Simple Money-Saving Challenges Anyone Can Try

Saving money can be fun and easy. You don't need to be a finance expert. By turning saving into simple challenges, you can build good habits and enjoy watching your money grow. In this post, we'll introduce a few friendly money-saving challenges perfect for beginners. Each challenge is easy to start and can help you save automatically or with little effort. Let's get started!

52-Week Savings Challenge

One popular challenge is the 52-Week Savings Challenge. This challenge helps you save a little more money each week for one year. It's great for beginners because you start small and build up slowly.

• How it works: In week 1, save $1. In week 2, save $2. Keep adding one extra dollar each week (week 3 is $3, week 4 is $4, and so on). By week 52, you put aside $52 that week.

• What to expect: By the end of 52 weeks, you will have saved $1,378 in total​! This money can boost your emergency fund or go toward a big goal.

Tips for Success:

• Mark each week on a calendar or use a checklist, so you remember how much to save.

• Keep the money in a special savings jar or bank account. This way, you won't be tempted to spend it.

• If remembering different amounts each week is hard, you can set up an automatic weekly transfer (about $26.50) to your savings. This still adds up to around $1,378 in a year.

• Make it fun! Challenge a friend or family member to do it with you so you can cheer each other on.

No-Spend Month Challenge

Another great challenge is the No-Spend Challenge. The idea is simple: for a set time, do not spend money on anything except the things you really need. Many people try this for a week or a full month.

• How it works: Pick a timeframe, like one weekend, one week, or an entire month. During that period, only spend money on essentials – things you must pay for, such as rent, utilities, gas, and groceries. Do not spend on extras or "wants" – that means no eating out, no new clothes or gadgets, no movie tickets, and no other non-essentials​.

• What to expect: This challenge helps you see where your money usually goes. You might be surprised at how much you save by skipping treats or shopping for a while​. At the end of the no-spend period, count the money you didn't spend. It could be hundreds of dollars saved, depending on your habits!

Tips for Success:

• Start small. If a month feels too long, try a no-spend week first. You can even begin with a no-spend weekend to test it out.

• Plan ahead. Use the groceries and supplies you already have at home. Cook meals using items in your pantry. Find free fun activities (like a park picnic or movie night at home) so you won't feel bored.

• Remove temptation. Stay away from online shopping or mall trips during your no-spend time. If you don't see the sales or goodies, you won't want them as much.

• Save the savings: Each time you avoid buying something, set that money aside. For example, if you skipped a $5 coffee, move $5 into your savings account. This way, you can actually see your progress​. It makes the challenge more rewarding!

Spare Change Challenge

The Spare Change Challenge is an effortless way to save money without much work. It's perfect if you want to save automatically in the background. Remember, even small coins can turn into big money over time​!

• How it works: Every time you pay with cash, keep the change you get back. Put these coins (quarters, dimes, nickels, pennies) into a jar or piggy bank instead of spending them​. If you mostly use a debit or credit card, you can try an app or bank program that rounds up your purchases and saves the extra cents for you. For example, if you buy a snack for $2.50, it would round up to $3.00 and put $0.50 into savings automatically.

• What to expect: Over weeks and months, your spare coins will pile up. Small amounts can add up quickly over time​. By the end of the year, you could have a jar full of money without even noticing you were saving! Many people use their year’s worth of change for holiday gifts, an emergency fund, or another special goal.

Tips for Success:

• Use a clear jar for your change and place it somewhere visible. Watching the jar fill up can be fun and motivating for you (and your family, if they join in!).

• Set a rule not to take any money out of the jar until a set date (like New Year’s Eve or a birthday). This way, the savings keep growing.

• If you use a round-up app or program, check it occasionally to see how much you've saved. You'll be excited to see the total grow with zero effort on your part.

• Once you reach your goal date (for example, after one year), count your savings. Roll up your coins or take them to the bank, and reward yourself by putting that money into your savings account or using it for something important to you.

The $5 Bill Challenge

Do you use cash often? The $5 Bill Challenge might be perfect for you. It's one of the simplest ways to save money without having to think about it much. Many people find this challenge both easy and surprisingly fun.

