Saving can be stressful, but with these Fun Money Saving Challenges it doesn’t have to be hard! It may seem like a long road ahead before you begin to see a change in your financial circumstances, so take these effective saving challenges which will enable you to save money and have a little fun at the same time.
1. Money Saving Challenge: The 52-Week Challenge
To kick off the challenge countdown, let’s begin with the 52-week challenge. You start by taking each week of the year and save the same number of dollars as the week you’re on. So, on your first week you save just $1, for the second $2, and so on. By the time you get to the final week out of the 52, you will have saved yourself $1,378.
2. The Month by Month Challenge
The month by month challenge works really well for those of us that get paid monthly instead of weekly, although you can easily adapt it if you do get paid weekly. Every month you simply save any amount that falls between $100 and $150. When you tally up how much you have saved by the end of the year, you will have saved well over $1,000. The trick is to keep your savings in a separate account from the one that your salary is paid into and move it into your savings account the day you are paid. Shop around for a high interest savings account and see your savings increase even more. Pay day is save day!
3. The Zero Spend Challenge
This one is commonly known as the zero or no spend 30-day challenge but challenge yourself to go beyond the thirty days and see how long you can keep it going. The zero spend challenge is one of the most effective Money Saving Challenges that we are promoting. The basic premise of this challenge is to only spend on the bare necessities. This means being very strict with yourself about every transaction you make and reviewing it beforehand to confirm it is entirely an essential purchase. You may have to go without treats for awhile but by the end of the challenge you will have saved yourself well over a thousand dollars.
4. The 26-Week Challenge
This is the perfect challenge for those of you that want to get a head-start on saving for Christmas. As it takes 26 weeks to complete, you should start it around the month of June, but you can start anytime is convenient for you to save all year round. You start the challenge by saving $3 in the first week. Every week thereafter you save an additional $3. So, for example, in week 2 you save $6, week 3 $9, by week 26 you should save $78. By the end of the 26 weeks you will have saved $1,053.
5. The Dice Roll Challenge
The dice roll challenge requires you to roll a dice once a week to decide how much money you will save that week. Assign cash amounts to each side of the dice. The amount you save doesn’t have to be related to the number of spots shown on the dice, you choose the amount yourself. For example, the 6 on a dice face could represent saving $60 or even $40 that week. Be realistic about the amounts you choose for the dice, so you stick to your savings plan. This is a great challenge for those of you that want to get the whole family involved in saving.