Money Saving Challenges
Are you looking to save more money in 2019? Most people are, but 57% of Americans with less than $1,000 in savings show just how hard saving money can be.
Money saving challenges are effective because they break saving money down into small, measurable achievements where you see savings on a daily, weekly, or monthly basis. These small accomplishments release dopamine and trigger a dopamine feedback loop, making you want to repeat the original action, turning small moves into big savings.
Ready to save and check off those financial goals in the New Year? Here are six money saving challenges to help you get there:
1) No Spend Challenge
For this challenge, you still pay your bills, gas, groceries, etc., but you skip out on unnecessary expenses like going out to eat or catching a movie. Usually, the no spend challenge is a month long, but some people have even stretched it out for a year. At the end of this challenge, you might find that you don’t even miss some of your unnecessary expenses.
2) $5 Challenge
For cash, the $5 challenge is an easy way to save thousands a year. For this challenge, all you have to do is save each $5 bill that comes your way for a year. This challenge can be adjusted to meet your needs by changing the bill you save. If you want to start smaller, keep every $1 bill that comes your way, or if you want to push yourself, save every $10 bill.
3) 52 Week Saving Challenge
For this challenge, all you have to do is start by saving $1 the first week, and add a dollar for each week after for a year. So for the second week, you’ll save $2, for the third week, you’ll save $3, and so on. At the end of the 52 weeks, you’ll reach a total savings of $1,378.
For more savings, you can double the amount you save each week bringing you $2,756 in savings. For an easier version, start with $.50 and add an extra $.50 each week for savings of $689.
4) 365 Day Money Challenge
This challenge really shows you how small savings can make a big difference. For this challenge, you start with just a penny on the first day, then two pennies on the second day, three pennies on the third day, and so on. In one year you’ll save $667.95 easily and without sacrificing.
5) The Round-Up Challenge
For every purchase, round up your total to the nearest whole dollar and throw the difference in your savings account. If you want to take it to the next level, you can round up higher. For a $22.37 purchase, instead of rounding to the next full dollar, you can round up in a $10 increment to $30.
6) Save When You Splurge and When You Save
For this last challenge, every time you spend money on an unnecessary purchase big or small, save the same amount you spend. Every time you save, make sure to add that money to your savings account. So if you save $20 on a receipt or through a deal, add $20 to your savings.
Saving Money, The Fun Way
Whatever you’re saving up for, it pays to make it fun by trying out one or all of these challenges. You’ll be watching your savings grow before you know it!