I have compiled a list of different money saving challenges you can do to help towards improving your financial situation and build new money habits. Check out the list below. Pick the ones that you think you can commit to and actually achieve, print out the free printable and let the challenge begin.
What is a money savings challenge?
Most of us liked to be challenged and have a target to work to give us the boost to achieve something. This principle can be applied in every area of our lives including our financial aims. These challenges are all about following the process of saving money. Free Printables are included.
Why is doing a money-saving challenge important?
I think it is important to do a money challenge because it forces you to be intentional with your money and it helps build the habit of saving money.
1.52-week savings challenge
I have to start with my own challenge. Save £1378 this year. Save money according to the week. For week one of the challenge, you will need to save £1 and the following week £2 and the following week £3.
Read: 52 weeks savings challenge for more details – available on the previous post.
2. Reverse 52-week savings challenge
You may be one of the rare people who have more money at the beginning of the challenge. If so, print the above PDF and start saving in reverse. Week 52, you save £52 and work backwards. The week after you will save £51 and so on.
Emma Drew has an amazing idea called 1% savings Challenge. The idea is to take any savings goal and divide into 1% chucks.
For example, you want to save £1000. 1% of £1000 is £10. Instead of focusing on the big goal, just focus on making or saving £10 at a time. She provides a printable tracker which is divided into 100 squares so you can colour each box as you go along. It makes it more achievable.
Rick and Naomi provide practical tips on how to embarking on the 1p challenge. PDF and excel templates are provided
This savings challenge is ideal for someone who doesn’t have much but still wants to make an effort to save. This challenge encourages you to save up to a maximum of £5 each week. Free Printable included
Nikki has created an amazing checklist and a 5-day series on ways to work towards building up your emergency fund. She covers topics such as side hustle selling, becoming a virtual assistant and comping (entering into competitions). Sign up and receive all you need directly into your inbox.
Other money savings challenges
No spend money challenge – challenge your self to spend no money for a period of time.
Read: No spend Pantry Challenge
Monthly savings challenge – Every month, challenge yourself to save a certain amount of money. it could be as little as £10. The key is to save something
Bi-weekly savings challenge – this challenge is great for those who get paid weekly. Save a set amount every other week
Spare change challenge – consciously save any spare change you have. Try the moneybox app. I have not tried it personally but they save your spare change for you automatically and invest your money.