Do you run out of money in a month? Does your money vanish away way faster than you make it? And you have to take loans to deal with any emergency, is that so?
If your answer is a big, sad “yes,” then you are not alone. Every extravagant spender faces such monetary issues. You can’t just let that sink in.
What if we tell you we have a long list of solutions for your bad spending habits? Yes, you guessed it right – the money savings challenges can help you get through any financial needs quite efficiently. If you are looking for creative ways, this is where you should begin. We have compiled a list of exciting budgeting challenges, so you save big in 2022!
Instead of restricting yourself with discipline, how about we make the money-saving process a set of complete “saving money challenges.” Of course, once you paint even mundane tasks as a challenge, you feel motivated to complete it.
Let us walk you through some magical money-saving challenges that will shield you from potential financial issues.
Why Saving Money Should Be On Top Of Your “New Year Resolutions”?
With the ever-increasing inflation kicking us right left in our guts, one must have side money to rely on. We celebrate every New Year’s eve quite enthusiastically without realizing how every life necessity’s worth will touch the skies overnight.
If you want to steer clear of any financial instability entering a brand new year, money-saving must be on top of your new year’s resolutions.
Money-saving challenges play a great character in helping you save up big bucks. Let’s first see what the money-saving challenge is and why it is crucial to surviving in today’s world.
What Do You Mean By “Money Saving Challenge”?
Making any activity your “challenge” adds the element of fun and urgency. You strive for it. That’s exactly what the money saving challenge is.
Just like the name suggests, money-saving challenges encourage you to kick your savings in high gear by making a goal of saving big. Such challenges keep you focused on the task and acing your goals.
So, stop wondering, “how much money should I have saved by 22” and challenge yourself already to see the actual results.
Considering the rules of a challenge, set some money figures in your mind. After that, you are good, to begin with, with our list of creative money-saving challenges.
Why Should You Set Money Saving Challenges Right Now?
Whether you are a struggling student or a money saver mom who wants some cash lying on the side to fall back on, a money-saving challenge will always boost your savings. Such challenges make saving money easy and fun instead of following up on a tedious task.
Savings challenges help you save big for your dream vacation or the designer bag you have been daydreaming about! Also, these challenges make you realize the importance you money and make you better with money.
It’s never too late! Haven’t you thought of saving big yet? TRY OUR MONEY-SAVING CHALLENGES LIST RIGHT AWAY!
12 Must-Try Money Saving Challenges To Save BIG!
We hope you are convinced enough to become better with money. If you wish to choose fun and create budgeting challenges, here is your spot to begin.
Down here is a collection of X’s most exciting and intelligent money-saving challenges that will accelerate your money-saving process and boost your savings!
1. 52-week Savings Challenge
One traditional way to boost your savings is completing 52-week challenges. This method existed long ago, even before people fuss about money-saving challenges. The classic 52-week money-saving challenge enables you to save $1 the first week, $2 the second week, and the number of dollars keeps on adding with every week. So, by the end of the year, you will have $1,378 accumulated in your savings jar. Isn’t it fun and super-accomplishing at the same time?
The bright side of the 52-week challenge is it starts slow and steady and builds up with a more considerable amount. You don’t have to rush in the beginning weeks. Take your time saving up while your savings keep touching the skies.
Of all the saving challenges, we have ranked it number 1 because of its flexibility and fruitful outcome.
2. The No-Spend Saving Challenge
Besides the 52-week challenge, savers have found the No-Spend challenge quite interesting. This challenge doesn’t have to be as restricting as it may sound. Of course, it’s not a no-spend situation at all, but for a specific time. For example, don’t spend extra for a week or a month or particular days. Without a doubt, the spending excludes paying for bills and necessities. However, it would help if you did not get anything extra.
The primary goal of this challenge is to cut as much spending as you can from your budget and put aside a certain amount that will keep adding to your savings.
The no-spend challenge doesn’t only increase your savings but also transforms you into a wise spender.
3. The No-Pantry Challenge
Of course, the no-pantry challenge isn’t to starve you to death but help you restrict the amount of money you spend on filling your refrigerator. This money-saving method is considered to be a subset of the no-spend challenge. But here, you have to exhaust all the food possibilities from your pantry before you stock it up with more food.
How about you first finish the non-expired sitting in your pantry before you buy more? Go and get done with that artichoke hearts and oil already before it expires. This way, most of your money gets saved from extravagant food shopping. Moreover, the already bought food doesn’t end up rotting in your fridge.
