I love a good challenge and when it comes to saving even more! This 52 week money savings challenge has been my favorite for years!
I create different ones each year and have gotten my kids into it as well. It’s a fun family competition.
I feel so good at the end of the challenge knowing I accomplished my goal and feel at ease knowing I have money in the bank.
So why does saving seem hard to do?
Why do we feel like we are depriving ourselves?
It can bring up images of depriving yourself of activities you enjoy or eating the same meal over and over to save a few bucks.
But changing your approach and mindset to saving money could motivate you to develop better habits as you watch your nest egg grow. Turning saving into a game—even a brief one- will motivate your money-saving efforts.
Let’s Try one or more of these money saving challenges. Whether you prefer to manage your money digitally or have cash on hand, you can make any of these games work for you.
1. 52- Week Challenge
So what if it’s already mid-January or beyond? It’s easy to catch up in the early stages of this challenge. Increase your savings over time from $1 on week one, $2 on week two, and so on, until you reach the final week: on week 52, you put away $52.
Complete an entire year and you’ll have $1,378 in the bank, a tidy sum to put toward a large purchase you’ve been saving for or an unexpected expense down the road.I use a chart to help keep me organized along the way. You can find it in my Etsy store: Savings Challenge Printable Money Savings Tracker Binder – Etsy
2. Found Money Challenge
Look for loose change in parking lots, store floors, sidewalks, etc. It may only be a penny a week or maybe one week you will find a dime and a quarter. Put them in a jar or another container and see at the end of the year how much FREE money you found.
This is my favorite to do with my kids. They have a good eye for it!
Also check out your states unclaimed property website to see if you have any missing money or property. I do once a year to ensure I closed all my accounts and didn’t miss anything. Here is a USA search: https://www.usa.gov/unclaimed-money
3. Five Dollar Challenge
Save $5 per week and watch how fast it grows. Create a chart and check off or color in your accomplishment for that week and see how fast in a month you saved! This one is super fun and pretty easy to do.
4 Tips for Savings Challenge Success
Before you start a savings challenge, plan for the following to help ensure your success.
1. Name a Goal
Before you start a savings challenge, think about what you want from it.
That goal goes beyond the amount you’ll have at the end. Are you saving because you want to take a vacation this summer? Are you saving to create a habit so you can eventually end your reliance on your credit card? Whatever’s motivating you to follow the rules of a savings game for a month or more, write it down and keep it somewhere you’ll see it often.
2. Visualize Your Progress
Ever seen a fundraiser where a thermometer graphic is used to visualize how much has been raised? As the total creeps toward the top line, it’s hard to resist getting excited about meeting the goal.
Bring that same energy to your savings challenge. Whether you put an X on the calendar for each day you complete your savings task, color in part of an image each time you set aside cash or write down a running tally of what you’ve saved, having a visualremindercan keep you stay motivated alongside reminding yourself about your goal.
3. Choose an Accountability Buddy
Saving money is more fun when you’re doing it with someone else.
An accountability buddy doesn’t need to be someone with the same exact saving goal as you. They may not even need to participate in a challenge with you. Your accountability partner only needs to be someone who is counting on you to follow through with your plans—and will call you out if you start slipping.
If you’re doing a challenge with others at home, you may have accountability partners built in. But don’t be afraid to call on a friend or relative to keep you on task.
4. Keep your Savings Safe—and Don’t Spend It
If you’re saving cash, choose a safe space at home to add to your pool; for digital saving, transfer money to a new savings account or one that’s hard to access on a whim.
Final Thoughts
This is a great year long challenge. You can customize these challenges to fit your situation. Remember that consistency is key!
It is also fun to get your whole family involved. The 52 money saving challenge works because it uses the power of consistency to build your savings. I love at the end of year long challenge to see my results.
Last year I saved $3,000!
Your Turn: Do you do any money saving challenges? Please comment below!
