11 Money-Saving Challenges That Just Might Work

It’s always nice to have a little cash tucked away for everything from emergencies to vacations to holiday shopping. But let’s face it—saving money is HARD. Luckily, the internet has gifted us with some money-saving challenges that might not only help you save some cash but also seem kind of fun. So go forth, get that bread, and grow that savings account. Here are 11 money-saving challenges to jumpstart your journey:

1. The 52-Week Saving Challenge
   This challenge helps you save money over the course of one year. Start small—just $1 in the first week. Each week, increase your savings amount by an additional $1 until you’re putting away $52 on the last week of the year. By the end, you’ll have saved $1,378! Want more bang for your buck? Try upping the increments to $5, $10, or even $20.
2. Weather Wednesday
   On Wednesdays, we save money. Every Wednesday for an entire year, put away the amount of money equal to the high temperature in your city. If it’s a high of 101 degrees during the summer, you save $101. Even if you don’t live somewhere very hot, you’ll still save a good chunk of money. Plus, it’s fun being surprised by how much you’ll save each week.
3. No Spend Challenge
   Spending NO money at all is unrealistic, but trying not to buy anything beyond essentials can help you save up a lot of cash fast. Whether it’s for a week, a month, or even a year, avoid spending on non-essentials like takeout, new shoes, or drinks with friends. Keep track of what you would have spent and put that amount into your savings.
4. 365-Day Penny Challenge
   On day one, save one penny. Every day after that, add one more penny to that amount, until the last day when you’re putting $3.65 in the bank. While it might not sound like a lot, by the end you’ll have saved $667. Not bad for your spare change!
5. Coffee Break Challenge
   You’re not going to save enough money to buy a house by cutting back on Starbucks lattes, but you can still save some money. Make coffee at home whenever possible and put whatever you would have spent on a drink into a jar or savings account. Try this for a month or make it a permanent lifestyle change—whatever works for you!
6. Envelope System Challenge
   If you struggle with impulse spending, this cash-only challenge is for you. Decide how much money you need to budget for your expenses (groceries, takeout, shopping, etc.), withdraw only that amount in cash, and put it in envelopes labeled with each category. The goal is to only use that cash for each category. Once your grocery cash is gone, you can’t spend any more for the rest of the month.
7. The $5 Saving Challenge
   Five dollars: the cost of a latte, the delivery charge on takeout, or the price of a pint of ice cream at the store. For an entire year, stash away every $5 bill you come across in a piggy bank, box, or jar. At the end of the year, crack it open and count the results!
8. Money-Saving Bingo
   Make saving money fun! Download a pre-made bingo template of 30 squares containing random dollar amounts that all add up to $500. Every day for a month, choose a square, save that amount, and cross it off. When you’ve marked every number, you’ll have saved $500. Want to save more or less? Create your bingo board with different amounts.
9. 100 Envelope Challenge
   This challenge, which has gone viral on TikTok, helps you save $5,000 in just one year. Label 100 envelopes with the numbers 1 to 100. Every week, pick two random envelopes and put the amount of money written on the envelopes inside. Don’t carry cash? Transfer the amount into your savings account. For something less challenging, cut it down to six months and only use 50 envelopes.
10. Receipt Saving Challenge
    Every time you shop, check your receipt for your “savings,” and then put that amount of money aside. It might not seem like a lot, but it adds up over time.
11. Bad Habit Money Jar Challenge
    We’ve all got a bad habit or two. This challenge not only encourages you to save money, but it’ll help you kick some of those vices. Get a jar (or savings account) and put a set amount of money inside every time you give in to your bad habit, whether it’s having a cigarette, waking up past noon, or skipping your workout.

Join the Conversation
Have you tried any of these challenges? Know another one we missed? Tell us in the comments below! Don’t forget to sign up for our newsletter to receive the latest tips, tools, and insights on managing your finances effectively.

Here at Banker Boulevard, we’re committed to helping you find innovative and practical ways to save money. Happy saving!