13 Savings Challenges to Try in 2024

Written by Edited by Kathy Hauer CFP®
Savings Challenge

Mastering the art of saving might not come easy, but the rewards are worth it. Saving money can help you secure your financial future and reach your goals. Savings challenges act as roadmaps, providing inspiration and guidance in your savings journey. Choose a savings challenge based on your preferences and financial situation.

Top 13 money savings challenges

Here are some of the common savings challenges that can encourage you to build a better financial future!

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26-week saving challenge

The 26-week saving challenge is a savings program that helps you to gradually save money over six months. You start by saving a small amount in the first week and then add more each week, aiming to save a significant portion of your income, such as 26%, by the end of the sixth month. This challenge makes saving easier and builds a good savings habit.

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52-week saving challenge

The 52-week saving challenge is a long-term savings plan where you start by saving just $1 in the first week and then add $1 more each week. So, in week two, you save $2, in week three, $3, and so on until week 52, where you save $52. It’s an easy way to save small amounts at the beginning and increase your savings each week. 

100-envelope challenge

Do you need a savings plan that won’t put too much pressure on your budget? If yes, then the 100-envelope challenge could be an option for you. It is a savings plan where you label 100 envelopes from one to 100. Each day, you put some money in an envelope, starting with $1 in the first envelope on day one, $2 in the second envelope on day two and adding $1 more each day. 

Dollar saving challenge

With the dollar saving challenge, you need to save one dollar each day for a whole year. It may not seem like much, but by the end of the year, you’ll have saved $365. The savings challenge is especially beneficial if you find it difficult to save a lot of money at once.

$20 saving challenge

You can follow the $20 saving challenge if you are comfortable saving $20 every week for the entire year. You start by saving $20 in the first week, another $20 in the second week, and so on. The $20 saving challenge encourages you to create a healthy savings habit and a sense of financial security.

The 33.3 challenge

The 33.3 challenge emphasizes on saving $1,000 in just 30 days, which means you save about $33.3 every day. The challenge is worth considering if you have extra money but want to stop spending on things you don’t really need. As you keep going, you develop a good habit of saving regularly.

Round-up saving challenge

If you plan to save without making big changes to your spending habits, the round-up challenge may be an option. Every time you make a purchase, round up the total to the nearest dollar and save the change. For example, if you spend $28.57, round up the figure to $29 and save the 43 cents.

The no-spend saving challenge

The no-spend saving challenge allows you to save money by being careful with your spending. During the challenge, you’ll only spend money on things you need, like housing, groceries, and bills, then save the rest. With time, you could achieve big savings and feel more in control of your finances.

No-dining-out challenge

You may be used to dining out frequently and spending a lot of money in the process. The no-dining-out challenge is a commitment to avoid such spending for a specified period, like a month or more. To successfully complete the challenge, you need to use some food hacks, plan your meals ahead of time, and prepare them at home. You can save more money and enjoy eating healthy home-cooked meals.

Financial minimalist challenge

The financial minimalist challenge involves simplifying your finances and being mindful of your spending. It’s all about decluttering your financial life by cutting out wasteful money habits. You may need to let go of unnecessary expenses, like unused subscriptions or Uber rides, and save the money instead.

Bowl-grab challenge

The bowl-grab challenge is a savings challenge that encourages you to save money over the course of a month. You will need 30 pieces of paper, and on each one, you write an amount you can spare to save. Then, you put all the papers in a bowl or mug. Every day, you pick one paper from the bowl and save the money written on it. 

Roll the dice savings challenge

The challenge makes saving more engaging and enjoyable. Each day, you roll the dice, and the number that comes up determines how much money you save that day. For instance, if the dice show an eight, you’d save $8.

Money mistake jar challenge

At times, you may find yourself spending money on unnecessary things that you can do without. With the money mistake jar challenge, you set up a jar or container specifically designed for saving money. Whenever you make a money mistake, like spending too much, you put a certain amount of money into the jar. 

5 Tips before starting a savings challenge

Starting a savings challenge is an easy way to reach your savings goals. Here are some of the things you should be aware of before starting a challenge.

1. Set a specific goal

Having a goal gives your challenge a clear purpose and helps you stay motivated. Your goal could be anything you want to achieve with your savings, like going on a vacation or building an emergency fund.

2. Track your progress

Monitoring your progress makes it easier to know how much you’ve saved and how close you are to achieving your target. It also allows you to stay focused and make changes if needed.

3. Find an accountability partner

An accountability partner is someone who shares similar financial goals and is willing to provide support and encouragement. You can share your progress, challenges, and successes with them and get support along the way.

4. Be flexible 

Life can be unpredictable, and things might not always go as planned. You may, for instance, face a financial emergency or lose your job. A flexible mindset lets you keep going and find ways to keep making progress.

5. Grow your savings

Your aim should be to save as much money as possible. You could do this by putting your money in a high-yield savings account or other options that give you better interest rates.

Achieve Your Financial Goals with Savings Challenges

Saving money through challenges can aid in achieving your financial goals and creating a secure future. The challenges can be a fun way to stay motivated and on track. Monitor your progress to see how small savings can add up over time.


Can you customize a savings challenge according to your goals?

You can customize a savings challenge according to your goals. You can set specific targets, choose a timeframe, and adjust the challenge to align with your finances.

How can you stay motivated during a savings challenge?

You can stay motivated during a savings challenge by setting clear goals and celebrating your milestones.

Can a savings challenge be a long-term savings strategy?

A savings challenge can be a long-term savings strategy if you continue incorporating it into your financial routine.

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