When you make things a bit more fun, it makes everything so much easier – and that’s exactly the same with saving money.
These money challenges won’t have you struggling to save huge amounts but will help you get into a habit.
Plus, following a plan will help to get you saving for your goal far quicker.
Look at some fun and easy savings challenges. Obviously, you can start with one, but why not try doing a few money saving challenges simultaneously.
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52 week saving challenge
Save £1,378 in a year
With the 52 week saving challenge, you start saving with just £1 in the first week.
By the second week, you’re saving £2, week three you’ll save £3 and so on.
When you reach the last months of the year, you are saving higher amounts – the 52nd week means you put away £52.
The 52 week saving challenge can get a lot harder in the final weeks, as in this savings challenge you are putting aside £202 in the final month.
If you don’t think you can do that much in one month, try to bingo the challenge and save the higher weeks randomly.
Reverse 52 week savings challenge
Save £1,378 in a year
This is a reverse of the 52 week savings challenge. Instead of starting with £1, you start with £52 added to your savings account.
So, you’ll be saving:
- £52 in week one
- £51 in week two
- £50 in week three
- £49 in week four
- £2 in week 51
- £1 in week 52
You get the harder amounts at the beginning of the challenge, making it easier to complete it towards the end.
With most people starting a savings challenge in the new year, this one won’t leave you skint in December when you might want spare cash for presents.
£1 a day money saving challenge
Save £365 in a year
Every single day of the week, for a year, you need to save £1.
If you don’t have the spare change to save into a piggy bank, look to move money over into a separate savings account.
1p saving challenge
Save £667.90 in a year
Over the course of 365 days, you start saving with just 1p and increase the amounts daily.
This might be the easiest money challenge, but you can save a decent amount.
Grab a free 1p saving challenge printable here. By the end of the year, you’ll have saved £667.90.
Save £5,050 in 50 weeks
Take 100 envelopes and write 1 – 100 on them.
Then, twice a week, pick two and add the money shown on the front.
You can get a free 100 Envelope Challenge printable tracker sheet.
Spare change challenge
Savings depend on how much you spend
Although we’re not using cash as much as we used to, instead of letting it sit in your purse/wallet or pocket, pop it into a piggy bank with the spare change challenge.
With this savings challenge, you won’t know how much you save as you go.
So, you need to decide if you want to wait until your piggy bank is full, if you have a savings goal, or if you are aiming for a specific date to spend the money.
£5 money saving challenge
Save £7,000 in a year
This is likely the hardest of the savings challenges, but you will get a very good amount of money in the end.
In a similar way as the 52 week challenge, this one sees you save in multiples of £5.
The first week you save £5, then in the second, you save £10, then £15. By the time you reach the last week of the year, you will have saved £260.
This challenge might be best if you’re saving for something big like a house deposit or a wedding.
I think this challenge is a real stretch, particularly towards the end of the year. But, if you can get started, you might be able to build up a habit and meet your savings goal.
Even if you can’t get all the way through, get started, save as much as you can, then why not start over.
£1,500 savings challenge
Save £1,500 in a year
With this money challenge, you can get yourself nearly £1,500 (£1,456) saved by the end of the year.
You save money at an increasing amount each day for a week:
- Monday put aside £1
- Tuesday save £2
- Wednesday save £3
- Thursday save £4
- Friday save £5
- Saturday save £6
- Sunday save £7
When the week restarts, so does the challenge.
Essentially you’ll put aside £28 a week just on a daily basis.
26 week saving challenge
You save money in the same way as the 52 week saving challenge, but you’re skipping a week.
This challenge can help you save if you get paid every fortnight.
- 1st week – put £4 into savings
- 3rd week – put £8 into savings
- 5th week – put £12 into savings
- 7th week – put £16 into savings
Then, just increase the amount you save every other week by £4.
It’s best to keep track of this one, so you don’t lose which week you’re on. By the end of the year you’ll have saved £1,378.
No spend challenge
Savings are down to you
How much do you spend if you pop to the shop to grab a loaf of bread and a pint of milk? What about when the kids want some sweets after a week at school? Or a coffee with friends?
Those small amounts add up fast over the days, weeks and months. Spending money willy-nilly is one way to throw your budget, so an easy way to save is simply to stop spending.
Set yourself a challenge of how many days you won’t spend money for. Do you think you could go 3 days or a week?
At the end of every week, transfer spare cash over to a savings account. You’ll build great habits and will really start to question your spending.
Why not just save a set amount?
If you know you can save £20 per week or £100 every month into a savings account then perhaps you just want to do that.
The idea of a money challenge is to get into a mind set that when you save money it’s fun.
It also gets you to really think about setting savings goals.
When should you start a savings challenge?
A lot of people prefer to start a monthly saving challenge in the new year.
