by Emily Hechler 
Savings challenges are trending on social media. If you struggle to save money, a savings challenge is a great way to push yourself toward a new financial goal. Many people want to save indefinitely, but that can be hard if you don’t have a habit of saving. These challenges have set start and end dates to make the goal achievable.
Since these challenges are trending, jump in on the hype. Keep yourself accountable by posting about your progress on TikTok or Instagram, too.
100-Envelope Savings Challenge
The 100-Envelope Savings Challenge became popular on TikTok. The #100envelopechallenge has over 66,000 posts on the platform and continues to rise. With this challenge, many people buy the folder created for this challenge on TikTok Shop or Amazon. The inside of the folder has 100 envelopes. Each is numbered 1 to 100. Each day, save the amount of money written on the envelope. For example, if you start this challenge on May 1, you’ll put 1$ in the 1 envelope. On May 2, you’ll put 2$ in the 2 envelope, and so on. When you get to the end of 100 days, each envelope will have money inside. This totals $5,050!
As you get closer to the end of the challenge, you’ll have to save a lot of money at once. If this isn’t realistic, jump around the folder to save as much as you can when it’s possible. You might put 1 dollar in the 1 slot on May 1 and jump to $10 in the 10 slot the next day. If each slot has the right amount of money at the end of 100 days, you’ll still have $5,050 saved.
Here’s an example of how to complete the challenge.
52-Week Savings Challenge
The 52-Week Savings Challenge is like the 100 Envelope Challenge but at a slower pace. In this challenge, you save money each week. Start by saving $1 the first week and increase by $1 each week after that. At the end of the 52 weeks, which is a year, you’ll have $1,378 saved.
This challenge is a great way to start your emergency fund. If you haven’t started saving for an emergency fund yet, you’ll want to have $1,000 set aside for unexpected situations. This challenge will give you a little more than that, making you more prepared for an emergency.
Birthday Savings Challenge
To start the Birthday Savings Challenge, mark your calendar with the birthdays for your family, friends, and even coworkers. When each birthday arrives, send your “happy birthday” text, and then transfer a predetermined amount of money into your savings. You could do $20 for each birthday. You could also save your friend’s new age in dollars, so if your friend turns 38, save $38.
I decided to try the birthday challenge this year. I’m keeping my list pretty small to start. For each “happy birthday” I send to my friends and family, I’m depositing $25 into my vacation fund. As of the end of June, I have an extra $200 in my vacation fund. By the end of November, I should have $450 in my vacation fund which is the perfect amount for a New Year’s getaway.
Keep the Change Challenge
This challenge is a great way to grow your savings if you make a lot of cash payments. For this challenge, save all the change you receive when you make a purchase. This can include dollars and coins. Often, that money ends up lost in pockets, somewhere in the car, or in the bottom of your purse. This money normally doesn’t make a difference to your budget. You can save a lot of money quickly without feeling the pain of not spending. Try this challenge for a few months at a time.
Make this challenge digital, and open a RollUp Savings account with Alltru. This way, the change from your debit card purchases is rounded to the next dollar and placed in a designated savings account!
1% Retirement Challenge
The 1% Retirement Challenge helps you grow your retirement savings without feeling the pain from a cut in your budget. First, calculate how much you are currently contributing to your retirement savings. Your goal is to increase your contribution by 1%. If you are currently contributing 3% of your paycheck to your retirement savings, increase it to 4%. For example, if you are paid $2,250 twice a month and currently contribute 3%, you’re saving $67.50 each paycheck. If you increase your total to 4%, you’re saving $90 each paycheck. A difference of around $23 twice a month is easier to manage than going from contributing nothing to $90 twice a month. This small difference can save you thousands of dollars more over the course of your career as you approach retirement.
According to Fidelity, increasing 1% of a $60,0000 salary costs less than $12 a week. If you start at age 35, this will total just under $110,000 in your retirement savings at age 67. This additional money is a great cushion to live on during retirement.
These savings challenges are great options to jump-start your savings. Remember to make a plan for your saved money. Don’t spend all of it on unnecessary purchases just because you can pay for it without needing your credit card. These challenges can help you stock your emergency fund, pay for a vacation, or save for a down payment for your next car.
Quick Takeaways:
- 100-Envelope Challenge = Save $5,050 in 100 days
- 52-Week Challenge = Save $1,378 in a year
- Birthday Savings Challenge = Tie savings to friend/family birthdays
- Keep the Change Challenge = Save your spare change for slow, steady growth
- 1% Retirement Challenge = Grow your retirement savings without strain
A lot of these challenges involve saving physical cash. When you complete your challenge, come to Alltru, and open a High-Yield Online Savings account so your money can continue to grow.
