Top 20 Simple Money Savings Challenges That Boost Your Savings

Saving money can be challenging, especially if you’re not sure where to start or lack motivation. Fortunately, there are many fun and easy money savings challenges that can help you build your savings account and achieve your financial goals.

From small daily savings to more ambitious long-term challenges, there are a variety of options to suit different lifestyles and preferences.

In this article, we will explore the top 20 simple money savings challenges that can boost your savings and help you achieve financial stability. Whether you’re a beginner or a seasoned saver, these challenges can provide the inspiration and accountability you need to take control of your finances.

1. Expenses Tracking challenge

The Expenses Tracking Challenge is a great way to get a better handle on your finances.

It involves tracking all of your expenses, no matter how small.

It can help you become more mindful of how much money you’re actually spending each month, as well as where it’s going.

Plus, it’s a great way to identify areas where you may be able to cut back and save money.

To begin the challenge, start by recording all your expenses for at least one week or one month.

You can use a spreadsheet or tracking app to do this.

Some people even use a paper budget notebook or envelope system. Once you have tracked your expenses for a designated period, look at the results and identify any areas where you may be able to reduce your spending.

Tracking your expenses can be an incredibly helpful tool when it comes to managing your finances and boosting your savings.

Give the Expenses Tracking Challenge a try and see how it can help you reach your financial goals!

2.No -Spending Challenge

The No Spend Challenge is a great way to save money and boost your savings in 2023.

The idea is simple – you should commit to not spending money for a certain period of time. This could be anywhere from day one to an entire month, depending on your goals.

During this money saving challenge, you’re only allowed to spend money on bills and necessities things like:

• Rent or mortgage
• Bills (cable, internet, utilities, phone, car, etc.)
• Groceries
• Health expenses (insurance, doctor’s bills)
• Gas and other very specific requirements that differ from person to person

Don’ts of Challenge, Spending on your non-essentials. This means saying goodbye to spending on

• Clothes
• Gifts
• Restaurants
• Furniture
• Home Decor

When setting up your no-spend challenge, it’s important to have realistic expectations.

Set a goal for yourself that you know you can achieve, and make sure to track your progress. Plenty of apps are available to help you stay on track with your challenge.

If you are able to stick to your no-spend challenge, you will be able to see a dramatic increase in your savings over time.

 By the end of the challenge, you should have saved enough money to make a significant impact on your finances.

3. Round-Off Saving

The Round-Up Saving money savings challenge is a great way to quickly save up extra money without having to think too hard.

All you have to do is round up all of your purchases to the nearest amount and put the difference into a savings account.

For example, if you spend Rs420 on something, just round up to Rs.450 and put the extra Rs 30 into a savings account.

You don’t have to do this for every single purchase, but it adds up quickly when you do it for multiple purchases.

This is a great way to save for emergencies, vacations, or any other big expenses. It’s also helpful for setting yourself up for long-term financial success.

4. New Amount Challenges

I know that this money-saving challenge is very silly but

This money-saving challenge works if you want to save up for a particular thing, but not for an expensive one.

Every time you get new rupee notes, just save them.

The only rule is that you save every new note in your wallet. Whether its 10 Rs or 500Rs

5. Monthly Money-Saving Challenge

Tackling the monthly money-saving challenge is a great way to make sure you are consistently increasing your savings.

Each month, set aside a certain amount of money and watch your savings grow.

It’s easy to start this challenge—simply think about the amount of money you can save every month and then make sure that money goes directly into your savings account.

 To make the challenge more interesting, give yourself a goal for each month.

For example, in January your goal could be to save $200, in February $250, and so on.

 As your income increases or decrease your expenses throughout the year, you can increase the amount of money you save each month accordingly.

As the months go on, you’ll be able to watch your savings grow and take pride in your savings challenge.

And if you’re feeling really ambitious, you could try creating more than one savings account and challenge yourself with different goals for each account!

6. Bill Save Challenge

Saving money on your bills can be a challenging one.

But, with a little planning and effort, you can reduce your monthly bills significantly and save a lot of money over time.

For example :

To start, take a look at your current bills you already fix an amount for this in your budget, so identify some ways to reduce them.

One way to save money is to negotiate your existing bills.

Bundling services may also allow you to save money.

 Consider combining your phone and internet bills, or bundling cable TV and internet services.

 This can often help you to save money, as providers offer discounts for customers who buy multiple services.

Another great way to save money on bills is to switch to energy-efficient products or services.

