Jump-start your savings account with these 11 Money Saving Challenges!
We all know it’s important to save money. Let’s be honest though, saving money can suck sometimes, especially if you are living on a tight budget. There never seems to be enough left to put into savings at the end of the month. Believe me, I understand, but I also know that having a savings account is absolutely vital for your financial health.
Having a well-stocked savings account means less stress for you and your family. There is a sense of security in knowing that if the car broke down or your electric bill was higher than normal you could take care of it without going into debt.
Saving money doesn’t have to be so hard. Make it a priority and be intentional with your plan for saving. Before you know it, you will have a savings account you can fall back on.
Money saving challenges are a great way to jump-start your savings. In this post, I have included 11 different saving challenges to give you plenty of options. Look though them and find the one that fits your situation and budget the best and then get started!
Let’s start saving:
Yearly Money Saving Challenges
With a little persistence, you can save a lot in one year! Check out these five, yearly money saving challenges and get started today. Before you know it, your savings account will be fuller than ever!
$1,000 in One Year Challenge from Medium Sized Family
This money saving challenge is one of my favorite ideas for saving $1,000 in a year. Instead of saving a specific amount of money each week for a year, this plan gives you options.
Jamie from Medium Sized Family came up with an awesome chart to keep you on track. Every week, you choose an amount to save from the chart and then cross it off.
Maybe one week you have more money then usual, you can choose to save more. If you have an unexpected bill another week, you can choose to save less.
Click to head over to Jamie’s post and get the printable chart and all the details.
Penny Challenge from Smart School House
This 52 week money saving challenge is so popular and super easy too! For this challenge, you follow along with a chart and save anywhere between $.1 and $3.45 per day. By the end of the year, you will have saved $667!
Click to read the full post by Kelly over at Smart School House.
52 Week Money Saving Challenge from Frugal Mom Eh
The easiest way to build up your savings is with regular, automatic payments to your savings account. After awhile you don’t even miss the money! With this 52 Week Savings Challenge, you will save over $1500 by the end of the year.
Click to learn more about this smart money challenge over at Frugal Mom Eh, and try it for yourself!
52 Week Reverse Savings Plan by Four Hats and Frugal
For this saving challenge, you save the most money when you first at the beginning which is great because you’re still full of motivation! Every month you save a little less and a little less, so by the end of the challenge you are only saving $2 a week. By the end of the year, you will have $1378 in your savings account!
Learn more over at Four Hats and Frugal.
One Year Spending Challenge for Kids from Mom Dot
This money saving challenge is especially for kids. Learning to save money is so important, but it’s also something many of us struggle with. Teaching your kids to save money from an early age will set them up for success throughout their lives. With this savings challenge, kids can save $344 over the course of one year! That’s pretty darn good if you ask me!
Read the full article over at Mom Dot.
Monthly Money Saving Challenges
If you are new to saving money or you struggle to stay motivated over the long-term, try one of these 30 day money saving challenges. In just one month, you save $600 or more! It’s the perfect way to ease into saving money.
30 Day Saving Challenge from lw vogue
This money saving challenge is a little bit different. For this challenge, you will commit to not buying 10 things for 30 days. What you choose to give up for 30 days will be different for each family. To help you decide what to give up for 30 days, look back through your bank statements and see where you are overspending to make your own list of what not to buy.
Head over to the 30 Day Saving Challenge to learn more about this challenge and to see what happened when my family tried it for 30 days.
30 Days to $600 Savings Challenge form Finessing Finances
In this simple savings challenge you save $20 every day for 30 days. At the end of the month, you will have saved $600! This is the perfect quick savings challenge if you are planning to go on a trip or need to save money fast.
Click to learn more about this money challenge and get your free printable!
How to Save $1,000 in 3 Months from The Practical Penny
Unfortunately, emergencies are an inevitable and often expensive part of life. Whether it’s the car breaking down or an unexpected medical bill, having an emergency fund to pay for these surprise expenses is incredibly valuable. Having at least $1,000 set aside is commonly recommended, but when you’re living on a tight budget, coming up with that much money can seem like a daunting task.
Lauren from the Practical Penny shares this genius, money saving challenge. If you need to build an emergency fund, make sure click to read her post and learn how you can save $1,000 in 3 months even if you have a tight budget.
30 Day Frugal Living Challenge from lw vogue
This challenge is very eye-opening. It really helps you see how much of a difference small lifestyle changes can make to your overall budget.
For this savings challenge, read through the list of 40+ frugal living ideas and choose 10 – 15 ideas that you want to try, and commit to doing them for 30 days.
After the 30 days is up, you can add in a few more frugal living ideas to save even more money. Once you start implementing these lifestyle changes, you will see they aren’t all that difficult, and in the long run, they will save you a bunch of money.
Print out the free money saving printable worksheet below, and then click to get all the details for this Frugal Living Challenge.
Spending Freeze Challenges
I love a good spending freeze! If you are living paycheck to paycheck, this is a great way to free up some extra cash to build your savings account. With a little planning, a spending freeze can be a pretty painless way to save more money.
Weekly Spending Freeze from lw vogue
This weekend spending freeze is perfect for everyone, but especially for those living on a tight budget.
Recently my husband and I were looking through our bank statements, and we quickly realized we were spending close to $60 throughout the week on food alone (in addition to my big Sunday shopping trip). It was craziness! So we set a goal to not spend any money during the weekdays (Monday – Friday). And you know what? It hasn’t been all that hard.
With a little planning each weekend, our weekly spending freeze will save us over $3000 in 2018!
Want to try this challenge too? Head over to the Weekly Spending Freeze to get all the information you need for a successful spending freeze.
30 Day Spending Freeze Challenge from Birds on Fire
The hardest part of a spending freeze is adjusting your mindset. Buying things is so easy these days (just a click of a mouse or a swipe of a card), learning to NOT buy things can be a difficult adjustment.
I love this detailed post from Birds on Fire about how to plan for a successful spending freeze. Read the No-Fail, N0-Spend Challenge to learn how you can conquer your 30 day spending freeze and save a bunch of money in the process.
These 11 money saving challenges are designed to help you save money fast and achieve more financial security through a well-funded savings account.
Pick the challenge that works best for your family and then commit to it. While it can be hard to give things up in order to save money, stick to it! When you are done and your savings account is full, it will be SO worth. Stay strong!