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Hey guys! Happy New Year! There’s just something about the start of a new year, right?! With every new year comes the aspirations and opportunities to do better. This includes financial plans and money goals. Are you looking for the best money saving challenge this year? Maybe you’re trying to save for a vacation, your wedding, a house or simply trying to build up your rainy day fund. Well this list of money saving challenges and money saving ideas will give you all the inspiration you need!
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I’ve mentioned in my last few posts that my husband and I are on a mission to save this year since we want to get started on building our dream home. We’ve already started designing our house plan and seeing the actual drawings gives me so much motivation to save every dollar. Ideally, we will like to save $15K in 6 months but if we can save it in a shorter time frame, well that would be even better!
I already practise frugal living, I love to save as much as I can and I side hustle to make extra money. However, I wanted to challenge myself even more this year so I went on a hunt for the best money saving challenges to kick-start the new year. Honestly, there were so many amazing money saving challenges to choose from! This post lists 9 of the best challenges that I stumbled upon.
To choose which money saving challenge is best for you, create your monthly budget, analyze your income and expenses, and depending on the wiggle room in your budget, choose the challenge that you wish to do. Even better, choose two or more of these money saving challenges if you can!
Browse this list and decide if you want to do a biweekly money saving challenge, a 52 weeks money saving challenge, or a 30-days money saving challenge. When choosing, remember that your ultimate goal is to increase your savings account by as much as you can!
Table of Contents
9 Money Saving Challenges to Skyrocket your Savings Account
1. A 365 Days Money Saving Challenge
This money saving challenge from Mission to Save will help you save $667.95 this year, one penny at a time! The idea is to start off saving 1 cent on Day One, 2 cents on Day Two, 3 cents on Day Three and so on until you reach $3.65 (365 cents) on Day Three Hundred and Sixty Five. This is a great way to save some extra cash if your budget doesn’t give you too much wiggle room to save hundreds each month!
(P.S. If you are looking to find more wiggle room to save, check out this post on 29 Things I Stopped Buying to Save Money)
2. Save $2019 in 2019
If you’re looking for another 52 week money saving challenge with a higher payout, perhaps you can try Dancing Through the Rain‘s challenge to save $2019 in 2019. This challenge is as simple as saving $40.38 each week. At the end of this 52 weeks money saving challenge, you will have a total of $2019! Easy Peasy.
3. Save $10 000 in 52 Weeks
Here’s another 52 weeks money saving challenge. This one is from Tried and True Mom Jobs and is one of the more aggressive money saving challenges on this list. The idea is to save the same amount each month. For every month, you save $125 in Week One, $150 in Week Two, $175 in Week Three and $300 in Week Four. You repeat this every single month and at the end of the year, you would have saved $10 000!
4. Save $1000 in 3 Months
This money saving challenge is from Living Low Key. This challenge is simple and easy. All you have to do is save $84 each week and at the end of the 12 weeks, you’ll have $1008! You can even choose to repeat the challenge and continue saving throughout the year!
Pssst! Did you know you can save more money by meal planning? Meal Planning saves me thousands of dollars every year! Not sure how to get started? Grab a copy of my free Meal Planning e-guide below.
5. Eat Healthy on $5 a Day
This challenge is not one which tells you how much to save but more so one that helps you spend less. Obviously, when you spend less, you save more. Pink Fortitude provides you with a detailed grocery list and a breakdown of the cost of each item. There’s an amazing meal plan to go with it!
6. Save for a Disney Vacay
Confessions of a Disneyaholic Mom shows you exactly how you can save for a Disney vacation in one year with free printables. This is a 52 weeks money saving challenge which will help you save $5000 at the end of the challenge! Her printable shows various deposits to be made for different weeks. What I love about this challenge is that the weekly deposits are totally doable.
Related Articles:
How to Save Money Quickly (Even When You’re too Broke to Save)
29 Money Saving Apps to Turbo-Boost your Savings Account This Year
21 Brilliant Passive Income Ideas that will Make you Money while you Sleep
17 Money Hacks that will Make you Rich
7. A No-Spend Month Challenge
Save ALL your extra money by following a No-Spend Month Challenge. You can choose which months of the year you’d like to do this. One Fine Wallet explains exactly what to do and how to rock a No-Spend Month Challenge!
8. Save $1378 in a Year
Stacy’s Savings has saved over $9 800 doing this money saving challenge for the past 5 years. This is one of the easier to follow money saving challenges since you are only required to save the amount of money for the corresponding week – $1 for Week One, $2 for Week Two etc. Use her savings tracker to track your savings this year!
9. Save all your $5 Bills
This last money saving challenge is one that I personally try each year. There’s no complicated plan or printable to follow. It’s as simple as saving every 5 dollar bill that you get. This is great to pair with one of the money saving challenges above. Imagine how much you can have saved at the end of the year!
So there you go, folks! Those are 9 of the best money saving challenges to try for the new year! With self control, motivation and commitment, you can get your finances in order this year! What better way to start than with a money saving challenge?!
Are you going to try any of these challenges? Which one do you like best? Share with us in the comments below. I’d love to hear from you!
Don’t forget to pin and save for later. And while you’re there, I’d love for you to follow me on Pinterest!
Before you go, are you looking to manage your money better this year? Sign up for my free 5-Days Money Management Course!
Until next time,
HEY! PIN ME FOR LATER!
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