15 Money Saving Challenges To Try In 2024

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Financial management is as vital as earning money; if you don’t know how to retain your income, you are undoubtedly preparing for a complicated financial life. We are living in a diverse world, where our purchase decisions are dictated by influential marketing. Sometimes, we might convince ourselves to purchase unwanted products to move with society. However, in reality, the product is of little use and doesn’t justify a high price.

Saving money allows you to prepare for difficult times; our life is full of ups and downs, and you never know when an expense might come up. Difficult times can be eased with leverage financial freedom. Your savings will allow you to concentrate on the problem without worrying about your finances. Similarly, a savings account can also help you earn additional income through interest; it provides you with the funds required for investment in the future.

However, saving money is easier said than done; as young adults, worldly temptations convince us to spend the last penny we have, and saving is the final thought that comes to our mind. Nonetheless, the benefits of saving toward a secure future can’t be undermined. The situation puts the individual in a dilemma. Do you think the same?

Well, then you don’t need to worry, as, in this blog, we will talk about 15 money challenges that can help you save money without compromising on your fun life. The challenges are designed to make saving money fun, and it won’t feel like a burden on your soul. Let’s begin.

15 Money Saving Challenges to Try in 2024 

#1. The Kick a Bad habit Money Challenge

Everyone has some bad habits that we aim to give up; however, they have turned into addictions, and leaving them aside isn’t easy. The kick a bad habit money saving challenge focuses on giving up on your addiction to save money. Some of us might indulge in excess junk food, smoking, and drinking; these are expensive addictions that aren’t healthy for our bodies.

The challenge allows you to save money by avoiding such habits; it won’t only help your body get healthier, but it will also help you save a chunk of your money each day. Ideally, the saving cycle should go for a month, and you can enjoy a cheat day in the end to celebrate your freedom.

#2. The No Swear Money Challenge

The American traffic can be difficult to deal with; the cars are pouring in left, right, and center, while a guy doesn’t take his hand off the horn. It can get on our nerves, and even the calmest may end up swearing. If you feel swearing has become common in your household, you can sign up for the no swear money-saving challenge.

The challenge includes a $1 for every time you swear, and the payment is made to your savings account weekly or bi-weekly. If you get on with the money-saving challenges, you shall be able to save a fair chunk of your money while getting rid of your bad habits.

#3. The 33.3 Challenge

The biggest problem that prevents most savers from saving money is the reluctance to save small amounts. Most of us believe a small payment in our savings account isn’t going to help towards any goal, and it is better to spend the bit on an additional facility instead. However, it is the wrong ideology. As it is said, “consistent drops make a river. ”

Your small savings can transform into an emergency fund if they are done regularly. The 33.3 challenge requires the contestant to save $33.33 each day; it will make about $990 at the end of the month, and if the month has 31 days, the savings might break the $1000 barrier.

If $33.3 is a big chunk to save from your limited income, you can reduce it to half or a quarter.

#4. The Roll the Dice Money Challenge

If you think saving money isn’t fun, this savings challenge can change your mind. All of us enjoy playing board games, or even if you don’t, you might have played them at some stage of your life. The memories are well lit at the back of our minds and will help us abide by the savings challenge.

Roll the dice challenge requires the contestant to save a particular amount based on what the dice roll-up. For instance, if 1 is rolled, you can decide to save $10; similarly, you can set a payment of $60 for every time a six is rolled. The payments for each number are to be fixed beforehand so you can’t succumb to your mental pressure of more spending. Depending on your savings nature, you can roll the dice every day or week.

#5. The Trim 1% of Your Salary Challenge

Most of our income goes into our budget; Although some of these expenses may be necessary, others may have a way around them. The money savings challenge helps you reduce your spending on your monthly budget. The goal is to reduce your annual budget by 1% of your salary.

For instance, if you make $60000 per year, 1% of it would mean $600. Hence, to complete the challenge, you will need to find ways of saving $600 off your budget. You can probably sign up for a cheaper network subscription or give up on branded products.

#6. The Save Money at a Different Grocery Store Challenge

If you like to spend money on different luxurious items, a money-saving challenge can be difficult to adjust to your life. However, in this challenge, you won’t have to give up on any of your purchases to save more. Some grocery stores charge more than others. To succeed in our money-saving journey, we must stop shopping at the wrong grocery store for our groceries.

Every time you shop for groceries, you should hold onto the receipt and try another store for the same products next time. There is a fair chance that a bigger store may change considerably less for several high-selling items. The challenge will help you save a fair chunk of your grocery budget without giving up on your beloved products.

#7. Weather Wednesday Money Challenge

The world is experiencing global warming, and temperatures have been rising steadily over the years; we can use the climatic change to our benefit by following the weather Wednesday saving challenge. The money-saving challenge is an exciting take on how to determine your savings.

According to the rule, you should save a portion of your income every Wednesday, but the value of your every saving should equal the weather in your state. If the weather maintains an average of 35 F over the next 52 weeks, you can have about $1850 at the end of the year. Of course, it might include some days where the temperature drops below 0, so you can understand withdrawing the same portion from your bank account. The challenge can help save thousands of dollars each year while maintaining the fun.

#8. The No Eating out for a Month Challenge

According to a recent report to BLS, an average American household spent about $3256 on dining out during 2019; it comes down to about $300 per month. Understandably, takeout or dine-in is usually more expensive than cooking the same dish yourself. The challenge involves giving up on your excess expenditures and saving the additional savings.

Although the difference between dine-outs and food at home isn’t significant, the no-eating out challenge will generate internal accountability in your brain. It would enhance the need to save extra money without wasting it on useless purchases.