• How it works: Decide on a timeframe for this challenge (many do it for a whole year). From now on, every time you receive a $5 bill as change or payment, do not spend it​. Instead, put that $5 bill into a safe place like a jar, envelope, or box. Treat that $5 as untouchable savings. Continue doing this each time you get a $5 bill. You can also do a similar challenge with other bills, like $1 or $10, but $5 is a nice amount that adds up quickly without making you feel like you're losing too much spending money.

• What to expect: This method is super easy and effortless, yet the savings add up fast​. You might not miss those $5 bills at all in your daily spending. By the end of your chosen timeframe (for example, one year), you'll have a stack of fives saved up. It could be a few hundred dollars or more, depending on how often you come across $5 bills. It's like a surprise gift from yourself later! Many people use the money for holiday shopping or put it toward an emergency fund​.

Tips for Success:

• Have a dedicated spot for your $5 bills. For example, use a special envelope or an old shoebox. Label it "Do Not Touch - $5 Challenge" to remind yourself.

• If you usually pay with cards and rarely get cash, you can tweak the idea. For instance, you could decide that every time you spend money on a non-essential item, you will transfer $5 to your savings account. This way, you're still following the spirit of the $5 challenge.

• Get others involved. If you have friends or family doing the challenge, you can all save your $5 bills together and maybe plan a fun reward when you all finish (like a potluck dinner funded by a tiny part of your savings).

• Be consistent. Sometimes you might be tempted to use a $5 bill in your wallet. Remind yourself of the fun goal and how great it will feel to count all those $5s later. Stick to the rule! 🎉

Automatic Savings Challenge (Pay Yourself First)

If you like the idea of "set it and forget it", try an Automatic Savings Challenge. This is all about paying yourself first. That means whenever you get money (like your paycheck), you save a bit of it before you spend on anything else​. It’s an easy method because once you set it up, the saving happens automatically.

• How it works: First, decide on an amount that you can comfortably save regularly. It could be a percent of your paycheck (like 5%) or a fixed amount (like $20 every week). Next, set up an automatic transfer with your bank. For example, you can arrange that every payday, $20 goes from your checking account to a savings account. The key is that this happens before you start spending your money on other things​. You can also ask your employer if they can directly deposit part of your paycheck into savings. After setting it up, you don't have to remember to save—the bank will do it for you!

• What to expect: Because the saving is automatic, you might not even notice the missing money in your day-to-day budget. You learn to live on the slightly smaller amount left, which is usually not too hard if you set a small saving amount at first. Over time, this builds a strong habit of saving. Even saving $25 or $50 a month is a great start​, and you can increase the amount later when you're comfortable. After a few months, you'll be pleased to see a growing savings balance with no extra effort on your part.

Tips for Success:

• Start small: Begin with an amount that feels almost unnoticeable. Even $10 a week or $20 a month is okay. Once you see it working, you can try saving a bit more.

• Match it to paydays: If possible, time your automatic transfers right after you get paid. It's easiest to save when the money is fresh in your account.

• Hands off: Pretend that your savings account is locked. Don't dip into it unless it's truly important (like an emergency). Let that money grow.

• Celebrate milestones: Check your savings every few months and celebrate your progress. For example, when you reach $100, give yourself a high-five (or a small treat that doesn't undo your savings). You'll feel motivated to keep going.

Conclusion: Pick a Challenge and Start Saving

Saving money does not have to feel like a chore. By turning saving into a fun challenge, you can trick yourself into building a great habit. We've talked about different challenges – from the structured 52-week plan to the stricter no-spend month, and some super easy ones like the spare change and $5 bill challenges, plus an automatic saving plan that runs on its own. Think about your personality and what sounds most doable for you.

The best challenge is the one you will stick to. If you love routines, the 52-week challenge might be a good start. If you need to cut out impulse buys, try a no-spend period. For something effortless, the spare change or $5 challenge is awesome. And if you prefer a hands-off approach, the automatic savings challenge will do the work for you.

Why not pick one challenge and give it a try? You can even combine two. For example, do a no-spend week and put the money you didn't use into your 52-week challenge jar. No matter which you choose, you'll be taking a positive step toward saving money. Remember, it's okay to start small. The important thing is to start! Good luck, and happy saving!