Are you combating with money saving challenges? Most people start a day with the intention to build up some savings, But they can’t combat the rising costs.
So, it becomes tougher for them to stick to their ambition and even more challenging for 2023.
Families are struggling to pay the energy bills and higher food costs. Families have been hard bit by the living costs.
But still, if you are looking for some effective strategies that can make your money saving dreams come true then this article is for you.
Here, in this article, we are going to put together a variety of exciting money saving challenges that will help you to reach your financial goals.
This article also provides some opportunities to become inventive with how you choose to save.
Let’s explore some fun and innovative ways to save more cash today!
What are money saving challenges?
Money saving challenges are fun and effective ways to keep aside some more money in your savings accounts.
It comes with some financial challenges but where you set a goal to save a certain amount of money over a particular time frame. You can also participate in this money saving challenge either solo or with a group of friends.
The amazing part of this money saving challenge is that you can create rules and tailor them according to your lifestyle and budget.
So, if your income is low and you have a tight budget then you should go forward with a little amount money saving goal.
Otherwise, if you have a good income then you can choose an effective saving strategy that helps you to save more money.
Taking part in this money saving challenge helps you to stick to a plan for longer and lead to achieving your financial goals.
How To Choose Which Money-Saving Challenge To Do:
To get success with the challenges that you have picked, you should ask yourself these following questions first. These include:
Know Your Goals:
What are your savings goals? Do you save money for a vacation, retirement, or a down payment for purchasing a house? Or are you saving money to limit your spending habits?
Your savings goals determine what kind of savings challenge you must try. Because if your savings goal is to buy a car then the savings challenges will be different from someone whose intention is retirement.
Challenges allow you to do something beyond what you generally do. But, the challenges must not be very different from what you currently do. because if you try to overhaul your habits then you are most likely to be giving up.
So, you must not pick something that is totally different from your present money habits.
Check Your Finances:
Another point that you should note is that how much money you make. If it is possible the amount you make can nicely accommodate the type of challenges you are picking in.
If you earn a minimum wage then you must look for a little bit of saving challenge, also if you earn a higher amount then you should pick a larger sum saving challenge.
Conquer 11 money Saving Challenges:
1. The 52-week Money Challenge:
With the 52-week money challenge, you will save 1 Pound within 1 week and you have to add a Pound each week. The entire amount at the end of the year will be a lump sum amount. It will be approximately 1,378 Pounds.
You can switch this strategy up by increasing your savings if you suddenly face any income changes.
2. 5 pounds Saving Challenge:
If you are looking for a money challenge that will leave you with a significant amount without putting strain on your wallet then you can try this % Pound saving challenge.
You need to save 5 Pounds each day for the three months, which will be up to 450 Pounds. You can also try to keep it up for the first year and you can have 1,825 Pounds.
3. 100 Envelop Challenge:
If you choose the 100 envelop challenge then you need to choose a certain amount of money and save this amount of money in a labelled envelope for 100 days. In this case, the highest savings can be of 100 Pounds and the lowest can be 1 Pound. If the envelope is marked 50 then you should put 50 Pounds and if 2 then 2 Pounds.
4. 26-Week Savings Challenge:
In a biweekly savings plan or a 26-week savings plan, you need to save money every other week. The main fact of this money savings challenge is that you can save some more money at the end of the challenge.
You can save 4 Pounds for the first week and then add 4 Pounds for the next two weeks. At the end of this challenge, you can save 1,404 Pounds.
5. 365-Day Nickel Challenge:
You will need to perform this savings challenge for 365 days. On the first day, you will save a single nickel and the goal will be to add a Nickel daily. At the end of this challenge, you will have a lump sum of savings amount. Isn’t it amazing?
6. Weather Wednesday Savings Challenge:
The weather money savings challenge is a fun and unpredictable one. You need to save every Wednesday and the amount you will save depends on the weather.
You can check the weather update on your mobile or the news and add an extra amount to your savings amount.
7. No Spend Challenge:
If you are an impulsive spender then you must try the no-spending challenge. It can be difficult on your first try. It works by picking a spending category and not spending money for a month.
That means no eating outside or no buying clothes at all for one month. You can change the category every month or you can stick with the same one.
8. The Penny Challenge:
The penny challenge is fun and it is one of the easiest ways to build up extra money. You can start the first day with a penny and add one daily. After 365 days, you will have 667.95 savings in your account.
9. The Spare Change Challenge:
Do you have spare change lying around? Or you can have plenty of changes in your grocery purchases every day. You can save it. you can get a piggy bank to save coins, a money envelope, or a money box for bills, and you should start saving.
according to your purchases, your spare change can add up to a significant amount quickly.
10. The 33.33 pounds Challenge:
If you can spare as much as 33.33 Pounds daily then you should try it for 30 days. You can keep 33.33 Pounds every day and after 30 days the amount will be 999.90 Pounds. If it seems too tough to put in the day then you can alter the amount according to your income.
For example, 33.33 Pounds for every three days will be 333 Pounds monthly. If you can continue this monthly money saving challenge for a year then you will have 3,996 Pounds in 12 months.
11. 5p Money Saving Challenge:
The 5p saving challenge is so simple. You only need to increase the amount that you save every day by 5p. So, you just start with 5p and then the amount will be 10p on the second day. And the third day will be 15p and so on. If you continue this for a whole year, by the end of the year the amount will be almost 3,400 Pounds.
How to Become Successful in a Money Saving Challenge:
No matter how challenging or fun a money saving challenge is, but it comes with some built-in fails. So, if you want to be successful in your money saving challenge then you can follow these below tips:
- Set up a tracker: If you can see how much you can save then you will be motivated to save more money.
- Have an accountability partner: If you execute a challenge with one of your friends or keep a friend updated your goal is another great way to ensure success.
- Create Reminders: Reminders are great, especially at the beginning point. Since you are not used to savings, you can forget about your saving challenge initiative.
- Automate if you can: The less manual savings you will do, the more likely to be stick to this.
- Be patient: The amount you can save will depend upon your income and expenses. If you can save a little amount now, accept it and start working on it to save more money.
Money saving challenges are one of the most exciting and fun ways to work towards your personal financial stability. You do not need to start with a bigger amount instead you can start with a small and meaningful amount. This small and meaningful amount will help you to sustain over time.
Here, we have enlisted 11 effective money saving challenges, you can step forward with these challenges. But you must remember it requires dedication. Put your feet toward greater security and the opportunity to master your finances.