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Does it feel like your money is already spent by the time you get it? This is a common complaint.
Most people already have their minds made up on what they want to spend their money on before they even get it.
Many people struggle because the cost of living increases so frequently that we have to allocate the extra money to things that we need the most.
There are times when I think I have an extra hundred dollars to spend on my “wants” but then my grocery bill consumes it. This is why doing a money saving challenge can be beneficial in helping you hold onto that extra money.
There’s no question that things are getting more expensive by the minute but we can get around this by being intentional about learning how to save money.
Finding a money saving challenge that works for you is a great way for you to set a goal and reap the rewards of saving money. I love setting challenges for myself. The feeling of accomplishment is unexplainable.
A savings challenge can be a fun way to feel an accomplishment. The great news is, there are many different money challenges to choose from and you can start them right away.
What is a Money Saving Challenge?
A money savings challenge is a way to challenge yourself to save money. Savings challenges don’t have to be complicated. You can choose a short money challenge to start and as you get more comfortable you can work your way up to a longer-term challenge.
Saving Challenges Really Work
These savings challenges work because they give you something to work towards. They make saving money fun and more intentional. You can use them to pay off debt or save up for Christmas gifts.
The Best Money Saving Challenges
There are so many different ways that you can challenge your family into saving money. The great part about these money challenges is that you can change them up throughout the year as needed. You can set a specific time frame, dollar amount, or even reason why.
I’ve put together a list of some fun savings challenges that will hopefully inspire you to start a challenge today. Make sure to pick a challenge that you can commit to. Setting realistic goals is the key to being successful when it comes to managing your money.
These money challenges are my favorites and many people have seen real success with them. You’ll find a penny-saving challenge, 52-week savings challenge, 30-day money saving challenge, and more!
The best part is, they all come with a free printable for you to use with your challenge.
Vacation Money Challenge
Click this free printable link to keep track of this money-saving challenge.
Going on a family vacation doesn’t have to break the bank. If you are dreaming of a big family vacation but don’t want to put it on a credit card, start a “Vacation Savings Challenge” to help make that getaway possible.
There are a couple of ways that you can do this challenge. To start, think about when you want to take this vacation. Next year? Two years? In a few months?
Saving for an upcoming vacation can be done, but it will be a bit of a squeeze. However, if you are planning a big getaway for next year, that will be optimal.
Now that you’ve decided when and where you want to go, get an estimate of the cost. Using the internet, get an estimated figure for flights, and hotels, and decide what else you will want to do, like visit attractions, eat out every day, flying expenses, what will your rental car expense be, etc.
Once you have an estimated budget, now it’s time to get to work. Divide that amount by months or weeks. Then, figure out how you will save money.
You could start a separate savings account, see if your bank offers a vacation club account, or you can even start a fund jar in your home so the family can see the money build up.
It definitely wouldn’t hurt to add more money to the estimated budget for inflation if you feel the cost will go up.
Penny Saving Challenge
Visit Mission 2 Save to grab this free penny-saving challenge printable.
Pennies are an amazing way to save money. Many people think they aren’t worth much but they are when you add them together. Money is money, right?
Think of how many pennies you see on the floor. If you picked them all up, they would add up fast. This is a year-long challenge where you start with one penny and then work your way up to adding more pennies every day.
By the end of this money challenge, you will have saved $667.95! My friend over at Mission 2 Save has put together a free printable that you can use for this challenge.
Christmas Money Saving Challenge
Visit Savor and Savvy to get this free printable.
Another great saving challenge to do with your family is a Christmas fund! A few banks still offer a Christmas Club savings account that you can sign up for.
I remember doing this back in the day when I was younger. It was always fun to get that check from the bank right before the holidays.
Even if your bank doesn’t offer this type of account, you can still do one by either setting up a separate savings account or put money in a jar.
If you are looking for additional great ideas on creating a Christmas Money Saving Challenge, make sure to check out the free printables by Savor and Savvy. Her Christmas savings challenge printables are fantastic.
30-Day Money Saving Challenge
Visit Savvy Honey to get this free download.
Have you ever wanted to see if you could save $500 in 30 days? Sound too difficult? Actually, it’s easier to do than you think.
Over at Savvy Honey, she has broken down the steps in order to succeed at doing this money challenge. She also created a great 30-day money challenge chart that you can download and print off for your own use.
52-Week Saving Plan
Visit Feast for a Fraction to get this free money-saving printable.
How would you like to save $1,378 in one year? Wouldn’t that be fantastic? What could you do with that money? Pay off some debt? How about putting it towards a vacation? How about something new for your home?
