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Let’s face it: Saving money doesn’t feel that exciting. Why? We’re pretty hardwired to seek instant gratification. Putting aside money for the future can feel like depriving yourself of the things you want now.
But what if you could make saving money … fun?
Savings challenges turn the chore of savings into a game. Breaking a goal into smaller steps can make it feel more attainable and keep you motivated along the way. Plus, reaching each milestone can make you feel accomplished, reinforcing the positive habit of saving.
“As humans, we love rewards and respond well to incentives,” says Elliot J. Pepper, financial planner at Northbrook Financial. “Creating small manageable and repeatable behaviors will focus you on the goals needed to achieve your vision.”
Here are five viral challenges to help you achieve your savings goals.
1. The 52-week challenge
The 52-week challenge is a popular savings method that encourages you to save money consistently for one year. You start with a small amount, typically $1, and gradually increase by another $1 every week.
For example, in week two, you’d save $2. In week three, you’d save $3, and so on. While this may not sound like much, if you commit for the entire year, you’d save $1,378 in total. You could have a higher initial weekly target if you want more of a challenge.
Pros
- Easy to start
- Incremental approach to savings, helping you establish a routine
- Adaptable based on your savings goals
Cons
- Long time frame, which increases the chances of falling off track
- The $1 increase each week might be too low for some
Who this challenge is for: If you want a simple savings challenge, the 52-week challenge is a great pick for your next New Year’s Resolution. It’s great for those looking to build a regular savings habit who want a structured approach to saving. Before you start, make sure you have the right place to store your savings.
Many high-yield savings accounts offer higher interest rates (sometimes over 5%) and don’t require a minimum deposit to open an account.
2. 30-day dining-in challenge
Eating out comes with some big benefits: You don’t have to deal with the mess in your kitchen, and you may have a credit card that earns rewards every time you go to a restaurant. But that appetite for dining out can make your savings account go hungry.
The 30-day dining-in challenge allows you to focus on eating meals at home for a month. It involves preparing and enjoying homemade meals while avoiding eating out or ordering takeout.
Pros
- Helps eliminate a very costly habit
- Eating in is often healthier than eating out
- Improves your cooking skills
Cons
- Cooking at home requires time for planning, grocery shopping, and cooking
- Potentially restricts or limits social gatherings and other events
- Doesn’t address other areas of spending
Who this challenge is for: If you have a standing reservation at your local restaurant or your UberEats driver has your address starred, it may be time to cut back on eating out. Plus, if you have dreams of competing in “Top Chef” and don’t mind spending more time in the kitchen, this challenge is a great way to jumpstart your culinary hobby and save money at the same time.
While eating out is often a large line item in your budget, this challenge doesn’t address other areas where you may be overspending. Plus, the time commitment may not be feasible for some.
3. 100-envelope challenge
This old-school method could be the new best way to save.
The 100-envelope challenge is shorter than the 52-week challenge: It only lasts 100 days. The idea is to save the amount of money corresponding to the number on the envelope. You’ll label them from 1 to 100, and each day, you will put that amount of money in the envelope. If you can conquer the challenge, you will save $5,050 at the end of the 100 days.
You can pair this challenge with the envelope budgeting method (known as cash stuffing) and keep all your cash in envelopes.
Pros
- Visual progress tracking, which can offer a sense of accomplishment
- Adds an element of surprise, since you randomly select the amount you need to save each day
- Helps build regular savings habits
- Flexible based on your situation
Cons
- Keeping your savings in cash means you miss out on earning interest in a bank
- Risk of losing envelopes
- Challenging to save daily instead of weekly
Who this challenge is right for: If you’re looking for a tangible and visual way to save money, this is a good option for you. Like the 52-week savings challenge, this challenge can be particularly beneficial for those who want to build a consistent saving habit and seek a structured method to reach their financial goals. Because it only lasts a little over three months, you’re more likely to stay motivated.
4. No-spend challenge
This challenge is exactly what it sounds like. Prove to yourself that you can make it through a day, a weekend, or even a week without spending a dime.
Of course, you need to make sure you’re still paying your necessary bills, but the aim is to reduce impulse purchases, encourage mindful spending, and save money.
What does this look like? No morning coffee at the cafe down the street — make it at home instead. No Uber ride home from work — take public transportation instead. No dinner out on Friday night — heat up those leftovers.
Pros
- Increase savings quickly
- Helps you identify your splurge spending behaviors
- Promotes conscious spending
- Easily adjustable for different intervals such as a no-spend weekend or a no-spend week
Cons
- Potential to overspend when the challenge is over
- Can limit or restrict your ability to engage in social activities
Who this challenge is for: If you’ve struggled with credit card debt or feel like you live beyond your means, add the no-spend challenge to your calendar ASAP. This challenge is ideal if you want to save money, break impulsive spending habits, or gain better control over your finances. It can be particularly helpful to reassess your relationship with money and identify unnecessary spending. It’s also a great way to quickly build your savings over a short period of time without increasing your income.
5. Round-up challenge
The round-up challenge follows a simple rule: Every time you spend, you save, too. For example, let’s say you buy a sandwich for lunch that costs $8.34. With the round-up challenge, you’d save 66 cents to round up your purchase to $9.
That doesn’t mean you need to start paying in cash and carrying around pounds of quarters and dimes. You can manually transfer the round-up amount to your savings account and continue paying with a debit or credit card.
Many popular savings apps do this automatically for you. The same goes for certain credit cards. For example, the Robinhood Cash Card lets you round up your purchases and invest the extra money in stocks, cryptocurrency, or other assets.
Pros
- Simplifies savings through automation
- Trains you to associate spending with saving
- Doesn’t have a start or end date
- Helps build incremental savings
Cons
- You’ll need to manually transfer money if your bank or card doesn’t come with a round-up feature
- Doesn’t help curb overall spending
Who this challenge is for: If you want to save money gradually without drastically altering your spending habits, a round-up challenge is a simple solution. It can be particularly beneficial for those who prefer a hands-off approach to saving. This challenge can also help you get more awareness of your spending habits.
The bottom line
There’s no reason you have to stick to just one savings challenge. Try a few of these out to see what works best for you, and don’t be afraid if you don’t earn an A+ on your first attempt. It’s called a challenge, after all. And once you do conquer it, it’s time to raise the bar to continue to push yourself to save just a bit more the next time around.
Want to know where you stack up on savings? Here’s how much the average American has in savings.
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