Saving money is an important part of having strong financial health. Having savings can help when we run into a rainy day or have a large expense to take care of. However, it can be difficult to consistently save and it isn’t always enjoyable. Luckily, it doesn’t have to be that way. We put together a list of challenges that help make saving a little more fun.
The 52-Week Challenge
While this challenge has been around for a little bit, the 52-Week Challenge1 has recently been picking up popularity. This challenge runs throughout the whole year, hence its name. Each week, you contribute the dollar amount that corresponds with the week to your savings account. To start out, you save $1 on week one, $2 on week two and so on. By the time the challenge ends, you’ll have a total savings of $1,378. It might not be a big pile of cash, but it’s a good launching point to keep building your savings.
The $5 Savings Challenge
If the timing isn’t right to open a savings account, here is a cash challenge. If you have a $5 bill laying around, get started with the $5 Savings Challenge.2 For a whole year, or the time period that works for you, save every $5 bill you receive. Whether it’s in a jar, box or envelope, store your bills and watch them grow as the year goes by. The catch is that you can’t touch your stash until the challenge is over or go purposefully looking for $5 bills. When the challenge is over, you can put it into a savings account or put it towards bills.
A friendly competition
Sometimes it can be hard to stay on track for saving by ourselves. If you’re looking for accountability and don’t want to save alone, ask a friend or family member to join you. A little competition can be a good motivator for some people, just be sure to keep it friendly. You and your spouse can work towards saving for a vacation, or challenge a friend to save up for a big event. Having someone save alongside you could inspire you to be more proactive about building your savings. Most importantly, keep it from being too competitive and keep it fun!
The Spare Change Challenge
You’re never too old for a piggy bank. That’s why you should consider giving the Spare Change Challenge3 a chance. It’s as easy as it sounds: just collect all the spare change you have throughout the year and put it in a jar. You could even add bills, too. At the end of the challenge, you can take your change to a counting machine or roll it up and take it to the bank. Then put it all in your savings account and start again.
The views expressed by the articles and sites linked in this post do not necessarily reflect the opinions and policies of Cash Central or Community Choice Financial® .
1Little, Kendall. (2023, Jan 6). Retrieved from: https://www.bankrate.com/banking/savings/52-week-savings-challenge/
2Love, Kumiko. (2020, Jul 30). Retrieved from: https://www.thebudgetmom.com/4-money-saving-challenge-for-small-budgets/
3Ashby, Colin. (2019, Feb 17). Retrieved from: https://www.youngadultmoney.com/money-saving-challenges/