#9. 365 day Nickel Saving Challenge

As the name suggests, the 365 nickel saving challenge is an exciting attempt to save more money without giving up on your temptations. It involves saving an increment of 5 cents every day. You shall start with 5 cents, but you need to add another 5 cents to the daily total every day.

You will have to save $18.40 on your 365th day; interestingly, the negligible everyday payments will convert to more than $3000 at the end of the year. You can realize how effective tiny drops can be. If 5 cents is too low of an increment for you, you can double it up to 10 cents; thus, you will have double the amount at the end of the year.

#10. The Pay Yourself When You Make a Money Mistake Challenge

Do you miss your payment deadline often and have to pay the late fee? Are you tempted to buy sneakers without any apparent need? Well, this challenge is excellent for you. Paying yourself is our favorite amongst all the saving challenges to try. It involves paying yourself for your financial mistake.

Every time you incur a late fee or buy an unnecessary item, you will need to pay $10 in your savings account. The sense of punishment will help you spend less money throughout the year. Using the method, you will be able to reduce your financial mistakes and save a fair chunk of your income.

Even if you fail at saving much, you will have fair compensation waiting in your bank account.

#11. The Holiday Gift Challenge

Many economists refer to savings as financing for future consumption. It is typically true because our savings will be utilized to fund our expenses. The holiday challenge is a great attempt to save for your holiday without blowing a big chunk instantly. Many credit unions offer holiday gift plans, which require a payment of $5/10/20 every week for 52 weeks.

The savings are redeemed at the end of the year, and the saver has enough to finance their excursion trip. The challenge helps you align your spending habits without compromising your inner desires. The motivation of a great reward helps convince us to regular savings.

#12. The Keep all the Change Challenge

The spare change challenge is an innovative attempt to motivate individuals toward savings. Most of us underestimate the importance of coins. We readily let them lie around in our car or at different places around our house. These coins can actually contribute to our annual savings.

They keep all the change challenge involves putting the loose coins in a jar around your house; you must keep collecting them for the next 52 weeks. You can transfer them to a savings account at the end of it. Although the change might not grant any significant purchasing power, it will develop an inner sense to save more money.

#13. The Pantry Challenge

If you don’t have family or live alone, you will indeed have excess food lying in your refrigerator waiting for its expiry date. Usually, we are inclined to eat junk food, which isn’t only costly but also means that our groceries are wasted.

The pantry challenge is one of the best money-saving challenges to try in 2024. It involves finishing up your groceries before you buy something else. The challenge aims to prevent eating out and increase your consumption of items you have already purchased.

As long as the groceries aren’t expired, eating them will not harm your health and save you money for difficult times.

#14. The No Spend Challenge

Our spending pattern is an essential determinant of our financial stability; the no spend challenge aims to reduce the payments of the contestant to the lowest possible. The challenge involves giving up on all expenses for a day except the basic needs. Electric bills and house rents aren’t included in the challenge, but a pizza is.

You should consume items present in your house; instead of buying newer ones. The challenge will help you save more money by restricting your purchases.

#15. The 52 Week Savings Challenge

The 52-week savings challenge is probably the simplest saving idea to save more money without adding stress to your body. The challenge requires saving a fixed amount, such as $10 every week. You may have to cut your grocery bill or additional expenses to create the space for the other amounts.

Some contestants like to get creative with their savings methods; they may save $1 in the first week, $2 in the second week, and so on. By this technique, they’d be able to save $1387 at the end of the year compared to $520 by the former method.

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Conclusion: 15 Money Savings Challenges

We have finally come to the end of the blog; I hope it helped you understand various challenges that can help you save more money. Savings are essential for a financially stable future; no one likes to ask others for help during times of need.

If you wish to avoid the consequences, it is better to start preparing today. Be it a piggy bank, glass jar, or savings account, you should regularly start putting in small amounts of your income. If you deposit money regularly, it will soon translate into a significant amount that will be helpful to fund your future expenses.

Savings challenges may come as a considerable change to your life; they might look challenging to adapt, but it is a bitter bite you must take for a smooth future. Once you can adapt to the habit, it will help you see a positive change in your financial dealings and improve financial freedom.

15 Money Savings Challenges FAQs

What are some common challenges to saving money?

Money-saving isn’t as arduous as it sounds; several creative ways allow you to save money without increasing strain on your brain. We have discussed the 15 crucial ways above in detail; here is a summary of some challenges you can try.

• The Kick a Bad habit Money Challenge
• Expense tracking challenge
• The no swear money challenge
• 33.3 challenge
• Roll the dice money challenge
• The Trim 1% of Your Salary Challenge
• The Save Money at a Different Grocery Store Challenge
• The No Eating out for a Month Challenge
• The Holiday Gift Challenge
• The Keep all the Change Challenge
• The Pantry Challenge
• The No Spend Challenge
• The 52 Week Savings Challenge

What is the $5 savings challenge?

The $5 challenge is another attempt to increase your savings without compromising on the fun. The goal is to save every $5 bill you receive for the next 52 weeks. By this technique, you would not only restrict your purchases, but you will also have about a thousand dollars waiting for you in a secret stash.

How can I save $5000 in a 3-month challenge?

Financial goals are essential in shaping our future. The proper saving techniques can help you save the desired amount without compromising the fun of your life. Here are some steps to save $5000 within three months.

• Practice “The No spend Challenge” 3 days per week
• Eat at your home for the next three months
• Reduce your grocery budget by 1% of your salary
• Look out for cheaper stores in your neighborhood
• Collect the coins in a jar

By using this technique, you will be able to save a share of your income. The goal is to save about $50 each day for the next 90 days.