Increasing your savings can help you weather potential hard times and enjoy the good. One way to get started toward your financial goal is by challenging yourself and gamifying your savings. Here are some savings challenges you can try.
52-week saving challenge
Start by depositing $1 in week one, $2 in week two, $3 in week three and so on. Keep the funds you save in an account that earns interest, such as a high-yield savings account.
By week 52, you’ll have amassed a full $1,378 in savings. That could be a great start to an emergency fund, or a way to cover next year’s holiday shopping or a splurge without going into debt.
Reverse 52-week saving challenge
Here’s a fun twist. If you’re starting your money saving challenge in the new year, you may be sitting on some gifted funds from the holidays that you want to funnel into savings. Try a reverse 52-week money challenge.
The reverse challenge works much the same way, except you start by saving $52 in week one, $51 in week two, and decrease by one dollar per week. You’ll have the same amount saved by the end of the challenge.
26-week saving challenge
This is an alteration of the above challenge that may work better for you if you get paid every other week.
You’ll start by saving $3 in week one, and then increasing the dollar amount you save by $3 each week. You’ll save $6 in week two, $9 in week three, then $12, $15 and so on. By week 26, you’ll have added $1,053 to your savings.
The most you’ll ever deposit in a week will be $75, and you’re only making a deposit on each payday. That can make this challenge more attainable.
Round-up saving challenge
For this challenge, implement a round-up rule. Anytime you make a purchase, round up to the nearest dollar and pocket the change. For instance, if you spend $28.57 at the store, the difference is 43 cents.
Keep a tally of your change throughout the day or week and then transfer that money over to savings, if you’re using cards for payment. If you’re paying in cash, stash the change away in a change jar.
Dollar saving challenge
It may not seem like $1 a day is a lot, but it gets you to $365 by the end of the year—a sum that you could funnel into your emergency fund, use for holiday shopping or direct toward another long-term goal.
To do the dollar saving challenge, set up an automatic transfer for $7 per week into your savings account. Consider completing this challenge in tandem with another challenge to bolster your successes.
Monthly subscription saving challenge
With so many of the services we consume using a subscription-based model, you may have some recurring monthly charges that you’re paying without even thinking about it.
Go through your bank or credit card statements and highlight all your recurring subscriptions. From there, aim to cancel as many as you can by focusing on the discretionary services you can live without.
Then tally up your monthly savings. Set up a transfer into your savings account for the amount you would’ve spent on recurring costs each month.
Money mistake jar challenge
Money mistakes happen. But what if every time you made an impulse purchase, went off budget or otherwise made a money move you swore you wouldn’t, you put a dollar in the money mistake jar?
The challenge is simple. If you promised yourself you wouldn’t eat out for lunch this week, and you do, throw a dollar (or whatever amount works for you) in the jar.
A dollar here and there won’t offset the damage that routinely going off budget can do to your bank account, but it could help you reinforce good money habits and save a bit in the process.
No dining out challenge
If you tend to eat out often, cutting back could help you save quite a bit. This money challenge has you slash your dining out budget completely and then put the money you would’ve spent into savings.
Consider starting your challenge small with a weekend or week. During that time, commit to not eating out at all.
For more information on budgeting, see the following articles: