5 best money-saving challenges to try this year

MMadelyn September 12, 2023 9:47 AM

If there's one thing we all would love to do better, it's saving money. Whether you're saving for a vacation, a new car, or just trying to boost your emergency fund, setting aside money every month can be a daunting task. But don't worry, we're here to help! Here are the 5 best money-saving challenges you can try this year to help you reach your financial goals faster.

1. The 52-week challenge

The 52-week money-saving challenge is a simple and effective way to save money. Here's how it works:

  • Week 1: Save $1
  • Week 2: Save $2
  • And so on, until Week 52, when you'll save $52.

By the end of the year, you'll have saved a total of $1,378! This is an excellent strategy for those who are new to money-saving challenges.

2. The no-spend challenge

With the no-spend challenge, you pick a time frame (like a weekend, a week, or even a month) and commit to not spending any money during that time. Of course, you'll need to cover necessary expenses like rent, bills, and groceries, but non-essential purchases like eating out, movies, or shopping are a no-go. This challenge is great for identifying unnecessary spending habits and can save you a lot of money in a short time.

3. The $5 challenge

Every time you get a $5 bill, save it instead of spending. At the end of the year, you'll be surprised at how much you've saved. This challenge is perfect for people who use cash regularly.

4. The spare change challenge

Don't underestimate the power of spare change. Every time you have coins in your pocket or purse, put them in a jar. Once the jar is full, deposit the money into your savings account. It's amazing how fast spare change can add up!

5. The pantry challenge

The pantry challenge is a great way to save money and reduce waste. The idea is to use what you already have in your pantry, fridge, and freezer before buying more groceries. This helps you save money and also forces you to get creative with your meals.

It's essential to remember that these are just challenges, not strict rules. Feel free to adjust the challenges to fit your lifestyle and budget. The key is consistency, not perfection. Start small, stick with it, and watch your savings grow.

Here's a handy table summarizing these challenges:

Challenge How it works Who it's best for
52-week challenge Save an increasing amount each week Beginners
No-spend challenge Don't spend any money for a set period People who want to identify unnecessary spending
$5 challenge Save every $5 bill you get People who use cash regularly
Spare change challenge Save all your spare change Everyone
Pantry challenge Use up food in your house before buying more People who want to reduce waste and save money

Remember, the goal of these money-saving challenges is to make saving money fun and achievable. With a little determination and creativity, you can turn saving money into a habit that will help you reach your financial goals faster than you might think.

More articles

Also read

Here are some interesting articles on other sites from our network.