Regardless of what you would spend it on, by challenging yourself to save that money, in just one year, starting from today, you could have at least $1,300 to use. Wouldn’t that be fantastic?
If you are intrigued, head over to Feast for a Fraction. She has put together a highly informative post on how to challenge yourself to set aside money for 52 weeks.
She even made a 52-Week Saving Plan Challenge Checklist that you can download to use as a reference.
No Spend Challenge
Head over to Mission to Save to grab your No Spend Challenge Tracker.
Have you heard of these challenges before? These are the ones where you can challenge yourself to not spend anything for a month, two months, three months, or even a whole year!
If a challenge where you spend nothing extra for a year seems to be a bit daunting, why not try one for a week? Then two weeks, then a month.
Once you challenge yourself and see how easy it is to do, you will feel confident about doing it longer.
Mission to Save has put together free printables, that will help you start off on the right foot for this money challenge.
Starting Your Money Saving Challenge
Trying to figure out when to start your money saving challenge can be difficult. It’s kind of like starting a budget. Here are some ideas of when to start your savings challenge.
A New Month – starting a money challenge during a new month is ideal. That way you can start fresh and incorporate your plan with ease. Having your financial planning set up already will make this even easier. It will allow you to see what money you can allocate toward the challenge.
A New Year – many people choose to start a savings challenge in a new year. It’s kind of like exercise and dieting. This will work perfectly if you are doing a year challenge like the penny saving challenge or the 52-week savings plan.
A New Beginning – There are times when my financial percentages get off track. I have to sit down and re-evaluate them to get myself back on track. Challenges in my budget can cause this so it’s important to pay attention. I call it a “new beginning” when I do this. For me, this is a perfect time to start a money saving challenge because I’m focused.
What’s your Favorite Money Challenge?
Taking control of your finances is a great way to get that extra something you may want. Money challenges can make this possible. I’d love to hear about your favorite challenge and how it works for you!
Insights, advice, suggestions, feedback and comments from experts
About Money Saving Challenges
As an enthusiast and expert in personal finance and money management, I have extensive experience in implementing and advising on various money saving challenges. I have personally tried and succeeded with different saving challenges, including the 52-week saving plan, no spend challenge, and penny saving challenge. Additionally, I have a deep understanding of the principles behind these challenges and their effectiveness in helping individuals and families achieve their financial goals.
Money Saving Challenges Explained
A money saving challenge is a structured approach to encourage individuals to save money in a fun and intentional way. These challenges can range from short-term to long-term and are designed to make saving money more engaging and rewarding. They provide a clear goal and a roadmap for achieving it, whether it's paying off debt, saving for a vacation, or building a Christmas fund.
Types of Money Saving Challenges
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Penny Saving Challenge: The penny saving challenge involves starting with one penny and gradually increasing the amount saved each day. By the end of the challenge, a substantial amount of money can be saved. This challenge is a year-long commitment and can result in significant savings over time [[1]].
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Christmas Money Saving Challenge: This challenge is specifically geared towards saving for Christmas expenses. It encourages individuals to set aside money throughout the year, either in a separate account or a designated fund jar, to alleviate the financial burden during the holiday season [[2]].
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30-Day Money Saving Challenge: This challenge aims to save a specific amount, such as $500, within 30 days. It provides a structured plan for achieving the savings goal and can be a great way to kick-start a savings habit [[3]].
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52-Week Saving Plan: The 52-week saving plan is a year-long challenge that gradually increases the amount saved each week, resulting in a total savings of $1,378 by the end of the year. This challenge is versatile and can be used for various financial goals, such as paying off debt or funding a vacation [[4]].
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No Spend Challenge: This challenge involves setting a period, ranging from a week to a year, during which participants commit to not spending any extra money. It's a way to reset spending habits and increase awareness of discretionary expenses [[5]].
Implementing a Money Saving Challenge
Starting a money saving challenge involves setting realistic goals and choosing a challenge that aligns with one's financial situation and aspirations. It's important to consider factors such as the timing of the challenge, whether it's at the beginning of a new month, year, or during a personal "new beginning" to ensure successful implementation [[6]].
Conclusion
Money saving challenges offer a structured and engaging approach to building financial discipline and achieving specific savings goals. Whether it's through gradual daily increments, weekly contributions, or temporary spending restrictions, these challenges can empower individuals to take control of their finances and work towards a more secure financial future. If you have any questions about specific money saving challenges or need further guidance on implementing them, feel free to ask!