4. Weather Savings Challenge
How can you expect our creative list without adding a weather-saving challenge? Discovered by a blogger in Arizona, this money-saving challenge is about depositing the number of dollars equal to the highest temperature on the deposit day. You do it once a week. Not only does the weather savings challenge get you handsome savings, but the fun element makes it pretty much done. You don’t have to restrict yourself at all. Just follow up on the weather and save according to it once a week.
If weekly deposits seem a lot of work for you, let’s give you a tip. You can also look back at the weather information of the previous month, multiply it by 4, and then deposit the calculated amount to your savings account. Don’t complicate it. Just set a random saving goal and follow it through, and voila, your savings will keep going up.
5. 8-Week Vacation Savings Plan
Want to save big bucks in the shortest time instead of waiting all year long? The 8-week vacation savings plan is the best money-saving challenge out there for you. Well, talk about instant gratification because this 8-week plan lasts only for two months and rewards you with a $1000 blasting saved amount.
What do I have to do? Well, set a particular money figure every week in your mind and deposit that into your savings account. It won’t only help you save big in 2 months but will also motivate you to cut back on spending.
You may also repeat the same process after every eight weeks.
6. The 31-Day Challenge For Improving Financial Life
Set positive and budget-cutting financial habits throughout the month by saving up on your food and clothing needs. Mark the day you initiate the 31-day money-saving challenge and see how much you saved after the 31 days. It is believed that by targeting a particular time duration, your motivation to save money gets in full swing.
Your challenge, your wish! Keep a particular amount to save every day or once a week and repeat it accordingly for 31 days.
7. The “keep All The Change” Saving Challenge
When it comes to creative and intelligent money-saving challenges, the “keep all the change” challenge is the most practiced one due to its efficiency—wondering what this challenge means? Get yourself a traditional money-keeping jar and put every change in it you get at the marts or stores. Instead of losing the change, keep it all safe in that jar. Practice this challenge for six months or a year, and you’d be delighted to see how a simple, creative money-saving challenge has helped you save this good. Later, you may take all the savings to your bank, so it gets deposited in your account safe and sound.
8. $1 Bill Save Challenge
This self-explanatory money challenge is also popularly known as the envelope saving challenge, where you put one dollar bill change and place it inside an envelope. Are you a fan of the envelope system? If yes, then this $1 save bill challenge would bring the best outcomes for you. If your saving envelope becomes too large, switch to a big jar.
Want to enjoy something FUN without worrying about your bills? Just open up your envelope and spend the saved up amount after a particular time. The fun and satisfaction it can give you are on another level!
9. $5 Savings Challenge
Want to go for a method that stacks up handsome savings at the end of 3 months? Well, we have one challenge for you to complete!
Our next money-saving challenge on the list – $5 saving challenge, where you save a $5 bill you receive over 90 days. So, you don’t walk around carrying cash? No problem. For every extra $5 in your current account, make sure to transfer the same amount to your savings account.
Or, if you use cash, get a cute piggy bank in which money goes quickly but taking it out is hard. It is a trick to restrict you from taking out the money impulsively.
10. Expense Tracking Challenge
When you don’t keep a track record of something, it keeps going beyond the limits. The same case is with your expenditure. If you fail to track where all your money is going every month, you won’t save.
Use this money-saving challenge as an excuse to categorize each of your purchases that comes along in a month. You’d be surprised how your money was going like a breeze.
That way, you might take care of your expenses and cut on some high-budget stuff. It is also an excellent way to be good with money.
11. No Eating Out Money Saving Challenge
A no-brainer and quick-win, money-saving challenge award goes to the “No Eating Out” saving technique. It is the easiest one to get around if you are too caught up to comply with the above-mentioned money-saving challenges.
You may have a month or 15 days without eating out. It won’t only save you up good cash but also develop healthy eating habits in you. As a result, you will consume the food resting in your fridge instead of spending dollars on fancy restaurants.
Later, after completing the challenge, you may reward yourself with a victory meal at your favorite food place.
12. Money-Saving War
As interesting as it sounds, this money-throw-down challenge saves you more than you expect. This is a fun money challenge activity where you challenge your friend to save more money than you. Set some manageable rules, and you’d end up saving more to win the war!
In A Word
Challenging oneself is an intelligent and result-bearing way to kick-start a better living, i.e., saving money like a responsible adult. Up there, we have enlisted sound and fun-loving money-saving challenges that won’t only save up a reasonable sum for you but transform you into a better spender.