Savings Challenge Compilation

Ready for a challenge? Savings challenges are effective ways to develop healthy saving habits. Spending money is way easier than saving, so we need to keep this exciting and motivating. By completing a savings challenge, you’ll enjoy the tangible benefits of not spending your money. To make it more rewarding, consider completing a challenge with a friend. Encourage each other, choose the best challenge for your situation, and hold each other accountable.

Here’s our savings challenge compilation:

No-Spend Challenge

If you’ve never tried a No-Spend Challenge before, the key idea is that it’s all about not spending money for a set time period. If the thought of going an entire month without spending seems daunting, start small. A week or even just a weekend can be a great start to practice not spending. Just to clarify, the No-Spend Challenge means you don’t make any purchases besides paying your bills!

It’s helpful to tie the No-Spend Challenge to a financial goal. This way, you avoid not spending money for the sake of not spending money. That’s not a good motivator and will likely cause you to fail the challenge.

Before you start, look at your calendar to identify one-off purchases you might need to make before you start. This can include birthday gifts, clothes for a job interview, or any other out-of-the-norm purchase.

Here are some tips for successfully completing the No Spend Challenge.

Be creative. Breaking habits isn’t easy. During your challenge, find creative ways to stay entertained that don’t involve spending money. For example, exploring free activities with your family or taking advantage of outdoor opportunities. You might end up with a new, low-cost hobby!

Avoid triggers. Impulse buying is often the result of certain triggers. Identify what sparks your spending habits and avoid those situations. Some examples may include scrolling on TikTok, browsing Facebook Marketplace, or wandering around Target. Try to avoid these situations when you feel your drive slipping.

Meal plan. Take this time to use up what’s in your pantry, fridge, and freezer. Meal planning not only helps you avoid waste, but it can also save you money. Consider prepping some freezer meals ahead of time to get through your challenge without needing to buy groceries or eat out. If you plan to do the No-Spend Challenge for a few weeks, allow yourself a small budget to pay for fresh groceries so your health doesn’t decline.

Plastic off-limits. Treat your credit and debit cards like they’re off-limits during this challenge. If you have gift cards stashed away, now’s the time to put them to use. Keep in mind this doesn’t mean you should buy your own gift cards before the challenge starts. That defeats the purpose of not spending money. Remember, your goals and bragging rights are at stake.

30-Day Savings Challenges

Ready for a more difficult challenge? Saving challenges that last 30 days will put you to the test. Not everyone is motivated by savings challenges. If this is you, consider a 30-day challenge when you need to save money fast for an unexpected bill like a car repair or insurance deductible. Here are 3 challenges to try.

Spending Freeze – This is similar to the No-Spend Challenge. The main idea is to not buy anything that’s not a basic living need. Continue to pay your bills, but everything else can wait. To add to the impact, find the low-cost alternatives to what you do need to buy. Purchase the store brand groceries and sanitation products. Don’t shop in bulk at Sam’s unless you’re confident that you’ll use everything in the 30 days of the challenge.

No Dining Out Challenge – This is just like the name implies. Skip the restaurants for 30 days. Only eat food you can prepare yourself. Your morning coffee and afternoon pick-me-ups count. Make your coffee at home and pack snacks to get you through your day. The average American spends $166 a month eating out. Chances are, you won’t spend an additional $166 on groceries this month. While cooking at home takes time and planning, you can discover a new favorite dish and refine your skills.

Save $500 in 30 Days – If you’re in a pinch for money or want to set some aside for an upcoming expense, this is a great way to do so. If you save $125 a week, you can reach your goal by the end of the month. This may mean skipping shopping sprees, making cocktails at home, and avoiding expensive hobbies for a short time. However, an extra $500 in your savings will be worth it.

If you’re wondering what to do with the money that you saved, open a High-Yield Online Savings account at Alltru. These accounts have a higher-than-average yield, earning you more money in interest than a traditional Savings account. Plus, you can manage your account from anywhere with online and mobile banking.

Trending Money Challenges

Savings challenges have recently started trending on social media. While many people aim to save or spend less, it can be tough to make it a habit without a clear structure. These challenges have defined start and end dates, making the goal feel more achievable. Since savings challenges are trending, why not get in on the action? Stay accountable by sharing your progress on platforms like TikTok or Instagram.

100-Envelope Challenge – TikTok users will recognize this challenge. You may have even seen the popular folders on Amazon. For the 100-Envelope Challenge, the goal is to save a dollar in each appropriate envelope. After the 100 envelopes are full, you’ll have $5,050 saved. For example, you’ll put $1 in the 1 envelope and $10 in the 10 envelope. Many strive to complete this challenge over 100 days. To make this realistic, skip around and don’t save in order. Otherwise, you’ll have to save $15 during the first five days and $490 in the last five days.

52-Week Savings Challenge – This challenge is like the previous challenge but at a lower pace. For this challenge, save $1 the first week, and add another dollar each week. Over the course of the year, you’ll have $1,378 in savings. If you want to see how your money will grow over the year, check out this graphic from Fidelity.

Keep the Change Challenge – The Keep the Change Challenge is a fun way to save if you make a lot of cash purchases. To complete this challenge, determine your set time period. Whenever you make a purchase during this time, save all your change. This includes bills and coins. At the end of your challenge, you’ll have a stash of cash you can use for savings or expenses. If you want to digitize this challenge, open a RollUp Savings account. We round up each purchase to the next dollar and put the excess in a dedicated account.

1% Retirement Challenge – This challenge helps you grow your retirement savings without feeling a major deficit to your monthly budget. Start by figuring out how much you’re currently contributing to your retirement savings. Your goal is to increase that amount by 1% during your dedicated challenge time. For example, if you’re contributing 3% of your paycheck, bump it up to 4%. These small increments minimize the impact on your everyday spending but add up over the years in your retirement account. If you don’t have a retirement account yet, evaluate the different IRA accounts at Alltru.

Birthday Savings Challenge – To start this challenge, mark your calendar with notable birthdays for the year. Include your friends, family, and close coworkers. Next, determine how much you want to save with each contribution. When you receive the notification that it’s someone’s birthday, send your wishes to your loved one and your money to your savings. You can save a static amount, like $15, for each birthday, or you can save the person’s new age in dollars. Birthdays are fun, and saving can be too.

Conclusion

Completing a savings challenge is an effective way to develop the habit of saving. These challenges make saving money motivating and rewarding.

As you save with these challenges, determine how you will wisely use your funds instead of splurging later. Building your emergency fund, paying for your annual vacation, or saving more for a down payment are great ideas. We’re on your side and want to support you during your challenge. Checkout the benefits of being an Alltru member. Good luck saving!