $7, and it gradually increases each week. You will save $1378 after the savings challenge for 26 weeks ends!

Mini size of the 52 week challenge in saving money

This challenge is a small step toward completing the 52-week challenge. Furthermore, this one is ideal for people who have previously struggled with keeping or have a limited amount of disposable income.

You do not need to start with $1, you’ll save $0.50 the first week, and the amount will grow by $0.50 each week after that. You’ll save $1 the following week, and it will be $1.50 the third, and so on.

You will have saved $689 by the end, which is still a large amount of money.

52 weeks in money-saving

If you begin saving money, do not miss out on the money saving challenge for 52-week. However, it is preferable if you have already beat the mini-52 savings challenge and this 52-week savings challenge is the next step. Because of its effectiveness, this is a well-known and popular task. You’ll gradually increase your amount each week for 52 weeks.

You’ll save $1 the first week, $2 the following, and $3 for the third. This continues until you keep $52 in the final week. As a result, you will have $1,378 if you complete the challenge!

The gradual nature of this test assists you in becoming accustomed to saving weekly. Indeed, the 52-week money challenge will help you in keeping your efforts organized and your motivation active.

Double 52 weeks in money-saving

If you’ve already completed the 52-week money-saving challenge, why not try the double 52-week money savings challenge? Keeping your keeping habit active at all times facilitates the growth of your wealth.

It is simply double everything in this version. You’ll save $2 the first week, $4 the following week, $6 the third week, and so on. In the final week, you’ll save $104. As a result, you will have a total of $2,756 by the end.

Flexible 52-week for money freedom

There are numerous versions based on the 52-week standard. One of them is this flexible 52-week savings challenge. This version consists of 52 weeks in which you will save anywhere from $1 to $52, but the order is irrelevant.

You might save $3 the first week, and after that, deduct $3 and save a different amount the following week. Continue to cross the numbers off as you use them, and by the end, each number should have been used only once.

As a result, you’ll save the same $1,378 as the number of the week in your challenge, but you’ll have more flexibility with this amount each week.

3.3. Money savings challenge by month

Monthly challenge

This is a unique challenge, and the rule is very similar to the cow and bear rules of the business market. Let’s take a deeper look at how it works.

You save $25 in the first month, $50 in month two, and the goal of month three is $75.

Your monthly savings goal eventually rises the highest to $150 for months 6 and 7. However, it then begins to fall back to $125, $100, and so on.

Saving twice per month strategy

This, like the bi-week saving for the rainy day, is a good option for people who get paid twice a month.

With this challenge, you will save a set amount of money for each paycheck. You can use the chart below to determine how much you should keep, and the result is still a savings of $1,378.

Twice Per Month Money Savings

3 months in saving

If you need money for a short-term goal, this three-month saving for the rainy day is the one for you.

To follow this challenge, you’ll save exactly $84 per week. After three months, you can have up to $1,000.

12-month challenge

This test requires you to save your money each month. You will have a total of $1,050 by your amounts ranging from $25 to $150 per month.

3.4. Other savings challenges

Saving a penny every day

Small things can also make a big difference. In other words, many pennies add up to a dollar or more. Therefore, this test is straightforward to complete. You begin with one penny and gradually increase your balance for one year. In one year, you save a total of $667.95! Is that incredible? It’s time to start now.

$1 bill savings challenge

There is no time limit for beating this test. It’s as simple as putting a one-dollar bill in your savings envelope whenever you get a one-dollar bill as change.

This $1 bill savings challenge works best if you are already familiar with the envelope system. In case you don’t have that, a large jar is also the best choice. The year ends, you’ll be overwhelmed at how much money you can save!

$5 bill savings

For 3 months, you save every $5 bill you receive. If you don’t use cash, transfer $5 from your checking account to your Nest Egg.

After the closing of this challenge, you will receive a significant amount as a reward.

1% challenge

There are two ways to participate in this:

  • Use a life insurance calculator to calculate how much you want for your retirement. Then, increase your 401(k) plan by 1%, then another 1% the following month.
  • Determine 1% of your gross pay, divide that total by your total paychecks for one year, and put that amount into your savings account after your first paycheck.

Repeat the process, increase your savings rate to a higher percentage and enjoy the fantastic results.

100 envelope money challenge (100-day money challenge)

Begin with 100 envelopes and write each number 1 through 100 on one of them. Every day, you will draw one of the envelopes randomly, and you put in the amount corresponding to the number on the envelope.

Take a new envelope daily, and you’ll have $5,050 after 100 days!

26 paycheck challenge

Every week, you increase your savings rate by $10. The first week, you save $10, and the second week, you save $20. It has a cap of $60, which is ideal for those on a tighter budget.

After 26 paychecks (roughly a year), you will have an extra $1,000 in savings!

Bad habits money jar

Is there a habit you’d like to break, such as swearing, smoking, or being late for an appointment? Put money in a punishment jar every time you engage in that behavior.

Cancellation challenge

Recheck all of your subscriptions. Cancel as many as you can and put the money you would have spent on them into savings.

Christmas club saving accounts

Credit unions provide access to these accounts. When you open a Christmas Club Savings account, they give you a payment coupon book to make deposits. Your funds will be transferred into your dedicated account on November 1. You cannot withdraw funds from this account without incurring a penalty, which keeps you from being tempted to spend it.

Coffee maker

Set up a jar or a piggy bank next to your coffee maker for this test. You will then set a goal for yourself to make your coffee. Every time you do, you can put $2.75 (the cost of a cup of coffee) into your piggy bank!

A clever girl fund

You should establish a sinking fund. It is money that you set aside each month for a one-time or irregularly scheduled expense.

A sinking fund allows you to plan ahead of time for large purchases. It also keeps you on track with your savings goals, keeps your debt at a manageable level, and allows you to make purchases without feeling the pinch.

Do a money throwdown (saving competition)

Challenge a friend, family member, or partner to save more money in a month than you do. Then, get to work on finding out how to win your savings competition.

Check back at the end of the month to see who has won these money savings challenges. The loser will give the winner a prize.

Tracking expenses challenge

Write down and categorize every single purchase you make for an entire month. You might be overwhelmed at how much money you spend on certain items! Then, this is a huge motivator to push you into saving.

Finding extra money

Find the tips and tricks to help you find the extra money you didn’t know you had. This money challenge will motivate you to think outside the box. For example, you could cash in all the spare change in your wallet, car, purse, or lying around the house.

Alternatively, spend less than your grocery budget and put the difference in your savings account. You can also make extra money by decluttering your home and selling items you no longer use.

Free entertainment challenge

For a week, don’t spend any money on entertainment. Make do with what you’ve got. Use your Netflix subscription, for example, or play that board game that’s collecting dust in your closet. You can also attend free community events or visit a park.

Save fever challenge

Draw a thermometer on a paper or cardboard—the bigger, the more motivating—and write your savings goal at the top. Add interim savings goals to your thermometer and begin coloring them in as you reach your goals.

Holiday assistant fund

Beginning January 1, set aside $20 from each week’s budget for savings. You will have an additional $960 by the end of November.

Little vices challenge

You’ll have to consider every purchase and determine whether it’s a vice or a necessity. Vice purchases are items that you can live without.

With this challenge, you have two options. You can either abstain from all vices for an entire month or abstain from specific vices for an even longer time.

Make extra money

A side hustle can help you earn an extra $100 per month. A side income is a great way to supplement your income and become less reliant on your full-time job.

Diary savings

Keep track of your financial transactions. This reflection can help you become more aware of where you’re spending your money and identify areas where you can save!

Regular bills saving

Reduce one of your regular bills. Most of your bills are negotiable, even if the companies’ websites list their rates. Try to bargain and keep your money.

Reusable products

Many of the products we buy have a one-time use and are never used again. This is a money challenge to find one disposable item that can switch out for a reusable item.

Saving change challenge

Only keep your change! If you have some spare change, you can immediately deposit it in the piggy bank and finish your task.

Sell your around stuff

Sell five things around your house. You can only increase your savings by earning more money. In other words, you can begin by selling a few items from around the house.

Rounding up or spare change challenge

Round up your purchases: Use the app to keep track of your spending. If you pay $1.75 for a drink, it will round it up to $2 and invest the $0.25 for you.

Save all of your change/coins: If you pay with cash and get two quarters back, put them in a jar or a piggy bank and let the change accumulate.

The holiday gift challenge.

Many credit unions offer holiday interest-bearing savings accounts, into which you can deposit $5, $10, or another amount each week, and when December rolls around, you’ll have money for the dream vacation.

The pantry challenge

The Pantry Challenge will put grocery shopping on hold until you’ve used up all of the food in your pantry, freezer, and refrigerator.

Utility savings

Reduce your electricity, gas, and water bills. The following ways can help:

  • Purchase a smart thermostat.
  • Make use of portable fans.
  • Use LED lighting.
  • Make use of a toaster, microwave, or Instant Pot.
  • Wash your clothes and hang them to dry on a rack inside or outside near a sunny window.

Water only challenge

Only drink water for a week. If drinking water alone is too dull for you, try adding lemon, berries, or cucumber slices.

Weather Wednesday money challenge

Every Wednesday, you deposit money into your bank account and link it to the highest temperature in your area. Truly, you will most likely keep more money in the summer than in the winter. So, if the temperature reaches 100 degrees on a Wednesday in August, you must deposit $100 into your savings account. Do the same thing in the winter.

4. Outstanding resources for money saving

  • Rakuten: It is fantastic because you can get up to 40% back when you shop online at over 2500 stores such as Amazon, eBay, Macy’s, Kohl’s, and so on. Signing up is completely free.
  • Checkout51: It is a grocery shopping app that gives you cashback! If you buy groceries on their list, you can take a picture of your receipt and keep it to your app. It will take a few days for your application to be approved, and then you will have money in your Checkout51 account!
  • Amazon Prime: This membership comes with two fantastic perks: free two-day shipping and free access to movies, TV shows, music, and books.
  • $5 meal plan: They give you a weekly meal plan for $5/month, with each meal costing about $2/person!
  • Honey: Honey is an app that analyzes the items in your shopping cart and suggests coupon codes to you. If it finds relevant promotion codes, it automatically enters them!

5. It’s time to start your favorite money-saving challenge

  • New month: Every month, it’s a good idea to try a new savings challenge. Monthly goals allow you to break down large goals into smaller chunks that are easier to achieve.
  • New season: A new season can be an ideal time to begin a financial strategy. For each season, you can try a 90-day savings challenge.
  • A new year: The start of a money challenge in the new year is ideal. You can make your money-saving challenges become your year’s ultimate goal.

Saving money is not a short-term task; you must be patient and committed to your original goal. If you are a student, let’s consider a student loan refinance option to reduce the interest rate. The key to completing these save money challenges is your motivation, consistency, and patience. Don’t waste time; get up and start saving right away. HanFincal is always your motivation to push you on the line.

==> Read More: