10 Money-Saving Challenges to Try This Year

Saving money doesn’t have to feel like a chore. By turning your financial goals into engaging challenges, you can make the process of building your savings both fun and rewarding.

Money-saving challenges provide structure and motivation, helping you develop healthy financial habits while watching your bank balance grow. Whether you’re saving for a specific goal or simply want to improve your financial health, these challenges can help you stay on track and celebrate your progress along the way.

In this article, we’ll explore money-saving challenges that can transform how you think about your finances. Each challenge offers a unique approach to saving, accommodating different income levels, time frames, and financial objectives.

From small daily savings to more ambitious monthly targets, there’s a challenge here for everyone, regardless of your current financial situation.

1. The 52-Week Money Challenge

The 52-Week Money Challenge is perfect for those who want to start small and gradually increase their savings throughout the year. Here’s how it works:

During week one, you save $1. In week two, you save $2. Each week, you increase your savings amount by $1 until you reach week 52, when you’ll save $52. By the end of the challenge, you’ll have saved $1,378.

This challenge is effective because it starts with an amount so small that anyone can participate. As the weeks progress and your savings habit strengthens, the increasing amounts help you adjust to setting aside larger sums of money.

For those who find the increasing amounts challenging toward the end of the year (especially around the holidays), try the reverse 52-Week Challenge instead.

Start by saving $52 in week one and decrease by $1 each week. This approach frontloads the challenge when you might have more motivation and makes it easier during potentially expensive seasons.

2. The No-Spend Challenge

The No-Spend Challenge is one of the most impactful ways to reset your spending habits and identify unnecessary expenses.

Choose a period—whether it’s a weekend, a week, or even a month—during which you commit to spending money only on absolute essentials like housing, utilities, groceries, and transportation.

During this time, avoid all discretionary spending on things like dining out, entertainment, clothing, or impulse purchases. The money you would have spent goes directly into your savings account.

This challenge accomplishes two important goals: it boosts your savings immediately and helps you recognize spending patterns you might not have noticed before.

Many participants report being surprised by how much they typically spend on non-essentials and how many free alternatives exist for entertainment and socializing.

Start with a weekend no-spend challenge if you’re new to this concept. As you become more comfortable, extend the duration to a full week or designate one no-spend week each month throughout the year.

3. The $5 Bill Challenge

The $5 Bill Challenge is beautifully simple: whenever you receive a $5 bill as change, you set it aside rather than spending it. These bills go into a designated savings container at home, and you don’t touch them until the end of the challenge period.

What makes this challenge effective is its passive nature. You’re not actively budgeting or tracking specific expenses—you’re simply creating a rule that automatically triggers savings. Over time, these $5 bills accumulate surprisingly quickly, especially if you regularly use cash for transactions.

Many people who try this challenge report saving hundreds or even thousands of dollars by the end of the year, depending on how frequently they use cash. The random nature of receiving $5 bills also adds an element of surprise to your savings journey.

If you rarely use cash, you can adapt this challenge by transferring $5 to savings every time you make a purchase over a certain amount with your debit or credit card.

4. The Round-Up Savings Challenge

The Round-Up Savings Challenge leverages modern banking features to help you save effortlessly. Many banks and financial apps now offer the option to “round up” your purchases to the nearest dollar and transfer the difference to your savings account.

For example, if you spend $3.45 on coffee, your account is charged $4, with 55 cents going to your savings. These small amounts might seem insignificant individually, but they add up remarkably over time, especially if you make multiple transactions daily.

What makes this challenge particularly effective is its automation—once you set it up, it requires no further thought or effort. The savings happen in the background of your daily life, allowing you to accumulate money without feeling the pinch.

If your bank doesn’t offer a round-up feature, you can manually review your transactions weekly and transfer the round-up amounts to savings. Some dedicated apps can also connect to your accounts and handle this process automatically.

5. The 30-Day Minimalism Challenge

The 30-Day Minimalism Challenge combines decluttering with money-saving in a powerful way. For each day of the month, you sell or donate a number of items corresponding to the date.

On day one, you clear out one item; on day two, two items; and so on until day 30, when you’ll remove thirty items.

By the end of the month, you’ll have removed 465 items from your home. Items in good condition can be sold through online marketplaces, consignment shops, or yard sales, with all proceeds going directly to your savings.

This challenge does more than just generate extra cash—it helps you reassess your relationship with material possessions and consumption.

Many participants report becoming more intentional about future purchases after completing this challenge, leading to long-term savings beyond the initial money earned from selling items.

The minimalism challenge also creates space in your home and often reduces the urge to spend on organizing solutions or larger living spaces to accommodate excess belongings.

6. The Pantry Challenge

The Pantry Challenge asks you to get creative with the food you already have at home before buying more groceries. For one or two weeks, commit to preparing meals using only ingredients from your pantry, refrigerator, and freezer.

This challenge typically saves the average household $100-$300 per week on grocery bills while reducing food waste. Many of us have far more food stored at home than we realize, including items pushed to the back of cabinets or forgotten in the freezer.

Beyond the immediate savings, this challenge helps you develop meal planning skills and creativity in the kitchen. You’ll learn to substitute ingredients and create meals based on what’s available rather than shopping for specific recipes.

To maximize this challenge, start by inventorying what you have and planning possible meals. Allow yourself small purchases of fresh items like milk or produce if absolutely necessary, but focus primarily on using what you already have.

7. The Cash Envelope System Challenge

The Cash Envelope System Challenge brings a tangible element to budgeting that many find more effective than digital tracking.

