Is your wallet feeling a bit thin these days? Are you looking for ways to save some money without having to live like a hermit?
You might remember the last time you tried to save—all those missed coffees-to-go, nights out, and shopping sprees—and think it’s impossible to make saving fun. But what if there was a way to get your credit card in shape without going to extremes?
In this post, we’ll explore some fun and creative money-saving challenge trends that will help you slash your expenses without feeling the pinch. So, get ready to be inspired!
Top Money Challenge Ideas for 2022
1. 52-Week Money Challenge
Are you up for a yearly challenge? If so, the 52-week money-saving challenge is perfect for you. The goal is to save $1,378 over a year by setting aside a little bit of money each week.
Here’s how it works:
Week 1: Save $1
Week 2: Save $2
Week 3: Save $3
Week 52: Save $52
If you start early in the year, this challenge will be a breeze. And if you’re starting mid-year, no worries—you can still do the challenge. You can start from week one, or the week of the year you’re currently in. The choice is yours.
The 52-Week Money Challenge Backwards is trending in 2022. The principal is the same, but you save the most money on week one ($52) and then decrease the amount every week by a dollar. Some find this more motivating, because it gives you the feeling of getting closer to the end.
2. Biweekly Money Saving Challenge
If you find having to save every week too stressful, this saving money challenge might be better for you. Here, you set aside a small amount every other week for only 26 weeks. It’s convenient, because when you get your paycheck, you just put a couple of dollars into savings and move on.
This is how it works:
1st week: save $4
3rd week: save $8
5th week: save $12
7th week: save $16
26th week: save $106
So, you just increase the amount by $4 biweekly, and after half a year you’ll be richer by $1,404!
3. Monthly Savings Challenge
There are many ideas for monthly challenges, and they all come down to committing to saving some money for a month. Here are some of our favorites so far.
The 30-Day No Eating Out Challenge
Eating out every day adds up, especially now that prices are skyrocketing and inflation is rising. Even in 2020, an average American home spent more than $2,300 a year on restaurants and takeaways, according to Statista.
That means that if you commit to this challenge for only a month, you can have around $200 more on your credit card.
The 30-Day Minimalism Challenge
This challenge allows you to choose the thing you can live without for 30 days and get rid of it. It can be that coffee-to-go you buy every morning on the way to work, the takeout Friday night dinner, or something else.
The point is to take the amount of money you would spend on that thing and set it aside. This gives you the flexibility to choose what you can live without and how much money you’re willing to set aside. Whatever you choose, you’ll surely have saved a handsome sum after a month.
The $33.33 Challenge
This one is designed for everyone who believes in the power of the number 3.
It’s pretty straightforward. For 3 months, you put aside $33.33 every day, which will add up to $999.90 in the end. Just put in another dime to round it up to $1,000. This challenge requires a bit more putting in every day than some others. But, in the end, when you see the final amount, you’ll be pleased that you stuck with it.
30 Days No-Spend Challenge
This one is for those who want to overcome all the challenges of budgeting they face.
The rules are pretty simple. You can’t spend any money (or can spend only very little) on non-essential items for 30 days. This includes things like entertainment, clothes, eating out, and anything else that’s not a necessity.
So, you can spend money only on bills, rent, gas, essential groceries, and similar. This one is pretty tough. It can be difficult to give up all relaxing and fun activities, especially for the whole month.
But you can still make this challenge fun! Invite your friends or family to do it with you and see who can save the most.
4. Weekly Money Saving Challenge
This is a great challenge if you want to save up but can’t commit to a longer-term plan.
The idea is to set aside some money every day of the week. The amount you save each week should be increasing. You can decide where you want to start and how much you will add on.
The advantage of the challenge is that it’s short and easy to stick to. Plus, you can challenge yourself even further. Start with one week, but go on for another and another, to see how long you can do it—you might surprise yourself!
5. More Money Challenge
Laurie Hise published a self-help book called More Money Challenge to help you overcome any budget challenges you’re facing. This budgeting journal includes various worksheets to help you track, balance, and manage all aspects of your finances. You’ll find worksheets such as Bill Payments Calendar, Monthly Savings Review, Annual Budget Overview, Debt Tracker, Savings Tracker, and more. These all come with instructions to guide you through filling them out.
Hise also provides some amazing tools, such as product price comparison for some major stores, to help you save even more. There’s also a money-saving challenge program included. This No-Spend Challenge motivates you to spend as little as possible on non-essential things.
The budgeting journal should keep your finances organized so that you can track every cent you spend. Thanks to this system, you’ll know exactly where you spent more than you had to, and where you can be more thrifty.
6. 12-Month Money Challenge
Yearly savings challenges are for those truly dedicated to saving. It can be tough to stick to being consistent for that long, but it’s worth it in the end. Here are some popular 12-month challenges to get you inspired.
The “Keep All the Change” Challenge
This is a great challenge if you want to get started with saving money but find it hard to set aside a fixed amount every month.
To do this challenge, all you need is a mason jar or a container, and your loose change. Every day, empty your pockets and bags of any coins you may have and put them in the jar. At the end of the 12 months, you’ll be surprised by how much money you’ll have saved.
The 365-Day Nickel-Saving Challenge
This New Year money challenge is for those who want to save a little bit more. You’ll need a jar and a huge commitment. This saving method was first published on SavingAdvice, and it became popular in no time for a good reason.
On the first day of the challenge you put a nickel into the jar. The next day, you add $0.10, then $0.15, and so on. On day 365, you should put aside $18.40. If you followed the rules every day of the year, you should have $3,339.75 by the end.
This means that you’ll save more than $3,000 without saving more than $20 every day.
7. 100-Week Envelope Challenge
This challenge is a bit different from the others. To do it, you’ll need 100 envelopes, labeled with numbers from one to 100. Pick an envelope each day or week, and put the amount of money equal to the number on the envelope. If you do this for 100 days or weeks, you will save $5,050. Find out more about this challenge here.
This is a great budgeting challenge if you struggle to set aside a fixed amount every month. It makes the whole process fun and surprising, so it’s easier to stick to it.
Check out this handy guide if you want to learn how much you should save a month.
Money-Saving Challenge: Parting Words
The great thing about money-saving challenges is that they can be adapted to fit any budget and lifestyle. Whether you’re trying to save up for a down payment on a house or just want to put a few extra dollars in your savings account, there’s a challenge for you.
So, if you’re looking for a fun way to save money and get your finances in shape this year, we highly recommend giving one of these challenges a try. Who knows? You may even find that you enjoy it!