14 Money Challenges to Help Start Your Savings

Money Challenges to Kick Start your Savings

If you are anything like us, you love a good competition. I want you to challenge yourself about all the ways you can save money! If you have a goal like going on vacation, buying your 1st home, going to the Super Bowl or attending World Cup, or anything else you may want to save for, these money challenges can help you get to your savings goal faster. And if you’re in a slump or feeling unmotivated about saving, slap yourself and get out that slump and play these money challenges with me.

When you decide to play, stick with it. I encourage you to finish the challenge and don’t quit! Keep it pushing and finish the race. You can do as many money challenges as your heart desires; the more challenges you do, the bigger the savings! If you get discouraged, it’s ok. Just get back up again and keep trying. Remember, run your own race!

1.) Do a “No Spend” for 30 Days

This is my favorite challenge because I am always so tempted to spend money on eating out or my personal favorite, on makeup; especially those new eye shadow palettes or a fresh new lipstick. With this challenge, you CANNOT spend for 30 days. For example, you challenge yourself to not spend money on clothing, makeup, eating out, or anything that is unnecessary. This challenge will also help you realize all the impulse buying that you are doing. Like those Target hauls, where you only go in for toilet paper and end up spending a fortune when you come out (I swear it’s the bright lights or that bullseye that makes people spend like crazy in that store. You know what you’re doing Target; you ain’t foolin’ no one). All that impulse buying can literally add up.

14 Money Challenges to Help Start Your Savings

2.) Use All The Food In Your Pantry Challenge

You’re probably thinking, “what are you talking about?” But I mean just that. You’d be so surprised what you can whip up with just the things in your pantry. Go on Pinterest and there’s a bunch of recipes that can help you with those pantry findings. I went 2 months without purchasing food from the grocery store because I literally used up EVERYTHING that was in my pantry. I have two kids who eat like pigs and constantly asking “can I have a snack” but we did it!

3.) Pay Yourself First Challenge

I love this one! Why? Because I am paying myself first. This challenge may require you to step into the bank if you do not have a savings account. Go set up a savings and establish an automatic transfer from your checking to your savings. You can start by just doing $25.00 a month, where it transfers automatically to your savings. Every month, challenge yourself to go from $25.00 that week to $30 and so on and so on. You’ll be so surprised on how much money you can save paying yourself first! There are also some cool features that some banks offer like “keep the change” or “save as you go”. A huge shout out goes to those banks! I also like to hide my savings so I’m not tempted to touch it. Out of sight, out of mind.

4.) The Change Jar Challenge

If you’re the type that likes a visual of your money growing, place all the loose coin that you come across and put it in a jar. If you don’t like the dimes touching the nickels, or the pennies touching the quarters, have separate jars for each coin. You’ll be surprised by the end of the year of how much coins you saved in a jar just from all the loose ones.

14 Money Challenges to Help Start Your Savings

5.) The Daily Save Challenge

  1. Monday: $1.00
  2. Tuesday: $2.00
  3. Wednesday: $3.00
  4. Thursday: $4.00
  5. Friday: $5.00
  6. Saturday: $6.00
  7. Sunday: $7.00

You get the idea, for every day of the week, you put into your savings. This can add up to $1,456 a year!

6.) 52 Week Challenge

This is by far the most popular challenge. You can get an idea at the Local Government Federal Credit Union where they provide you a work sheet to help you start. Starting with week 1, you’ll save $1.00. On the 2nd week, you save $2.00, and it continues throughout the year, adding one more dollar to each week’s savings goal. By the 52nd week, you’ll set aside $52.00, which will bring the year’s total savings to $1,378!

7.) Find a Free Activity for the Family

There are numerous of free activities that you and your family can participate in. We challenge you to make a competition out of it and see what each family member comes up with to plan a free family activity. It has to be completely free!

14 Money Challenges to Help Start Your Savings
Free Family Activity Like Walking on the Beach

8.) Bring Your Lunch Challenge

This challenge will definitely help you save money big time. Let’s just say you spend $10.00 every day for lunch 5 days out of the week. That’s $50.00 a week, and all the lunch you buy comes to $200 a month! Challenge yourself for the month to save all that lunch money and bring your lunch to work! Put that money that you would of been spending on food into your savings.

9.) Dollar Bill Challenge

Whenever you receive a dollar bill don’t spend it. Store it in a jar, shoe box, etc., and see how much you saved by not spending any $1.00 bills by the end of the month.

10.) $5.00 Bill Challenge

If you want to crank it up a notch, do the $5.00 bill challenge. It is the same as the $1.00 bill challenge, just with $5.00 bills. Watch your money stack up.

11.) Find a Side Hustle Challenge

Turn your hobby or something that you’re good at and make money from it. Our cousin use to make bows for her daughter as a hobby, then she decided to sell the bows. She makes really good money from making bows. She even turned it into a business. Instead of spending money, focus turning your creativity and passion into a side hustle. We talked about spending in our other posts “Spending Addictions Are Real“.

12.) Sell Items That Do Not Bring You Joy Challenge

Sell items that do not bring you joy challenge
Get Rid of Clutter

After watching “Tidying Up” with KonMari, she made me want to get rid of everything in the house! I sold everything that did not bring me joy or that I was no longer using. It allowed me to declutter my home, but not only that, I was able to bring in extra cash from the items I no longer needed. I warn you, when you watch her show on Netflix, you’re going to want to rid of everything in sight!! BE WARNED!

13.) Turn Off Lights Not In Use Challenge

We get a kick out of this challenge. We make this into a competition in the household. Sometimes it’s to the point where we don’t even turn on the light when entering the garage when it is pitch black. We realized you can save so much money when you do not use as much electricity. Even the bill provider credits you on your next electricity bill, which a huge bonus when you do not use as much electricity.

14.) Air Conditioner & Heater Challenge

This challenge is also the same as the “Turn off lights not in use challenge”. See how long you can go before you even turn on the A/C or Heater.

Let us know if there is any other challenges that you may have in mind, we want to hear from you. Whatever challenge you decided to do, this will for sure kick start your savings journey.

Good luck!

Written by: Brittany


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