At the beginning of each month, withdraw cash for categories where you tend to overspend—like groceries, dining out, entertainment, or clothing—and place the allocated amounts in labeled envelopes.

Once an envelope is empty, you stop spending in that category until the next month. This physical limitation creates a clear boundary that can be more effective than the abstract numbers in a bank account.

Using cash also triggers a different psychological response than swiping a card. Research shows that people typically spend 12-18% less when using physical currency because they feel the “pain” of parting with money more acutely.

For those concerned about carrying cash, this system can be modified by using separate checking accounts or virtual accounts in budgeting apps. The key principle is creating separate pools of money with strict spending limits.

8. The Spare Change Challenge

The Spare Change Challenge is perhaps the most accessible savings method for absolute beginners.

Each day, empty your pockets or wallet of coins and place them in a designated container. Over months, these small contributions accumulate into a surprisingly substantial amount.

What makes this challenge work is its low barrier to entry—anyone can participate regardless of income level.

The amounts are so small that you won’t miss them in your daily budget, but the visual aspect of watching your container fill provides continuous motivation.

Digital versions of this challenge include bank features that round up your transactions to the nearest dollar and save the difference, or apps that analyze your spending patterns and automatically transfer small amounts that won’t impact your budget.

When your container is full or at the end of the year, deposit these coins at your bank or through a coin-counting service (many credit unions offer this service free to members) and be amazed at how much you’ve saved through minimal effort.

9. The No-Eating-Out Challenge

The No-Eating-Out Challenge targets one of the biggest budget drains for many households.

The average American spends $2,000-$3,000 annually on restaurant meals and takeout. By committing to prepare all meals at home for a set period—whether it’s a month or longer—you can redirect this spending to your savings goals.

To succeed with this challenge, preparation is key. Meal planning, grocery shopping with a list, and batch cooking during weekends can make weekday meal preparation more manageable.

Consider investing in time-saving kitchen tools and learning quick, simple recipes that can be prepared in 30 minutes or less.

This challenge offers benefits beyond financial savings. Home-cooked meals are typically healthier than restaurant options, with better portion control and ingredient quality.

Many participants report improved cooking skills and family time around the dinner table as valuable side effects.

Allow yourself occasional flexibility for special occasions or especially busy days by preparing simple meals or setting a small budget for takeout instead of completely forbidding it, which might lead to abandoning the challenge altogether.

10. The 1% More Challenge

The 1% More Challenge takes a gradual approach to increasing your savings rate over time. Start by calculating your current income and determining what percentage you’re saving. Then, commit to increasing your savings rate by just 1% each month.

For example, if you currently save 5% of your income, in month one of the challenge you’ll save 6%, in month two you’ll save 7%, and so on. By the end of the year, you’ll be saving 12% more of your income than when you started.

This incremental approach makes the challenge sustainable because each increase feels manageable.

A 1% change is small enough that most people can absorb it through minor adjustments rather than drastic lifestyle changes.

The 1% More Challenge is particularly effective for those who are building an emergency fund or working toward retirement savings goals. It helps create a habit of progressively increasing your savings rate, which can significantly impact your long-term financial health.

Tips for Successfully Completing Money-Saving Challenges

No matter which challenge you choose, these strategies will help you stay on track:

1. Choose the right challenge for your financial situation and personality. If you’re motivated by visible progress, select challenges with tracking components like the 52-Week Challenge or the Spare Change Challenge.
2. Make it automatic when possible. Set up direct deposits or automatic transfers to remove the temptation to skip contributions.
3. Track your progress visually. Whether it’s a spreadsheet, a thermometer-style chart on your refrigerator, or an app that shows your growing savings, visual feedback reinforces your commitment.
4. Find an accountability partner. Share your challenge goals with a friend or family member who can check in on your progress and offer encouragement.
5. Celebrate milestones along the way. Recognize your achievements when you reach 25%, 50%, and 75% of your goal with small, non-monetary rewards.
6. Remind yourself of your “why.” Keep the purpose of your savings visible—whether it’s a vacation, emergency fund, or debt freedom—to maintain motivation during difficult periods.
7. Be flexible and forgive setbacks. If you miss a week or have to use some of your savings for an emergency, adjust your plan and continue moving forward.

Combining Challenges for Maximum Impact

While each of these challenges can be effective on its own, combining complementary challenges can accelerate your savings even further. Consider these powerful combinations:

Pair the No-Spending Challenge with the 52-Week Challenge by using your no-spend weekends to fund your weekly savings requirement.

Combine the Pantry Challenge with the No-Eating-Out Challenge for a comprehensive approach to reducing food expenses.

Use the 5-Dollar Challenge to fund your 1% More Challenge increases when they start to feel challenging in later months.

Implement the Round-Up Challenge as a consistent background saving method while tackling more active challenges like the Cash Envelope System.

Conclusion

Money-saving challenges transform the often tedious process of financial discipline into an engaging activity with clear goals and visible progress. By selecting challenges that align with your financial situation and personal motivation style, you can build savings while developing habits that support long-term financial health.

Remember that the ultimate goal isn’t just accumulating money—it’s changing your relationship with saving and spending. Many challenge participants report that the habits they develop during these structured saving periods continue long after the official challenge ends, creating lasting positive changes in their financial lives.

Start with one challenge that appeals to you, adapt it to your specific circumstances, and experience how gamifying your savings can lead to real financial progress. Your future self will thank you for the financial security and options that these challenges help create.

Which money-saving challenge will you try first? The beauty of these approaches is that you can start at any time—you don’t need to wait for a new year or a new month to begin transforming your financial future.