Saving money doesn’t have to be boring or difficult! If you’re looking for a money-saving challenge, this is the most complete guide you’ll find. These 20+ financial challenges for 2022 will help you save big!
Something I learned as a kid is that when you make something a game, even the most mundane tasks can be fun. That’s what’s so magical about these money saving challenges.
Instead of having to create a new habit or discipline, doing a challenge makes saving your money more fun.
21 money saving challenges to try in 2022
If you want to boost your savings to the next level, these challenges are where you should start. Read them all and choose what seems most interesting to you.
You will have more success if you do these challenges with your family and friends. Invite them to save money with you.
The good news is that it’s not too late to get your finances in order!
1. The no-spend challenge
The no spending challenge is one of the most common money saving challenges you’ll find. I’ve written a no-spend challenge guide that shows how to do it and get the most out of it.
On a basic level, a no-spend challenge is where you go for a set period of time and don’t spend any extra money. I’m talking about money beyond the basics of food/house/gas.
It’s like fasting, but with your own spending habits.
You can do this for as long or short a period of time as you want. Try it for a month or start with just one week.
2. 52 Week Reverse Money Challenge
A typical 52-week money challenge is where you save $1 the first week, $2 the second week, and so on. By the end of the year, you will have saved $1,378.
Turn this challenge on its head and do it in reverse. This is how it will look:
- $52 to save: Week 1
- $51 to save: Week 2
- $50 to save: Week 3
- $49 to save: Week 4
Continue this pattern and reduce the amount you save by a dollar each week. This is a great way to save money because by the time the holidays come around, you’ll be able to pay for Christmas gifts!
3. 8-week vacation savings plan
You can complete this challenge in just two months – talk about instant gratification. With this challenge, you will save $1,000 in 8 weeks instead of all year.
Soccer Mom Blog It contains all the details – and consists of two parts. You have to put a specific amount into savings each week. You should also cut back on spending a certain amount during this time frame as well.
4. Holiday Helper Fund
This is a way to cut through huge holiday expenses. Starting January 1, budget $20 each week and save.
You can use this to buy holiday gifts, or use it to save up for a vacation or other big expense. By the end of November, you’ll have saved an additional $960 on your biweekly budget.
You can also put your money aside in a Christmas cash envelope. Get it for free here.
5. 52-Week Savings Challenge
This is probably one of the most popular savings challenges on this list. If you follow this correctly, at the end of the year you will have saved an additional $1,378.
Here’s how it works:
- $1 in savings: Week 1
- $2 to save: Week 2
- $3 to save: Week 3
- $4 to save: Week 4
Keep doing this until week 52, when you’ll put $52 into your savings!
If you want free printing, Helicopter mom He has one that is easy to follow and will help you stay on track.
6. Bi-weekly savings plan for 26 weeks
Instead of a weekly challenge, this challenge challenges you to save money every two weeks.
This is a better idea if you prefer to put money into savings on the same schedule as your paycheck.
By the end of this challenge, you can save $1,404 – and it takes a year, just like the 52-week challenge.
This is how it will look:
- Week 1: Put $4 into savings
- Week 3: Save $8
- Week 5: Save $12
- Week 7: Save $16
Simply increase the amount by $4 every two weeks, and then you can enjoy watching your savings account grow.
7. 365-Day Nickel Savings Challenge
This challenge is for anyone who feels overwhelmed by making weekly or bi-weekly deposits – and you end up saving more money with it.
This post Explains how to do the challenge in detail.
Here’s how this challenge works:
- On the first day, deposit $0.05 into savings
- Day 2, deposit $0.10 into savings
- On the third day, deposit $0.15 into savings
Basically, you add a nickel to the previous day’s savings every day. Then by the last day, you will deposit $18.40.
When you look at these numbers, they seem very doable! The best thing is that when you add it all up, the total you’ll put into savings will be $3,300!
8. Save a $1 bill
The $1 bill challenge is pretty straightforward. Every time you get a $1 bill, put it in your savings envelope.
This challenge works best if you’re already using the envelope system. If your envelope gets too large, consider adding all of your $1 bills to a large bowl. Count them up at the end of the year and use them for something fun. You’ll be surprised how much money you can save!
9. Weather Saving Challenge
This is a really fun challenge and it’s completely random! This blogger is in Arizona I came up with this idea. Once a week, you deposit money into savings that matches the high temperature that day.
If you live in a temperate place, this will be easy. This blogger lives in Arizona, and has deposited as much as $105 some weeks.