You can replace light bulbs with energy-efficient options, install energy-saving appliances, or use a smart thermostat that automatically adjusts to optimize your energy usage.

Finally, try to pay off your credit card debt as soon as possible and avoid using it for unnecessary purchases.

This can help you save hundreds of dollars in interest charges and fees over the long run.

By taking the time to evaluate and adjust your bills, you can save hundreds of dollars each year!

7. 52 Week Money-Saving Challenge

The 52-Week Money Saving Challenge is a popular savings challenge that can help you reach your savings goals in 2023.

It encourages you to save money in a systematic way, by increasing the amount you save each week for the entire year.

The basic principles of this 52-Week Challenge are simple. You begin by saving INR (Indian rupees) 50 in the first week.

The next week, set aside INR 100, and the next one, INR 150, until the last week: on week 52, you set aside INR 2600.

After a year, you will have INR 68,900 in your savings account.

The beauty of this challenge is that it is flexible. If you find that you need to lower your weekly savings goal, you can do so at any time.

You could also skip a week or two if required without affecting the challenge.

Also, the amount of money that you save each week does not necessarily have to be in cash. You could save it in a savings account or investment fund to maximize your earnings.

No matter how you choose to participate in this challenge, it’s an excellent way to save for a specific goal or create an emergency fund or any festival for 2023. So why not give it a try?

8. 10% Saving Challenge

Are you looking to increase your savings this year?

One great way to do that is to take part in the 10% Savings Challenge.

The idea behind this challenge is simple: save 10% of all your earnings and put it into a savings account each month. This can be a great way to build up your savings quickly and get on track for financial freedom.

Each month, simply set aside 10% of your income and place it in a savings account.

It’s best to automate this process so that you don’t have to remember to transfer the money each month.

The 10% Savings Challenge is perfect for those who want to save money quickly. It’s important to note that, although 10% is the goal, you don’t have to limit yourself to just that amount.

 If you are able to save more than 10%, by all means, do so! After all, the more you can save now, the better off your future self will be.

With some discipline and dedication, you can use the 10% Savings Challenge to boost your savings and reach your financial goals in the new year

9. The 30 Days No Eating Out Challenge

The 30-Day No Eating Out Challenge may be just the challenge for you!

The goal of this challenge is to commit to eating all meals at home for 30 consecutive days.

For this challenge, you’ll need to plan ahead, shop wisely, and cook at home.

You should make a list of meals that you plan to eat during the challenge, as well as create a grocery list.

This will help you save money while sticking to your meal plan. When creating your grocery list, try to find foods that are both affordable and nutritious.

In order to make sure that you stick to your no eating out challenge, it can be helpful to plan out meals for each day or each week.

If you are committed to this Challenge, the rewards will be great. Not only will you save money, but you will also have more time to spend with your loved ones over home-cooked meals.

10. Money Mistake Jar Challenge

We all make mistakes in our lives. But how about turning mistakes into rewards?

So the challenge name itself tells you what it is. Whenever you make a financial mistake, you should put some amount into the jar.

For example, when you pay your bills late or doing unnecessary purchases.

You must pay Rs.100 or any other amount of your wish for every mistake in an account or in the jar.

This challenge will encourage you to make wise decisions. And don’t worry if you make lots of mistakes because, in the end, you win the amount.

This is a punishment .so don’t take the money until your Jar is full.

11. kick a Bad Habit

Choose an expensive habit that you need to break and put the money you save into a savings account. You can save a lot of money by stopping smoking, drinking sugary drinks, or buying coffee every day.

12. Coin Challenge

 The Save Changes Challenge is a great way to jump-start your savings journey.

All you have to do is save all of your spare change.

 This could mean putting away every coin you find in your couch cushions or in the pockets of your jeans.

 At the end of the month, deposit all of your saved change into your savings account. This challenge is great because it’s easy and doesn’t require any extra work on your part.

 Plus, you’ll be surprised by how much money you can accumulate over time!

13. Roll the Dice

I’m sure you never imagined dice could help you to save money. Yes, the same dice you’ve used for snakes and ladders.

All you have to do here is roll it every day and see what number comes up just multiply that number by 100 and put that amount piggy bank” or saving account.

For example, if you roll a die it lands on a five, and you save 500 rupees that day.

14. The One Week Savings Challenge

The One Week Savings Challenge is a great way to boost your savings quickly. All you have to do is make a commitment to save a certain amount each day for seven days.

At the end of the week, you should have saved up a nice chunk of change.

