Finances can feel so serious, but they don’t always have to feel like that. Savings challenges are a great way to add a little “fun” into finance. They can help you save for a specific purchase, holiday gift money, or just to boost your overall savings. These challenges force you to step outside your day-to-day routine and get creative.
There are a few strategies to make you the most likely to succeed at your savings challenge. First, set the rules before you start and put them in writing so you are clear on what counts as success to you. You should also choose what you want to use the money for in advance and track your progress to keep up your motivation. Having a buddy to do the challenge with you can make the challenge even more fun and give you more accountability.
Here are our favorite savings challenges:
$5 Bill Challenge
This challenge is simple: every time you get a $5 bill, save it in a special place like a jar or a piggybank. Identify what you want to use this money for ahead of time. You can pick a different bill amount to save if it suits you better. Frequent cash users are more likely to see a benefit from this savings challenge.
52-Week Savings Challenge
This challenge eases you into savings. During week one of the challenge, you save $1. Week two, save $2; week 3 save $3; and so on throughout the year. At the end of 52 weeks, you’ll have $1,378 saved.
Savings “Bingo”
This challenge focuses on saving an overall sum, such as $500 or $1,000. This bigger goal is split up into smaller amounts on a printout. Every time you save one of the amounts listed on the printout, cross it off. Once you’ve crossed off all of the individual amounts, you’ll have your goal saved up.
DIY Challenge
Pick something you pay someone else to do for you (coffee, lunch out, dog walking, laundry, home cleaning, etc.). Rather than paying them to do it, “pay” yourself for doing those tasks for a month by transferring that amount to your savings account when you perform the task.
Weather Savings Challenge
This challenge ties something fairly random to your savings. Once per week, deposit an amount of money that matches the high temperature for the day. If that frequency doesn’t work for you, adjust it to every other week or once per month.
No Spend Days
Rather than saving a certain amount, this challenge focuses on not spending. During a “no spend” day, the goal is to not spend any money other than your bills (please still pay your bills!). No shopping, no picking up lunch at the office because you didn’t have time to make it at home, no grabbing a snack from the vending machine. The idea is to plan ahead so you don’t have to spend any money. Set a goal for a certain number of no spend days per week or per month.