Don’t want to make weekly deposits? Then look back to the end of the month to see the average high temperature each week. Multiply it by 4 and deposit this amount into your account!
10. 31 days to improve your financial life
Want something more challenging? Follow this challenge from Part time money. This book will take you step-by-step through an entire month of financial habits that will completely change the way you save and spend your money.
They give you a new task or challenge every day, and then provide you with the tools and resources to do it. This is the perfect 31 day challenge for beginners!
11. 3-month money saving challenge
This challenge only lasts for 3 months, so if you don’t want to commit to something all year long, this is the challenge for you.
If you follow this challenge, you can save up to $1,000 in those three months.
You’ll do this by saving exactly $84 per week. Sound difficult? Browse our money saving tips for insights and inspiration.
12. Reserve change
Many people have used this challenge as a way to save money. Remember the opening clip in the movie higher? They did that too.
When you get loose change, you put it in a jar or piggy bank. When that jar is full, take it to the bank and put it in your savings account.
If you’ve never tried to save your incomplete changes, you might be surprised by how much you can accumulate.
The only downside to this challenge is that it won’t work if you never pay cash.
13. The expense tracking challenge
Have you ever tracked your expenses before? It’s a really effective way to see where your money is going and how to save more.
If you haven’t tracked expenses, use this as an opportunity to start. Challenge yourself to write down and categorize every purchase for an entire month.
You may be surprised at how much you spend on certain things!
14. 26 Salary Challenge for Small Budgets
This challenge is for anyone whose budget comes from every paycheck – which is a lot of people!
You can increase the amount you put into savings by $10 per week. In the first week you deposit $10 and in the second week you deposit $20.
The great thing about this challenge is that it costs $60 and is perfect for those with smaller budgets.
At the end of 26 paychecks (that’s about a year), you’ll have an additional $1,000 in savings!
15. Don’t challenge eating out
This challenge is for anyone who needs something that will give them a quick win! If saving money seems too intimidating, try cutting out eating out for an entire month.
This habit may help you save more money than you realize. That’s what’s fun about these little challenges.
You can also choose 3 months of the year for this savings challenge. You’ll be shocked at how much money you can save when you stop eating at restaurants. Plus, you can pair this challenge with another easy challenge like the $1 Bill Challenge and save even more.
16. Penny Challenge
This challenge is very similar to the spare change challenge. The only difference is that you save all your money, not all your change.
It’s pretty amazing to take a big jar of pennies to the bank and find out how much you have.
Put all that money directly into savings once your jar is full.
17. Challenge of cancellation
The cancellation challenge is as simple as the “no eating out” challenge.
Sit down with your spouse and look at all your subscriptions. Cancel as many times as possible.
Then take it one step further. What about other places you spend money? Do you spend money every month on apps? What about recharging cards like a Starbucks account?
Eliminate as many things as possible and put the money you’ll spend on them directly into savings.
18. Challenge saving small vices
Challenging minor vices will take more effort and time. You will have to consider each purchase individually and decide whether it is a vice or a necessity.
Vice purchases are things you can live without. This includes impulsive purchases from the register or coffee while you’re out making mistakes.
You have a few options with this challenge. You can either cut out all vices for an entire month or cut out some vices for a longer period of time.
Do what works for you and choose the method that you will be able to follow.
19. Money Saving Challenge Summary
Some banks allow you to round up purchases to the nearest dollar and then deposit the change into a connected savings account.
If your bank doesn’t offer this, take your pick One of these applications She can do it for you.
20. The 1% Challenge
This is another challenge that you can do without having to lift a finger. Go to your workplace and increase your 401(k) contribution by 1%.
Then, within two months, increase the amount by another 1%.
If you don’t have a retirement account or want to do this challenge without using one, simply calculate 1% of your gross salary. Then divide that by your total salary for the year, and put that amount into a savings account after your first salary.
Follow the same process as you increase your savings to a higher percentage, then enjoy watching your nest egg grow bigger and bigger.
21. Throwing money
This is so much fun! Challenge a friend or family member and see who can save the most money in one month.
You’ll just need to set the rules and how to evaluate how much you’ve saved.
Stay motivated during this money saving challenge
Smaller, faster challenges allow you to make progress without losing motivation. But what about challenges that continue throughout the year?
The best way to stay motivated throughout a money saving challenge is to visually track your progress.
Get the free printable below to track your progress. Simply color a box every time you save $100. Post this page somewhere you’ll see it often to stay motivated!
Final thoughts
Sometimes, doing a challenge is a really fun way to start a new budget lifestyle and save money. Pick some of these challenges and see how much you can save!
