Let’s be honest, saving money can be a grueling process. For some reason, it’s incredibly hard (for me anyway) to put that $20 into a savings account instead of leaving it in my main account. But, if I leave it, I just know I’m going to end up spending it. So it’s safe to say I am always looking for a way to make saving more fun: enter the savings challenge. Savings challenges are a way for you to make a bit of a game out of saving your hard earned cash. And there are plenty of them out there, so there’s a lot of opportunity to find the right one for you. So here are some great savings challenges that you can take for a test run this year, and save a little cash!
The Penny Challenge
Aptly named the penny challenge, this challenge sees you putting your hard-earned pennies away. Seriously, just pennies! You start on day one by saving one penny, literally one, then on day two you add another two pennies to the pot, and on day three you add three… all the way up to day 365 where you add $3.65 (the most you save). At the end of the year, you’ll find yourself with $667.95. This challenge is great for those of us that really don’t have the extra cash. Chances are, hopefully, there’s always a penny or two in your bank account that can be saved. But not all of us have more than that. So if you’re in a cash-strapped position, but you’ve got a penny or two to spare for saving, this challenge is definitely for you!
The 52-Week Savings Challenge
This one is a classic, and it’s been all the rage for the past few years. That’s because it’s relatively easy to do. The 52-Week Savings Challenge challenges you to put away a dollar amount that corresponds with the week, so on week one you put away $1, week two you opt for $2, week three you save $3… all the way to week $52 where you put away $52. At the end of the challenge, pending you managed to save every week, you’ll end up with $1,378 saved!
Admittedly, this challenge can be challenging for those of us with limited saving ability, especially come the higher dollar amount weeks. For example, December will see you save $49, $50, $51 and $52 for a total of $202. And you might not have the extra $202, especially during the holiday season when there are presents to buy. If that’s the case, you might have an easier time doing the challenge in reverse starting at $52 on week one, $51 on week two and so on, that way in December you’re only putting away $10.
Weather Savings Challenge
There’s a super unique challenge created by a blogger that challenges you to save the amount of the temperature high in your hometown. Every Wednesday you check the weather and see what the high is listed as then put that money away into a special account. This challenge might be easier if you’re in a colder state, and could be even more challenging in the summer if the temperature in your area is particularly high. But, it’s still kind of a fun concept, so if you can spare the cash it might be the challenge for you!
The Nickle Challenge
The Nickle Challenge is a play on the Penny Challenge I mentioned earlier, only instead of a penny you add a nickel each day. With this challenge, you save $0.05 on day one, $0.10 on day two, $0.15 on day three… all the way up to day 365 with $18.40. Again, this challenge might be harder to fulfill when it comes to the end months, but you end up with savings of $3,339.75, so if you can manage to pull it off it’s a genius way to save!
Savings Challenge Tips
Whichever savings challenge you do, or however you save, there are a few tips that you might find helpful:
- Put your money into a different account so you don’t accidentally (or purposefully) spend it!
- Save your money as soon as you can. If you’re doing a weekly challenge, save it at the beginning of the week. Likewise, if you’re doing a daily challenge, save it in the morning. That way it’s one of the first things you do and you’ll be less likely to forget!
- Find a savings friend, goals are much easier to accomplish if you have someone to keep you accountable.
- Celebrate your successes. Saving is hard, make sure you reward yourself for actually doing something!
Have you tried a savings challenge in the past? Tell me about it in the comments below.
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Tae started out as a journalist before following the money into the corporate world. But it turns out that the grass isn’t always greener and now you can find her spending most of her time writing about all the things she loves. Namely, money, travel and business with a hefty dose of self-deprecating humor. She is a podcast fanatic, blogging aficionado and loves to find new ways to turn passions into cold hard cash!