3 Money Challenges You Can Start To Save More

Are you tired of trying to save money only to come up short? If this sounds like you, a money challenge might be exactly what you need. Money challenges are creative ways to save more money. They work in different ways but all feature unique methods to keep more money in the bank. Here are three popular money challenges you can start to save more:

52 Week Savings Plan

If you get paid on a weekly basis or otherwise manage your money by week, this challenge is for you. It’s an easy challenge to follow because the number of the week matches the amount of money you’re supposed to save. It’s also good because you don’t have to worry about saving huge amounts of money at a single time. Let’s take a look at how the challenge works:

How It Works

Your first week saving money is Week 1. You’ll save $1. The second week is Week 2. You’ll save $2. The savings pattern continues through Week 52 in which you’ll save $52. By the end of Week 52 (one year later), you’ll have saved $1,378 in total! Here’s a table that breaks it down by week and shows you how your savings add up:

Week	Savings Amount	Total Savings
Week 1	$1	$1
Week 2	$2	$3
Week 3	$3	$6
Week 4	$4	$10
Week 5	$5	$15
Week 6	$6	$21
Week 7	$7	$28
Week 8	$8	$36
Week 9	$9	$45
Week 10	$10	$55
Week 11	$11	$66
Week 12	$12	$78
Week 13	$13	$91
Week 14	$14	$105
Week 15	$15	$120
Week 16	$16	$136
Week 17	$17	$153
Week 18	$18	$171
Week 19	$19	$190
Week 20	$20	$210
Week 21	$21	$231
Week 22	$22	$253
Week 23	$23	$276
Week 24	$24	$300
Week 25	$25	$325
Week 26	$26	$351
Week 27	$27	$378
Week 28	$28	$406
Week 29	$29	$435
Week 30	$30	$465
Week 31	$31	$496
Week 32	$32	$528
Week 33	$33	$561
Week 34	$34	$595
Week 35	$35	$630
Week 36	$36	$666
Week 37	$37	$703
Week 38	$38	$741
Week 39	$39	$780
Week 40	$40	$820
Week 41	$41	$861
Week 42	$42	$903
Week 43	$43	$946
Week 44	$44	$990
Week 45	$45	$1,035
Week 46	$46	$1,081
Week 47	$47	$1,128
Week 48	$48	$1,176
Week 49	$49	$1,225
Week 50	$50	$1,275
Week 51	$51	$1,326
Week 52	$52	$1,378

It’s a good idea to open a dedicated savings account for this challenge. This way, you can easily transfer the money from your checking account each week. If you use an old-fashioned jar or piggy bank, you may be more tempted to grab cash from the jar.

Also, you may not have the exact amount of cash you need to save each week handy. Go with a dedicated savings account to give yourself the best chances of being successful.

Why It Works

The main benefit to this challenge is that you develop a savings habit. By saving even a small amount each week, you are establishing a good routine.

Another benefit is that you are saving money that would likely have just been used as mindless spending money. You can easily spend $3 or $20 without thinking about it. Saving that money each week instead means you’ll have $1,378 more than if you never started that 52 Week Savings Plan!

365 Day Penny Challenge

Did you know you could have $667.95 by the end of the year by saving no more than $3.65 a day? That’s the premise of the 365 Day Penny Challenge. If the 52 Week Savings Plan is a bit too pricey for you to handle each week, this challenge may be the right fit for you.

How It Works

Each day, you save the amount of pennies as the day number. Start with Day 1 and save $0.01. On Day 20, save $0.20. On Day 100, save $1.00 and so on. The most you’ll save in a day is $3.65 on Day 365. Here’s a table that breaks down the savings by day:

You’ll be saving very specific amounts each day. It’ll be difficult to have the exact amount of cash on hand each day to keep up with this challenge. So it’s best to transfer the specific amount each day from your checking account to a dedicated savings account.

Why It Works

Much like the 52 Week Savings Plan, this challenge helps you develop a savings habit. You’ll literally be saving money each and every day for an entire year!

The 365 Day Penny Challenge works because it’s easy to execute. $667.95 is a decent amount of money to save considering it’s the sum of such small amounts of saving throughout the year.

No Spend Challenge

The No Spend Challenge can last one day, one week, or one month. This challenge is probably the toughest of the three. It’s not focused on saving. It’s focused on spending – or not spending for that matter.

How It Works

By doing this challenge, you commit to not spend any money on nonessentials. It’s important to decide ahead of time what your essential spending is. This can include things like gas, groceries, and medication. Nonessentials typically include things like clothes, takeout food, and games.

You decide how long you want the challenge to last. I recommend starting with one day, progressing to one week, and then doing a full month.

Why It Works

The No Spend Challenge is like a detox. It helps you stop your mindless spending and get your finances back in order. By not spending on nonessential items, you are in fact saving money. How much you save will depend on how strict you are about essential vs. nonessential items.

Wrapping Up

Now that you’ve learned about three money challenges you can try, it’s time to start saving more.

The 52 Week Savings Plan is good for people who have a little more extra money to save. The 365 Day Penny Challenge is good for people who’d rather save smaller amounts more frequently. The No Spend Challenge is good for people who consider themselves spenders and need to cut back on their expenses.

Which money challenge you choose will ultimately come down to personal preference.

Would you try a money challenge? If so, which one?