9 Money Saving Challenges to Help Crush your Financial Goals This Year (2024)

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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.

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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9 Money Saving Challenges to Help Crush your Financial Goals This Year (2024)

FAQs

What is the saving money challenge for a year? ›

Match each week's savings amount with the number of the week in your challenge. In other words, you'll save $1 the first week, $2 the second week, $3 the third week, and so on until you put away $52 in week 52.

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What is the 5 10 15 money saving challenge? ›

Each time you save shade each circle of any 5, 10, 15 dollar, to save the full 1070 in your own time. Saving can be hard but with this you can make it a fun challenge. Safe enough a week to add to the savings pot. Get healthier with your finances and savings.

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What is the 5 savings challenge? ›

The fiver challenge - save £7,000

This challenge works the same as the 52 week challenge, but you go up in multiples of £5 rather than £1. So week one = £5, week two = £10, all the way up to week 52 at £260. Alternatively, if you're not in the position to save these larger amounts, you could save £5 every week instead.

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What is the $20 savings challenge? ›

Recently, I created a fun printable for all of you called the $20 Savings Challenge so that everyone can learn how to save money. The $20 Savings Challenge is a great way to easily save $1,040 this year without noticing! All you have to do is save $20 each week for a year, and then you'll easily have $1,040.

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What is the 52 week rule? ›

The concept is utterly simple: start with a small amount and put it in savings in week one. In the second week, increment the amount by $1 and keep it going for the entirety of the 52 weeks. For example, if we started by adding $1 on week one, we would add $2 on the second, and by week 52, we should be putting in $52.

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How to save $5000 in 3 months with 100 envelopes? ›

The 100-envelope challenge is pretty straightforward: You take 100 envelopes, number each of them and then save the corresponding dollar amount in each envelope. For instance, you put $1 in “Envelope 1,” $2 in “Envelope 2,” and so on. By the end of 100 days, you'll have saved $5,050.

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How to save $10,000 in 6 months challenge? ›

Here's how I did it & how you can do it, too.

Set goals & practice visualization. ...
Have an abundance mindset. ...
Stop lying to yourself & making excuses. ...
Cut out the excess. ...
Make automatic deposits. ...
Use Mint. ...
Invest in long-term happiness. ...
Use extra money as extra savings, not extra spending.

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What is the 5 dollar trick? ›

All it requires is that you save every $5 bill you get as change. If you're paying for something at the register with cash and the cashier hands you a $5 bill, put it directly into your savings account and pretend it's not even there. Five dollars can add up quickly.

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How to save $5,000 in 3 months challenge? ›

You can save over $5,000 in just over three months with the 100 envelope challenge. It works like this: Gather 100 envelopes and number them from 1 to 100. Each day, fill up one envelope with the amount of cash corresponding to the number on the envelope. You can fill up the envelopes in order or pick them at random.

Learn More Now ›

What is the 10 savings rule? ›

“Save 10 percent of your income.”

Don't feel discouraged. You can decide on your own personal rule to live by that works for your financial situation. Putting away some money on a regular basis—even if it's a small amount—can help you manage unexpected expenses and emergencies and reach your financial goals.

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What is the 52 week financial challenge? ›

There are no complicated rules to remember. Week 1, you save $1.00. Week 2 you save $2.00, and it continues through the year, adding one more dollar to each week's savings goal. By Week 52, you'll set aside $52.00, which will bring the year's total savings to $1,378!

What is the 15 savings rule? ›

50 - Consider allocating no more than 50 percent of take-home pay to essential expenses. 15 - Try to save 15 percent of pretax income (including employer contributions) for retirement. 5 - Save for the unexpected by keeping 5 percent of take-home pay in short-term savings for unplanned expenses.