These money saving challenges are an exciting way to increase your savings. You can easily save up for a vacation or invest in your dreams.
Who doesn’t love a good challenge?
Wouldn’t you want to participate in a challenge that lets you have more money when the challenge is over?
The entire challenge may be full of intense pep talks and a few tears, but the reward will be worth the struggle.
Learning self-discipline and healthy spending habits are great benefits of a money saving challenge.
With all of the different challenges available, I’m positive you can find at least one you can stick to.
But before we dive headfirst into the different challenges, check out this post on how to easily have a successful no-spend challenge.
Awesome preparation is necessary for you to have a profitable money saving challenge.
Once you’re prepared, kick off any of these exciting challenges and start maximizing your savings!
A no-spend challenge is when you don’t spend money on anything other than necessities for a certain amount of time.
It could be one day to as long as a year. You decide how long you want your challenge to last!
Meal plan and take inventory of your pantry and fridge so you don’t spend unnecessary money at the grocery store.
Also, try to find free activities to keep you busy so you’re not sitting at home thinking about all of the things you could be spending money on.
A savings tracker (included in the Challenge Your Money Workbook) will help you keep up with how much you save each month so you know exactly how much progress you’re making!
This is a challenge that encourages you to save a certain amount of money every week.
It works like this:
I think you see where I’m going with this!
By the end of week 52 when you’ve saved your $52 for that week, you should have a total of $1,378.
That’s extra cash you could put in your emergency fund or use for an epic family vacation.
If you want to make this challenge harder, try doubling or tripling how much you save each week.
The 52-week money challenge is great for you if you want something that starts easy and builds momentum throughout the year.
This challenge is exactly what the name implies.
It’s still the 52-week money challenge except it works like this:
This one is a bit more tricky since the weeks don’t align with how much you’re saving but I’ve got you covered!
The Challenge Your Money Workbook will help you easily keep up with how much you save each week.
Just like with the traditional 52-week money challenge, you can also double or triple your weekly savings.
If you get paid monthly this is the perfect challenge for you!
The monthly saving money challenge has a certain amount of money you save each month.
It works like this:
After July, the amounts go back down by $25 increments so in December you only save $25 again.
At the end of this challenge you should have $1,045 saved!
The expense tracking challenge is an excellent way to spot problem areas in your spending habits.
With this challenge you track every single penny you spend for a certain amount of time.
Don’t skip over small expenses like that Dr. Pepper you guzzled on the way home so you wouldn’t have to share with your kids.
Those small expenses are probably costing you the most!
To get started with the expense tracking challenge, grab an expense tracker from the Challenge Your Money Workbook and keep it with you for the entire challenge.
This is a fun challenge because most of us can remember our parents or grandparents saving their coins in some type of container or jar.
For the spare change challenge, you save all of your loose change for an entire year!
At the end of the year take your mason jar or whatever you’re using to a coin star that will count it all for you.
I bet you will be surprised to see how much money would’ve gotten left behind in the couch cushion or cup holder!
These are fun challenges that make saving money more exciting.
Every time you complete a challenge you will be even more disciplined with your money than you were before.
If you mess up during the challenge keep going full steam ahead. Some money saved is better than no money saved!
Do You Want To Enjoy Saving More Money?
Welcome! I’m LaCresha