25 Money-Saving Challenges To Try

25 Money-Saving Challenges To Try in 2023
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There are many ways to save money.  You can start the year by doing a money-saving challenge that sounds the most enjoyable based on your personality. In this article, I’ll share with you about 25 money-saving Challenges to try.

There are tons of benefits of saving money. Saving money is one of the essential aspects of building wealth and securing the future of your finances. By saving money you can eliminate the uncertainties in life and enjoy a better quality of life.

Followings are saving money methods that have recently popular. You can choose one of them and make it your saving money habit.

It’s never too late to start a new good habit and get your finances in order.

25 Money-Saving Challenges To Try

1. 52-Week Savings Challenge


If you have any financial goal or annual resolution, a 52-week saving challenge is a good option to start. In this challenge, you have to put aside your money every week. This challenge has some variations such as the common 52-week savings challenge, reversed 52-week savings challenge, saving $2,000 in 52 weeks, saving $5,000 in 52 weeks, and so forth. You can choose the most suit you.

How does this challenge work? I’ll explain to you the common 52-week saving challenge. So, you know the basics of how this challenge works, and you can adapt it to other versions of 52-week saving challenges.

  • Week 1: $1 into savings
  • Week 2: $2 into savings
  • Week 3: $3 into savings
  • Week 10: $10 into savings
  • Week 52: $52 into savings

The pattern is to increase the savings amount by adding $1 every week. This method is great to be an annual goal so that at the end of the year. If you start it in the new year, you’ll have saved $1,378 at the end of the year. You can use the money for holidays, or Christian gifts, or save it for your other bigger financial goal.


Recommended: 52-Week Savings Challenge


2. Reversed 52-week Savings Challenge


The pattern of reversed 52-week savings challenge is similar to the 52-week savings challenge. In this challenge, you should put aside $52 to save in week 1, $51 in week 2, $50 in week 3, and so on until week 52.

This is how the pattern:

  • 1st week: $52 into savings
  • 2nd week: $51 into savings
  • 3rd week: $50 into savings
  • 4th week: $49 into savings
  • 365th day: $1 into savings
Save 52 weeks reverse printable
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3. The $1 Savings Challenge


This challenge requires you to put aside $1 per day for 365 days. So the total saving will be $365 at the end of the year. Putting aside $1 is an easy thing to do. You may find it difficult to save large sums of money, but if it’s only $1, you should not find it hard.

After finishing the challenge, you will get used to it. You can prove to yourself that a small can lead to a big change and a new good habit.

This is how the pattern:

  • 1st day: $1 into savings
  • 2nd day: $1 into savings
  • 3rd day: $1 into savings
  • 4th day: $1 into savings
  • 365th day: $1 into savings

4. Keep the Change Challenge


If you’re a cash person, this challenge would be a good option. You can save money from the change in your daily transaction such as grocery shopping or book shopping. You should save the remaining amount from purchases. You can determine the time period in one month, 2 months, or 3 months to calculate the total and use it for your needs.

5. The 12-Months Money Savings Challenge


This challenge lets you save money with a nominal is the same as the number of the month. For example, if you save $10 in January, then $20 in February, $30 in March, and so on, until December. After 12 months, you’ll save $780.

This is how the pattern:

  • 1st month: $10 into savings
  • 2nd month: $20 into savings
  • 3rd month: $30 into savings
  • 4th month: $40 into savings
  • 12th month: $120 into savings

6. 26-Week Bi-weekly Saving Challenge


Save money every 2 weeks. The nominal is depend on you. If you start saving $20 in week 1, so you should save $20 in week 3, $20 in week 5, and so on. After finishing the challenge, you’ll have saved  $240. If you feel that the nominal is too small, you can increase it.

This is how the pattern:

  • 1st week: $20 into savings
  • 3rd week: $20 into savings
  • 5th week: $20 into savings
  • 7th week: $20 into savings

7. Rolls of Paper Challenge


Take the paper and cut it into a square size. Write down $3, $4, $5, $6, and $7, and make it into 6 papers each, so the total paper will be 30 pieces. If you’re still confused, the pattern is $3 x 6 pieces of paper, $4 x 6 pieces of paper, $5 x 6 pieces of paper, and so on. If you use those series of numbers, after finishing the challenge, you’ll have saved $150.

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If you think those series of numbers are too small then you can increase them. You can start from $5, so it will be $5, $6, $7, $8, and $10. You’ll have saved $270 when the challenge ends.

After you write down the series of numbers on each piece of paper, roll the paper. Save the roll in the container or bowl. Take one roll every day, and save money based on the number written on the paper.

This is how the pattern:

  • Write down $3 on 6 pieces of paper
  • Write down $4 on 6 pieces of paper
  • Write down $5 on 6 pieces of paper
  • Write down $6 on 6 pieces of paper
  • Write down $7 on 6 pieces of paper

Take one roll of paper each day, and save based on the number written on it. Do it until 30 days.

8. No-Spend Money Challenge


The no-spend-money challenge only allows you to spend money on essential things or your daily needs. Sometimes, this challenge is done in 30 days, however, you can adjust it to 60 days  90 days, and so on. This challenge helps you to spend money wisely.

Spend your money only on the things that you really need such as groceries, gas, electricity, and medicine. Don’t spend on non-essential things such as watching movies at the cinema or buying a cup of coffee from a fancy cafe.


Recommended: How To Make a Budget For Beginners [Beginner Guide]


9. The 1 Penny Saving Money Challenge


Put aside 1 penny on the first day, 2 pennies on the second day, 3 pennies, and so on. Increase the amount of penny over 356 days. By the end of the challenge, you’ll have saved $667.95.

Start saving 1 penny on the first day. It sounds small number, however, a small number leads to a bigger one. Just start with 1 penny, and it leads you to dollars.

10. Roll the Dice Money Savings Challenge


Take the 6-sided dice and make the number on its 6 sides as a benchmark for the amount of money that you will put aside. Roll the dice once each day for 30 days. If number 1 comes out, save $1, number 2 comes out, save $2, and so on.

This is how the pattern:

  • Number 1 comes out, save $1.
  • Number 2 comes out, save $2.
  • Number 3 comes out, save $3.
  • Number 4 comes out, save $4.
  • Number 5 comes out, save $5.
  • Number 6 comes out, save $6.

11. 30 Envelope Money Savings Challenge


Do you have some envelopes but don’t have any idea what to do? Go grab them, this challenge will fully utilize them.

Take 30 pieces of envelopes. Write numbers from 1 to 30 on them. Take a random one-piece envelope every day. Put aside money based on the number written on it. For example, if you grab an envelope with the number 8, so you should put $8 inside the envelope.

12. 100 Envelope Money Savings Challenge


The pattern of this challenge is the same as the 30-envelope money savings challenge. However, the range of the 100-envelope money savings challenge is longer.

Grab 100 envelopes, and number them from 1 to 100. Take randomly the envelope every day. Put aside money based on the number written on it.

If you think that saving every day is hard, you can make it every week. So, take randomly the envelope every week.

13. Weather Money Savings Challenge


Are you a person who always checks the temperature before doing activities every day? why not save money based on it? Put aside a number of money based on weather temperature. Check the highest local temperature, and match the number based on your ability to save money.

You can do the challenge every week, or biweekly. Determine your saving day, for example on Monday. So if the local temperature on Monday is 70 degrees, save $70.

14. The Pantry Savings Challenge


Generally, a household spends the most money on groceries. When participating in the pantry challenge, you have to commit to not buying food until all the possibilities in your refrigerator and pantry have been exhausted.

Many people forget the vegetables, fruits, and herbs they bought until those are rotten and have to be thrown in the trash.

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The pantry savings challenge requires you to consume all of these foods until there’s nothing left. It will save your money for a few days or weeks.

15. $2 Bill Saving Challenge


This challenge is easy. Keep all $2 bills that you receive as a change or withdraw from the bank to a safe spot or piggy bank. Check the money you’ve saved every month, a couple of months, three months, or do it for a year.

16. Ciggaret Saving Challenge


If you’re a smoker and wanna quit your smoking habit, try to do this challenge. Reduce your smoking habit intensity. For example, if you usually buy a box of cigarettes every 2 days, then reduce it to 4 days, and save money. By the end of the challenge, you’ll not only save money but reducing your smoking habit intensity.

