What are the money saving challenges? If you had some savings, would you use them to buy something for yourself? Would you pay off your debt? Would you use this money to start your own blog? Or you would buy some stocks?
Whatever you would decide, saving money is a good habit and it could make your life easier in the future. But you have to start saving TODAY!
These money saving challenges are a fun way to develop saving habits and tracking how much you save is the best possible way to prove that YOU can do it and to inspire you to save even more.
Feel free to choose the money saving challenge based on your preferences and, if you think you cannot do it on your own, ask your friend(s) or family members to join.
When you subscribe to my newsletter, you will be able to download these money saving challenges in Excel format or as a PDF which you can print.
Simple 52-Week Money Saving Challenge:
This is the simplest 52-week challenge which requires you to save a fixed amount per week. If you decided to go with $20 per week, at the end of the challenge you will have $1040 in savings. Click below to download FREE Excel templates and PDFs for 52-Week Money Saving Challenge:
Double 52-Week Money Saving Challenge:
This weekly saving challenge starts off easy and it slowly builds up: During the first week you save only $1. The second week you save $2, the third week $3, and so on. When you complete the challenge you will have $1378 that you can spend on whatever you want. Of course, if you want to save more, you can start with $2, save $4 in the second week, the third week you will save $6, etc. When you will finish the challenge, you will have saved $2756.
Reverse 52-Week Money Saving Challenge:
People who start a 52-week money saving challenge in January usually realize that it gets hard to save bigger amounts in December. The reverse version of this challenge allows you to save bigger amounts in the beginning and then decrease the amount every week. At the end of the challenge, you will still end up with the same $1378.
Flexible 52-Week Money Saving Challenge:
The flexible version of money saving challenge allows you to save anywhere from $1 to $52 whenever you want. So if you have some unexpected costs, you simply save smaller amounts of money. On the other hand, when you are sure you will spend less, you just save more and you just cross off the amount you already saved.
365-Day Money Saving Challenge:
In this money saving challenge, you start by saving $0,01 the first day and then you increase the amount by $0,01. On the last day, you will save $3,65. At the end of the year, you will save $667,95.
Can you find a day in a week when you really don’t have to spend money? Wednesday for example? Don’t go out for a dinner on Wednesdays, bring your food to work, make dinner at home, read books, don’t buy soda or beer…just stay at home and don’t spend.
No-Spend Weekend Challenge:
People usually spend much more money during the weekend. Try to have one weekend per month when you will stay at home, have fun with your family, watch TV…just don’t spend any money during that weekend.
The Water Challenge:
How much money do you usually spend on different beverages? Try to drink only water for one month. Avoid being tempted to buy a soda, beer, wine, or coffee in Starbucks and see how much can you save by using this method.
No Entertainment Challenge:
People usually spend a lot of money on entertainment. Try to find ways to deal with boredom without spending money. You don’t have to cut expenses like Netflix, but you can stop going to the cinema, going out for a dinner, etc.
Do you usually go everywhere by bus, subway or car? Try riding a bicycle for one month when going to work or visiting your friends and see how much you will save on gas and bus tickets.