This challenge is perfect for people who want to save but don’t have a lot of time.

The best part about the One Week Savings Challenge is that you can decide how much you want to save each day.

You can start small by committing to $1 or Rs 1 per day and gradually increase the amount as the week goes on.

Or, you can jump right in and commit to a larger sum each day. Whatever works best for your budget and lifestyle is what you should go with.

15. Festival Money Saving Challenge

A festival money saving challenge is a financial challenge where an individual or a group sets a goal to save a specific amount of money in time for a specific festival or holiday.

The challenge is often used as a way to motivate people to save money and make a budget that can be customized to suit different needs and financial situations.

Some examples of festival-saving challenges include saving money for Christmas, Hanukkah, Diwali, and Eid.

The idea is to set a goal, make a plan, and stick to it.

16. One year (365 days) saving challenge

1 year =1 laksh

 Are you looking to save a substantial amount of money in just one year?

The 365-day money savings challenge is the perfect way to do it. This challenge requires you to set aside a certain amount of money each day for 365 days. At the end of the year, you will have saved a large sum of money.

For this challenge, you’ll need to decide on an amount to save each day and put it into a separate bank account or piggy bank.

It can be any amount that you are comfortable with. Some people choose to start out small and gradually increase their savings as the year progresses, while others prefer to start out with a larger amount.

One of the benefits of the 365-day savings challenge is that it encourages you to become more mindful of your spending habits.

Every time you take out your saved money, you’ll be reminded of your goal to save more. The challenge also helps you build up healthy financial habits that will last long after the year ends.

17. 26-week challenge

The 26-week money saving challenge is an easy and effective way to start saving money.

This challenge is divided into 26 weeks and can be completed by setting aside a small amount each week.

Each week, you can choose the amount that you would like to save, whether it be Rs 10, Rs 50, or any other amount. The total amount of money saved will add up to a sizable chunk at the end of the challenge.

One way to make this challenge easier is to break it down into smaller chunks.

For instance, if you have decided to save Rs 520 over the 26 weeks, divide that amount into 52 smaller payments of RS10 each week. This makes it easier to track your progress and allows you to easily adjust your savings if needed.

The best part about this challenge is that it’s flexible. You can always adjust the amount you are saving each week or even skip a week if needed.

There are no deadlines to meet and no pressure to reach a certain amount of savings. All you need to do is stick with your plan and continue saving until the end of the 26 weeks.

18 .3 Month Money Saving Challenge

The 3-Month money saving challenge is a great way to jumpstart your savings and build wealth.

This challenge requires you to deposit a fixed amount of money into your savings account every month for three months.

The amount you save should be something you can easily afford and should be fixed for all three months. The goal of this challenge is to help you build a habit of consistently putting away a certain amount of money every month and to create a sense of financial discipline.

To begin the challenge, figure out how much money you can comfortably save each month.

This amount should be realistic and easy to achieve. Once you’ve determined the amount, open up a savings account dedicated solely to this challenge.

Deposit the fixed amount of money into the account each month for three consecutive months.

At the end of the challenge, you will have increased your savings, cultivated a better understanding of your finances, and built a habit of saving money every month.

 You will also have created a comfortable cushion of savings that can be used to cover unexpected expenses or even as a down payment for a house!

19. Target Money Saving Challenge

Let me quickly introduce you to the money-saving fever you may be interested in. Though it is not a difficult choice, anyone can make it. All it needs is commitment and double the amount.

Let’s say we start saving Rs.20 on day one, and you have to double the amount on day two, which is Rs.40, and Rs.80 on day three. And on day 7, you must save Rs.1280. On the eighth day, begin again with 20 rupees.

20. Money Box Challenge

The money box money saving challenge is another Money saving challenge to make you a bit more fun. You can even get your family members and kids to participate.

To begin, simply gather some pieces of paper or index cards. You must now write various sums of money on each.

You can keep it simple and enjoyable by combining INR 20, 50, 100, 200, and 500. Make enough cards for the number of days you intend to participate in the money challenge during the month.

Put all of the cards in a bowl and choose one at random every day. Set aside the amount written on the paper and enjoy your savings at the end of the month.

This money-saving challenge is fun to do with your family and kids. Make them pick a card and save the amount written on it.

Finally, If you’re up with all saving challenges, why not get started today? Saving just a few rupees or dollars a day can make a huge difference over the course of a year.

 Make sure you stay motivated by tracking your progress and rewarding yourself when you reach certain milestones. Good luck!