17. Kick the Bad Habit Challenge


Similar to the cigarette saving challenge, the kick the bad habit challenge requires you to reduce or remove your bad habit, and save money. No matter what kind of bad habit you have, you should utilize them to save money.

How does the kick the bad habit challenge work? If you love to spend too much time on scrolling Instagram, TikTok, or Twitter. You have to limit it from now on to be more productive. Set a time limit to do it each day, and you should save money based on the surplus time. For example, the time limit to scroll TikTok is 1 hour per day, but you spend 1 hour and 10 minutes. So, you should save $10 as punishment.

You can do the challenge for a month, 2 months, 3 months, or the whole year.

18. 12-Month Savings Challenge


Sometimes, people find it difficult to set aside their money to save. If you find it hard to put aside your money every day or every week, you can try to save every month. It should be easier due to most people are getting paid (salary) every month.

When you have a lot of money, you’re less likely to mind setting it aside for something else. Besides that, you can include this saving challenge in your monthly budget. So it will be more organized.

How does it look? save $100 every month, you’ll have saved $1,200 by the end of the challenge. Save $200 every month, and the total money you would have $2,400 by the end of the year in your saving account.


Recommended: How To Make a Budget For Beginners [Beginner Guide]


19. Save $1,000 in 3 Months


This challenge is for you who need 1,000 for a big agenda in 3 months later. You can determine how much money you’ll need. How does it work? If you want to save $1,000 in 3 months, divide $1,000 by 12 if you want to put aside money weekly. So you should save $84 every week for 12 weeks. By the end of the challenge, you’ll have saved $1,008.

This is how the pattern:

  • Week 1: save $84.
  • Week 2: save $84.
  • Week 3: save $84.
  • Week 4: save $84.
  • Week 12: save $84.

20. Round up the Change Challenge


Every time you receive the change from paying the bills, you should round it up and put it into your saving account or piggy bank. For example, if you pay $9.6 for the bill, so you should save $0.5.

21. Make Your Own Coffee Challenge


Make your own coffee, put it into a tumbler, and bring it on the go. Do the challenge for 30 days or 60 days. Write down the money that you’ve saved by making your own coffee. For example, the cost/price of a cup of coffee from your favorite cafe is $4. You’d like to do the challenge for 30 days. So the total money you’ll have saved is $120.

22. 30 Wears Challenge


30 wears challenge was started by Livia Firth, a climate activist.  Wear your clothes at least 30 times before discarding them. By doing so, you’ll not just have saved money, but save the environment. By doing this challenge, you’ll not impulsive in buying clothes. Before making a purchase of clothes, you must ask yourself whether it is can be worn continuously until at least 30 times. If it’s not, let’s consider it again.

23. Trim 1% of Your Salary Challenge


Set aside 1% of your monthly salary to a saving account. Send 1% of your salary as soon as you get your monthly salary. If you find it difficult, try to make an automatic saving plan.

24. Buy Only Generic Saving Challenge


Replace products that you consume or use every day with generic brands. For example, replace toilet paper, dairy products, snacks, canned products, and dry goods such as pasta and rice with generic brands.

Do the challenge for 30 days. If you find it easy to do, continue until 60 days, 90 days, and so on.


Recommended: How to Save Money on Groceries in 14 Ways


25. No Eating Out Challenge


Cook your own food is healthier and saves money than eating out. However, if you have a restaurant gift, you can use it. Additionally, if someone treats you, just enjoy it. So, no eating out means that you can go out for dinner or lunch as long as you’re not spending money.

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FAQ (frequently asked questions) on Money Saving Challenge


What is the best money-saving challenge?
All money-saving challenge is the best as long as you enjoy them. Try them, and you’ll find the most suit you and the best for your needs.

What is the 50-30-20 saving method?
It is commonly used for a budget rule. In this rule, you should divide your income into three categories, spending 50% on needs, 30% on wants, and 20% on savings.

Final Thoughts: 25 Money-Saving Challenges To Try


Start your saving money habit by doing a little step, even just saving 1 penny. You should remember that saving 1 penny will lead you to save more dollars.

Don’t push yourself too hard for saving money, make yourself enjoy it. Do it for a long time and make it a habit.

Choose money saving challenge that suits you. You can try it all to find the one that most suits your personality and circumstances.

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