However, there’s no reason start money challenges any day of the week, and any point in the year.
Getting on track with your personal finances isn’t limited by time.
What happens if you fail the challenge part way through?
You may worry you won’t be able to complete a money savings challenge, so don’t bother starting, but I think it’s an even better reason to start.
It’s happened to me. I was saving with the 1p challenge a few years ago, and an emergency meant we needed cash quickly.
We dipped into our emergency fund but needed a little more. So, partway through the year, we changed our coins up and used a few hundred.
Not put off, we just started again. Yeah, it was a bit disheartening to have not completed the money challenge, but if it wasn’t for starting to save in the first place, we’d have been in a massive hole!
Where should you put your savings challenge your money?
If you’re saving spare change or doing a cash 365 day challenge, it’s worth filling a piggy bank or large container. If it’s see-through, you can watch your money grow.
Otherwise, it’s worth getting separate savings account for the challenge. This way, you might be able to earn a small amount of interest too.
Benefits of starting a savings challenge
Making sure you have some extra savings is obviously one big bonus, but there are other benefits to all this.
Builds a habit
Saving money on a regular basis helps you get into a great habit.
You could do it once a month on payday, but small amounts here and there add up and help you to save money.
It also makes you want to save more as you can see it building.
Knowing you have a bit of money to fall back on can relieve stress and tension in your household.
Even if you haven’t decided what you’re saving for – fun/emergency/mortgage – a pocket of savings building up gives you more headspace to get on with other stuff, and you don’t need to worry as much.
Puts you off spending
If you’re putting your money into savings, you’ve got less chance of actually spending it.
These challenges help you save on the high street, on a coffee, or those random online spends.
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Money saving challenges
These are some of the easier money saving challenges to help you have fun while saving, keep you on track and help you reach your savings goal.
What is it you’re saving for?
And how many of these savings challenges have you tried before?
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Content editor at Skint Dad
Naomi knows the burden of living on very little and became debt free by following her own money saving tips and tricks. She is an expert on saving money at the supermarket and side hustles.
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Money Saving Challenges
The article discusses various money saving challenges designed to make saving money more enjoyable and manageable. These challenges aim to help individuals develop a habit of saving and work towards specific savings goals. Let's delve into the details of each money saving challenge mentioned in the article:
52 Week Saving Challenge
- This challenge involves saving increasing amounts each week, starting with £1 in the first week and reaching £52 in the 52nd week. It's a gradual approach to saving, with the potential to accumulate £1,378 in a year.
Reverse 52 Week Savings Challenge
- In contrast to the traditional 52 Week Saving Challenge, this challenge starts with a higher amount (£52) in the first week and decreases by £1 each week. This approach may be more suitable for those who prefer to save larger amounts earlier in the year.
£1 a Day Money Saving Challenge
- This challenge requires saving £1 every day, resulting in a total savings of £365 in a year. It emphasizes consistent daily savings to achieve the annual target.
1p Saving Challenge
- Participants start by saving just 1p and gradually increase the amount daily. By the end of the year, they can accumulate £667.90. This challenge highlights the impact of small, incremental savings over time.
- In this challenge, 100 envelopes are labeled with numbers 1 to 100, and money is added to the envelopes twice a week. This method encourages regular, structured savings with the potential to save £5,050 in 50 weeks.
Spare Change Challenge
- The savings depend on the individual's spending habits. Instead of letting spare change sit idle, it's recommended to collect it in a piggy bank and decide on a specific savings goal or date for utilizing the saved amount.
£5 Money Saving Challenge
- This challenge involves saving in multiples of £5, starting with £5 in the first week and gradually increasing the amount each week. By the end of the year, participants can save a substantial amount, making it suitable for larger savings goals.
£1,500 Savings Challenge
- Participants save increasing amounts each day of the week, starting with £1 on Monday and reaching £7 on Sunday. This structured approach can lead to savings of nearly £1,500 (£1,456) by the end of the year.
26 Week Saving Challenge
- Similar to the 52 Week Saving Challenge, this approach involves skipping a week and gradually increasing the amount saved every other week. It's particularly beneficial for individuals who receive income on a fortnightly basis, with the potential to save £1,378 in 26 weeks.
No Spend Challenge
- This challenge focuses on reducing unnecessary spending by setting a goal for the number of days without spending money. The saved amount can then be transferred to a savings account, promoting mindful spending habits.
Benefits of Starting a Savings Challenge
- The article also highlights the benefits of participating in savings challenges, including building a savings habit, reducing stress, and curbing impulsive spending. It emphasizes the positive impact of regular, structured savings on overall financial well-being.
By exploring these money saving challenges, individuals can find a method that aligns with their saving preferences and financial goals. Whether it's saving for a specific purpose or simply building a financial safety net, these challenges offer a fun and engaging approach to personal finance management.