12 Must-Try Savings Challenges That Make Saving Fun

Fun savings challenges to develop positive savings habits.
Estimated Reading Time: 7 minutes

Discover the power of saving money with fun savings challenges designed to help you achieve your financial goals. Developing the habit of saving money is crucial for achieving financial stability and security. However, with the daily demands of life, it can be challenging to set aside funds.

Saving challenges provides creative strategies and encouraging techniques for saving money by breaking down the process into manageable steps.

If you’re looking to kick-start your savings journey or improve your money habits, saving challenges offer creative approaches to putting money aside, making the saving process both rewarding and sustainable. Money savings challenges vary and cater to different preferences and lifestyles, allowing you to meet long-term and short-term money goals. Here are 12 of our favorite savings challenges to help you save like a pro!

Benefits of Saving Challenges 

As a college student, I understand the importance of financial literacy and how it empowers you to make informed decisions, reduce financial stress, and achieve independence over your economic well-being.

We love savings challenges because they create a tangible and visible progress marker. They also make saving more fun and promote regular savings. 

I love money saving challenges because they provide a fun and motivating way to see progress quickly. Unlike automation, savings challenges are hands-on but don’t require much time to set up or execute.

Filling envelopes and checking off completed tasks is satisfying but also boosts motivation to achieve new milestones and look forward to what’s next.

12 Fun Savings Challenges To Transform Your Saving Habits

1. 100 Envelope Challenge (Save $5,050 in 100 Days)

The 100 Envelope Challenge is a creative and tangible savings method. This challenge helps instill discipline and persistence, allowing you to witness the gradual growth of your savings. 

Gather 100 envelopes, a pen, and a container to house them. On each envelope, note the corresponding day and the targeted savings amount. For example, label the first envelope as “Day 1 – Save $1.” Proceed to the second day, where you’ll label the envelope “Day 2 – Save $2.” Continue this process until you reach the final envelopes labeled “Day 100 – Save $100.”

Every day for 100 days, select the envelope corresponding to that day and deposit the specified cash amount. Afterward, place the envelopes in a container for safekeeping until you reach the end of the challenge. When you reach the 100th day, your accumulated savings will amount to $5,050.

I love that this challenge provides a physical, visual, and rewarding way to track progress. So get creative with this one!

Click here to grab a 100 Envelopes Money Saving Challenge Tracker on Amazon.

2. 10,000 Envelope Challenge (Save $10,100 in 100 Days)

This challenge is a deviation from the 100 Envelope Challenge. The 10,000 Envelope Challenge is another systematic and efficient way to set funds aside within 100 days. Each envelope represents a milestone, and as you fill them with cash, you’ll witness your savings grow. 

Like the 100 Envelope Challenge, you will need envelopes, a pen, and a container. Give room for your creativity to flourish and let your artistic side shine. Elevating the visual appeal of your envelopes can serve as a motivator. Putting effort into the aesthetics of your savings journey adds an element of enjoyment and personalization to the process.

With the 10,000 Envelope Challenge, break down your savings goal into 100 envelopes. However, instead of labeling each envelope with a linear increase like $1, $2, $3, and so forth, you will take a different approach. 

Write down the day number on each envelope and multiply it by 2 to determine the designated savings amount. For instance, “Day 1 – Save $2”, and the second day would read “Day 2 – Save $4”, continuing this pattern until you reach Day 100 with Save $200. 

Upon completing the 10,000 Envelope Challenge, you will find that all the money you set aside adds up to $10,100. 

3. 52-Week Savings Challenge (Save $1,378 in a Year) 

If you’re looking for a simple savings challenge you can commit to throughout the year, try this one! 

The 52-Week Savings Challenge is a structured savings technique spanning a year. In this challenge, you set aside a specific amount each week, starting with a small sum and gradually increasing it. 

For example, on week 1 of the challenge, you will put aside $1, then $2 on the second week, and so on until you reach $52 in the final week. By the end of the year (52 weeks), you will have $1,378 saved.

The reverse version of this challenge is another option. It flips the sequence and allows you to progressively decrease the amount of money you put aside each week. So, on week 1, you will put aside $52 and $51 on the second week, similar to the original version. 

4. $20 Per Week Challenge ($1,040 in a Year)

The $20 per week challenge is a straightforward saving method. Commit to setting aside $20 each week of the year; by the end of those 52 weeks, you will have saved up $1,040.

While $20 may appear insubstantial at first glance, its cumulative impact can be significant. 

If you notice yourself routinely spending this amount on non-essential items, consider redirecting that $20 towards savings. Choosing to save rather than spend helps accumulate funds and instills money mindfulness. Those small, consistent efforts will lead to substantial savings and contribute to your overall financial well-being.

Listen to this episode to learn how money mindfulness can help you achieve your travel goals.

Listen on Apple Podcasts | Spotify | Amazon Music | iHeart | Any player

5. $5 Bill Challenge​​ (Save $6,890 in a Year)

The $5 Bill Challenge turns your everyday spending into savings. Each time you receive a $5 bill, stash it away. You’ll be surprised to see how quickly these small bills add up and create a painless way to save. 

Your savings journey begins with setting aside $5 in the first week. As the weeks progress, you incrementally increase the amount by $5 weekly. For example, in week 2, your savings will be $10.

By the time you reach week 52, you’ll be adding $260 to your savings, resulting in a cumulative savings balance of $6,890. The $5 bill challenge is an effective method that capitalizes on your regular spending to accumulate savings effortlessly over time.

Another option is to take a straightforward approach, setting aside your $5 bills in a piggy bank and monitoring your savings over several months or even a year. 

6. $1 Bill Challenge ($1,378 in a Year)

The $1 bill challenge is similar to the $5 bill challenge. This approach involves a simple and easy-to-follow structure. In the first week, you save $1. The following week, you gradually increase the savings by $1, which continues throughout the year. By the 52nd week, you’ll set aside $52, resulting in a total savings of $1,378 annually. 

Alternatively, you can try a different strategy with your $1 bills. Whenever you come across a $1 bill, set it aside for savings. Whether you choose to keep them in an envelope or a savings jar, make it a practice to save these seemingly insignificant bills. Periodically check in on your savings, perhaps after a few months or at the end of the year, for those aiming for more substantial savings. 

Either way, the $1 bill challenge is simple and provides a manageable way to build savings step-by-step.

7. 10K 52 Week Challenge ($10,000 in a Year)

The $10K 52 Week Challenge will help you accumulate $10,000 annually.

To meet this goal, save $200 per week for an entire year. 

8. No Spend Challenge

The No Spend Challenge is a popular saving method. It’s a powerful approach to reigning in spending and rejuvenating your spending habits. 

This challenge requires you to cut back on unnecessary expenses. Only purchase essential items and pay bills. Refrain from ordering takeout and spending money on nonessential goods or services. Do it for however long you want: a week, a month, or longer.

Some common categories to eliminate include:

  • Eating out
  • Coffee
  • Clothing
  • Amazon

Helpful Tip: Customizing the no-spend challenges to align with your specific goals and time limits is crucial. Tailor the challenge to address particular areas of overspending by creating a plan that outlines strategies to avoid them.

9. Weather Wednesday Challenge

The Weather Wednesday Challenge offers a simple yet engaging savings method, accelerating your savings significantly. In this challenge, your savings grow by different amounts each week. 

Every Wednesday, the highest temperature in your city determines the amount you add to your savings.

Check your weather app. The highest recorded temperature for that day will determine how much you’ll add to your savings. For instance, if the highest temperature is 62 degrees, save $62 that week.

Setting a weekly reminder can help maintain consistency.

This challenge is most effective in warmer states or during the summer months. Whether you pursue it for a year or a few months during the summer, you will likely witness a noticeable increase in your savings. 

10. $2,025 in 2025

Jumpstart your savings journey and set a goal of saving $2,025 in 2025 ($2,026 in 2026, and so on). 

You can choose an amount to contribute to your weekly savings, ranging from $5 to $100. To stay on track, I recommend following a template or planner. Creative guides on platforms like Etsy offer a variety of templates.

By the end of the year, you’ll have saved $2,025, which will leave you feeling accomplished after all your hard work!

11. Roll the Dice

Roll the Dice Savings Challenge is a game where you make up your own rules. This challenge can vary depending on how much you want to save. Choose between a daily challenge or a weekly challenge. Roll a dice every day or week, and what comes up is how much you save.                             

For example, if your roll results in a “4,” you commit to saving $4 on that particular day. On the other hand, rolling a “6” means you set aside $6. 

To increase your savings, consider introducing an additional dice, where you save the total amount rolled.

Another idea is to add a “0” to each roll. So, rolling a “2” means setting aside $20, and a “4” translates to a $40 savings commitment.

Templates for this challenge are available online, providing structured guidelines if you prefer following along.

I appreciate this challenge because it offers complete customization, allowing you to tailor it to your preferences. Explore what works best for you and embrace the flexibility of this savings game.

12. Nickel Savings Challenges ($3,339.60 in a Year)

This challenge is perfect for teaching children how to save and its impact.  

Begin this coin-saving challenge by placing a nickel into your savings jar. On Day 2, increase the daily contribution by two nickels. Continue in this pattern of increments. You will save three nickels or 15 cents on Day 3. Keep going until you reach Day 365, when you’ll put $18.25 into your jar.

While a nickel might seem minimal initially, your children will quickly realize how small increments can accumulate to something big. At the end of the year, your savings jar will amount to $3,339.60.

Savings are the financial cushion that allows you to navigate difficult times without plunging into debt. Life is unpredictable, and emergencies can happen at any moment. Having savings empowers you to anticipate the unforeseen, alleviating the stress of unanticipated situations. 

Whether you want to buy a home, finance your education, start a business, fund maternity leave, or retire comfortably, saving consistently is the key to turning these aspirations into reality. 

In summary, saving challenges are invaluable tools that help you build a consistent savings habit and progress toward achieving your money goals.  

In the comments below, comment with which savings challenge ideas you plan to try next. 

Click here for a step-by-step guide on how to start a travel fund.

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *