Would you like financial security for unexpected expenses or emergencies? Do you have a specific goal, such as buying a house, starting a business, or going on vacation? Check out these11 free money saving challenge options to help you come closer to the financial freedom you deserve!
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A money saving challenge will help you save money to reach your short or long-term financial goals. A savings challenge should be challenging but doable. That means that you should set a savings goal that you can reach if you make some effort but you must take your essential expenses into account when you determine the amount that you can potentially save.
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111 Money Savings Challenges
1.152 Week Money Challenge
1.230 Day No Spend Challenge
1.3Cash Envelope System
1.4100 Envelope Challenge
1.5Biweekly Money Saving Challenge
1.6$5,000 Savings Challenge
1.7$10,000 Saving Challenge
1.8$20,000 Savings Challenge
1.9The Penny Challenge
1.10Necessities only for 30 days
1.11Spare change challenge
2FAQ
2.1Where should you keep the money you are saving?
2.2What are the benefits of a money saving challenges?
2.3How much should you save?
I have an MBA in finance and I love helping people save money. I also love challenges. Therefore, a money saving challenge is something I try to do as often as possible to reach my financial goals. You will find different savings challenges below. Each savings challenge has different goals and will work for different people. Find one that will work for you and help you reach your goals.
11 Money Savings Challenges
52 Week Money Challenge
The 52 week savings challenge has a few different variations. We offer a detailed explanation on how to do the challenge with free printables for every variation.
You set how much you want to save each week and the increments (if you want to increase this sum during the challenge).
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52 Week Money Savings Challenge
30 Day No Spend Challenge
With the 30 day no spend challenge, you will spend money only on necessities. See the 30 day no spend challenge. This is not a long-term challenge but rather a short-term effort to save when you need money fast.
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If you need to buy things like groceries, then you can purchase them. However, you are encouraged to try to use the groceries and other supplies you already have at home. Be creative and find recipes to use the things you already have. Click on the button below to see the 30 day no spend challenge rules.
30 Day No Spend Challenge
Cash Envelope System
With the cash envelope system, you use cash and envelopes to organize and stick to your budget. You create an envelope for each budget category and place the money allocated to that category in the envelope.
When you use cash, you cannot spend more than you have budgeted. Read on to see how the cash system works and to print our free customized cash envelopes.
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Cash Envelope System
100 Envelope Challenge
The 100-day money challenge is often referred to as the 100 envelope challenge. It helps you save $5,050 in a relatively fun way. You number 100 envelopes from 1 to 100. Each day you pull out a random envelope and put in the amount of cash that is written on the envelope and seal it. By the end of this 100 day challenge, when all the envelopes are sealed you should have $5,050!
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You can do this 100 envelope savings challenge with 30 envelopes for one month or 60 envelopes for two months. You can also use 52 envelopes and fill one envelope per week for a year.
100 Envelope Challenge
Biweekly Money Saving Challenge
The bi weekly money saving challenge encourages you to save every other week instead of every week. You decide how much you want to save the first week and by how much you want to increase this amount (if you want to increase it). Enter these two numbers in the spreadsheet below and you will see how much you can save in 26 weeks.
There is a section for the amount you intend to save and the amount you actually save in case you don’t save as much as you planned. The total will automatically stay up to date.
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If you want to change the amount you save during this 6 month saving challenge then change the initial sum you start saving or the amount you increase by.
Excel Spreadsheet
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$5,000 Savings Challenge
The weekly savings plan can continue for 6 months or a year. For the half-year challenge see the spreadsheet above. If you want to create weekly savings for a year, then click on the button below.
52 Week Money Savings Challenge
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How to save $5,000 in a year?
You can change the dates and the amounts on the Word, Powerpoint, and Excel versions. To edit the Word or Powerpoint versions, click on the table to open it for editing.
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Image | Excel | PDF | PowerPoint | Word
$10,000 Saving Challenge
With this 10K saving challenge, you will save 10,000 over a 1-year period. There are two versions of this weekly savings challenge. You can save a set amount each week for a year ($192 per week) or you can save an incremental amount.
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How to Save $10,000?
This spreadsheet will show you how to save $10,000 in a year. To save $10,000 in a year you will need to save $192 each week.
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Image | Excel | PDF
$20,000 Savings Challenge
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Spreadsheet | PDF | Image
The Penny Challenge
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If you can’t afford to save $1 a week then try the penny challenge. You won’t save as much but it is better than not saving at all. With the penny challenge you start with 1 penny and the amount you save each week increases by one penny. Put your coins in a jar or a piggy bank you cannot open.
Image | Typeable PDF | Excel Spreadsheet
You can change the amount you start with so feel free to change it to a nickel or any other sum. Enter the amount in the top left box on the spreadsheet and the total amount that will be saved will automatically update.
Necessities only for 30 days
Instead of doing the 30 day no spend challenge above, you can limit unnecessary expenses. You will define “unnecessary expenses ” according to your financial situation. They can include things like a gym membership, coffee at Starbucks, a vacation trip, or any new purchase that isn’t really necessary. See our 30 Day Challenge to find a printable to track your 30 day challenge.
Spare change challenge
Put your spare change in a jar for a year and you will be surprised how much you can save. If you add your extra cash when you have it, you will save even more.
FAQ
Where should you keep the money you are saving?
If you are saving a small amount of money in short periods of time (daily or weekly) then you can keep your money in a piggy bank or jar. Make sure you cannot open the piggy bank or jar. If you are saving substantial amounts, then it is better to use a high-yield savings account. In that case, you will save more since you will also earn interest.
What are the benefits of a money saving challenges?
- A save money challenge will help you create an emergency fund or save up for something you want but can’t afford today. See How big should your emergency fund be?
- It is also a good way to examine your spending habits and become more aware of the things you are spending on. For example, you might suddenly realize how much you spend at Starbucks and start drinking more homemade coffee.
- When you try to save, you become more aware of your spending habits. This is a good opportunity to notice bad habits you might not have noticed before. For example, if you are a smoker, when you see how much you spend on cigarettes you might decide to give up smoking or cut back. If you spend more money than you should shopping, this is an opportunity to ask yourself why you do this and understand yourself and your behavior.
How much should you save?
Please see how much should you save a month.
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About the Author
Nicole Bar-Dayan, LLB, MBA (majored in finance)
I am obsessed with numbers, budgets and money-saving strategies. I love helping people avoid debt, pay off loans, save and reach their financial goals. I beleive that saving money is the key to reaching your financial goals, gaining financial security, and enjoying your life.
I hope that the free budget templates, tools and courses on this site will help you reach your financial goals!
Insights, advice, suggestions, feedback and comments from experts
About Money Saving Challenges
As an expert with an MBA in finance and a passion for helping people save money, I have extensive experience in implementing and advising on various money-saving strategies. I have personally utilized and recommended money saving challenges to help individuals reach their financial goals. These challenges are designed to be both challenging and achievable, taking into account essential expenses while aiming to build savings. Below, I will provide detailed information on each of the 11 free money saving challenge options mentioned in the article, along with insights into the benefits of these challenges and how to determine the amount to save.
52 Week Money Challenge
The 52 Week Money Challenge involves setting a weekly savings goal, with the option to increase the amount over time. This challenge offers different variations and provides free printables for each variation. You can customize the amount you want to save each week and decide whether to increase this sum during the challenge [[1]].
30 Day No Spend Challenge
The 30 Day No Spend Challenge encourages participants to spend money only on necessities for a short-term period. It is designed to help individuals save money quickly by using what they already have at home for essentials like groceries [[2]].
Cash Envelope System
The Cash Envelope System involves using cash and envelopes to organize and adhere to a budget. Each budget category has its own envelope, and the allocated money for that category is placed in the envelope. This system ensures that individuals do not spend more than what has been budgeted [[3]].
100 Envelope Challenge
The 100 Envelope Challenge, also known as the 100-day money challenge, is a fun way to save $5,050. Participants number 100 envelopes from 1 to 100, and each day they put in the amount of cash written on the envelope and seal it. By the end of the challenge, they should have saved $5,050 [[4]].
Biweekly Money Saving Challenge
The Biweekly Money Saving Challenge encourages individuals to save every other week instead of every week. Participants can decide how much they want to save initially and how much they want to increase this amount. There is a spreadsheet available to track the intended and actual savings over 26 weeks [[5]].
$5,000 Savings Challenge
This challenge involves a weekly savings plan that can continue for 6 months or a year. Participants can customize the dates and amounts using various file formats such as Word, PowerPoint, and Excel [[6]].
$10,000 Saving Challenge
The $10,000 Saving Challenge aims to help individuals save $10,000 over a 1-year period. There are two versions of this challenge: saving a set amount each week for a year or saving an incremental amount [[7]].
$20,000 Savings Challenge
This challenge is designed to help individuals save $20,000 over a period of time. It offers resources in the form of spreadsheets, PDFs, and images to assist in tracking and achieving the savings goal [[8]].
The Penny Challenge
For those who cannot afford to save a larger amount, the Penny Challenge offers a starting point with just one penny, and the amount saved each week increases by one penny. Participants can use a jar or piggy bank to collect their savings [[9]].
Necessities Only for 30 Days
This challenge involves limiting unnecessary expenses for 30 days based on individual financial situations. Participants define "unnecessary expenses" and track their progress using a printable to monitor the 30-day challenge [[10]].
Spare Change Challenge
Participants are encouraged to put their spare change in a jar for a year to see how much they can save. Adding extra cash when available can further increase the savings [[11]].
FAQ
The article also addresses common questions related to money saving challenges, such as where to keep the saved money and the benefits of participating in these challenges. It emphasizes the importance of creating an emergency fund and becoming more aware of spending habits through these challenges [[12]].
Conclusion
In conclusion, money saving challenges offer a structured and engaging way to save money and work towards financial goals. By choosing a challenge that aligns with their financial situation and goals, individuals can develop better saving habits and achieve greater financial security.
