It wasn’t long ago that I found myself staring at a mountain of bills, feeling overwhelmed and stuck.
My kids were growing fast, and our expenses seemed to be following right along.
I knew something had to give!
That’s when I stumbled upon a few simple money saving challenges.
They seemed almost too good to be true, but I decided to give them a shot.
Little by little, those small changes added up, and our financial picture started to brighten.
If you’re feeling the same way, these easy money saving challenges like the viral no spend challenge could be just what you need to start seeing some real savings without a huge overhaul of your daily routine.
Money Saving Challenges You Can Do on a Low Income
When you’re managing a tight budget, finding ways to save can feel overwhelming.
These challenges are simple and manageable so you can build a savings without needing to make major changes to your daily life.
Small adjustments can lead to huge savings over time, even if your income is limited!
1. No-Spend Challenge
Pick a week or month where you only spend money on absolute necessities like groceries or bills. During this time, avoid all non-essential purchases like dining out or online shopping. By the end of the challenge, you’ll be surprised by how much you’ve saved just by cutting out extra spending.
2. Cash-Only Week
For one week, take out a set amount of cash and use it for all your purchases. This helps you stick to a budget because once the cash is gone, the spending stops. I’ve tried this myself, and it made me more aware of every dollar I was spending.
3. Weekly Savings Goal
Set a goal to save a small, fixed amount every week, like $10 or $20. It’s manageable and helps you build up your savings without feeling overwhelmed. Over time, you can gradually increase your weekly goal as saving becomes second nature.
4. Grocery Budget Challenge
Create a strict budget for your groceries and aim to stick to it every week. Plan meals, avoid impulse buys, and see how much you can save. At the end of the month, any money left over from your grocery budget can go directly into your savings.
5. Change Jar
Put all your loose change into a jar and watch it add up. It’s a small but effective way to save, especially if you’re the type of person who always has coins lying around. When the jar is full, you can take it to the bank and add that extra money to your savings account.
6. 52-Week Money Saving Challenge
Start by saving $1 in the first week, then $2 in the second week, and so on. By the end of the year, you’ll have saved over $1,300 without feeling like you made huge sacrifices. This challenge grows gradually, making it easy to stick with throughout the year.
7. Emergency Fund Challenge
Put aside a small amount each month to build an emergency fund. It doesn’t have to be a big amount – even $20 a month can add up over time. Having an emergency fund gives you peace of mind when unexpected expenses come up.
Mini Money Saving Challenges
If you’re looking for smaller, bite-sized challenges that fit easily into your routine, these ideas are perfect.
They require very little effort but can lead to huge savings over time!
Include them in your daily life to see how small changes can make a big difference.
8. $1-a-Day Savings
Every day, put aside just $1. It’s a small commitment that won’t feel like a burden, but it adds up to $30 by the end of the month. This is a great starting point if you’re new to saving and want to ease into the habit.
9. 30-Day Savings Jar
Start by saving $1 on the first day, $2 on the second, and increase the amount daily for 30 days. By the end of the month, you’ll have saved a nice chunk of money without making big changes to your routine. I love how quickly the savings add up with this challenge!
10. No-Coffee Challenge
Give up your daily coffee shop run for a month and put that money into savings instead. Even if it’s just $3 or $4 a day, it can add up to a lot by the end of the month. Don’t worry! You can always make your coffee at home.
11. Extra Cash Challenge
Any time you earn extra money—whether it’s a bonus, side job, or birthday cash—save it instead of spending it. It’s an easy way to grow your savings without affecting your regular budget. This approach helps you make the most of any unexpected funds that come your way.
12. Coupon Savings
Get into the habit of using coupons whenever you shop, and save the money you would have spent. Track how much you save by using coupons and put that money directly into savings. Over time, those small amounts can make a big difference in your savings account.
13. Energy Savings Challenge
Focus on cutting down your energy usage at home by turning off lights, unplugging devices, or lowering the thermostat. The savings on your monthly bills can be set aside for your future. This challenge not only saves money but also helps the environment.
14. Meal Prep Challenge
Commit to preparing all your meals at home for a month to avoid eating out. This can save you a significant amount of money that would’ve gone to restaurants or takeout. Plus, you’ll likely eat healthier and feel better about sticking to your budget.
15. Round-Up App Savings
Use an app that automatically rounds up your purchases to the nearest dollar and saves the change for you. It’s a “set it and forget it” method, making saving completely effortless. I’ve been using one of these apps, and it’s incredible how much it adds up over time.
Money Saving Challenges for Kids to Do
Teaching kids about saving money can be a fun and educational experience.
These challenges are designed to help them learn the value of saving while making it enjoyable.
It’s a great way to teach good financial habits from a young age.
16. Piggy Bank Challenge
Encourage your kids to save their allowance or chore money in a piggy bank. It’s a simple way for them to learn the value of saving and watch their money grow. Plus, counting the money together when the piggy bank is full can be a fun activity for you both.
17. Weekly Savings Goal for Kids
Help your kids set a small weekly savings goal, like saving part of their allowance. This teaches them how to manage their money and work towards a goal. I find that kids get really motivated when they see their savings add up week after week.
18. Save for a Goal
Guide your kids to save for something specific they want, like a toy or game. By focusing on a goal, they learn that saving has rewards and how to be patient. This challenge also helps them develop good habits for the future.
19. Matching Savings
Offer to match a portion of what your kids save to encourage them to save more. For example, if they save $10, you could match it with $5. It’s a great way to make saving feel even more rewarding for them.
20. Savings Jar Decorating
Let your kids decorate their own savings jar to make it personal and fun. This simple activity gives them a sense of ownership over their savings. They’ll be more excited to add money to it when they’ve made the jar their own.
More Money Saving Challenges
Sometimes, finding new ways to save can make a big difference in your financial routine.
These challenges focus on reducing debt, managing bills, and cutting unnecessary costs.
By tackling these areas, you can discover even more opportunities to keep more of your hard-earned money!
- Debt Snowball Challenge: Focus on paying off the smallest debt first while making minimum payments on larger debts. Once the smallest debt is cleared, move on to the next one. This method helps build momentum and reduces the number of debts more quickly.
- Utility Bill Comparison Challenge: Review and compare your utility bills, like electricity and gas, with other providers or plans. Switch to a more cost-effective plan if possible. This can help you lower your monthly expenses.
- No-Subscription Challenge: For one month, avoid subscribing to any new services or products. Cancel unused subscriptions and save the amount you would have spent. It’s a great way to reduce recurring expenses.
- Coupon and Sale Challenge: Use coupons and wait for sales before making purchases. Track how much you save each month by not buying items at full price. This challenge helps you become more savvy with your shopping.
- Weekly Expense Tracking Challenge: Track every expense for a week and review where your money is going. Identify areas where you can cut back and allocate the savings to a savings account or debt repayment. This helps you gain better control over your spending habits.
Start Saving Today!
Finding ways to save money doesn’t have to be complicated or overwhelming.
From cutting down on everyday expenses to tackling debts and teaching kids about saving, these challenges offer practical solutions for keeping more of your hard-earned cash.
Begin with one challenge and see how small changes can lead to significant savings over time!
