January is a great time to set new challenges that will help you save throughout the year.
To increase your savings, money saving challenges can be a great way to have a friendly competition.
Here are some fun money-saving challenges that can help you save money or reach your goals.
Savings-focused challenges
Saving money is one of the challenges. These challenges are aimed at saving money.
Challenge Coin Savings
This challenge requires you to save a specific type of coin. You may be able to save every dime or every quarter. While nickels and pennies take up less space, they still have some value in monetary terms.
The coins can be placed in any household container and they won’t cost anything. You can either save up to a specific date or cash in your container when it is full.
This type of challenge is great as it doesn’t require a lot of effort.
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Save Age Challenge
This challenge will help you save as much as your age each week.
You’ll save $30 every week if you are 30 years old. You would have $15,560 at the end of one year.
This amount can be put in a separate account, or you can have it withdrawn weekly from your account.
This is a great challenge because it grows with you.
Weekly Money-saving Challenge
This challenge will lead to more than $1,000 at the end of the year. The week you save is the same as week 1, week 5, and week 5. For a bigger payout, you can double the amount.
This challenge has the biggest problem: Christmastime is the time you save the most. If this is a concern, the best solution is to work backwards (week 1 saves $52 and week 5 saves $48).
It is easy to keep track of the challenge.
Set dollar challenge
Start saving a certain amount each week if you have the funds. You might be able to save $10-15 each week which could translate into $520-780 by the end of the calendar year. This challenge is easy to accomplish if you only have to forgo one or two meals per week.
This is a great challenge because you’ll have more than you could ever imagine.
It’s easy to do without difficulty
This is a challenge that requires some planning. You will identify areas where you spend more money. You could spend more money on soda every day ($2), eating out every week ($40) or subscription services that you don’t need. Some people cancel their Netflix accounts due to the Netflix price hike to $18 per month.
Budgeting is key to tackling such challenges.
Goal-oriented challenges
These challenges are great because they require you to set a goal and then make it happen. Most of these challenges require you to set aside a certain amount and a time period in order to achieve your goal. You might want to save $500 over five months. This is $100 per month that you can either set aside or reduce to $20-$25 per week.
Vacation challenge
Consider how much you can afford to go on vacation.
To increase your chances of achieving your goal, keep your goal setting and goal completing within the same year. You can decide how much you will save once you have set your goal.
Large-ticket challenges
Large items, such as an appliance or a vehicle, can present big challenges. These items are more expensive, so it may take you longer to save. You’ll need to be extremely disciplined to save $5,000 to $25,000.
These are not easy challenges, but it is worth the effort. You might also be able to find the item at a lower price if you have some savings and are able to find a deal or sale that allows you to pay cash upfront.
READ: How to save $10,000 per year
They will not be defeated
Your goal with this challenge is to beat another person. A friend or family member and you will compete to save the most time.
It is possible to challenge the person who can save most money in a given time period. These types of challenges are rewarded with a prize or dinner for the winner.
Holiday/event challenge
Similar to other challenges, this one is not too difficult. A specific amount is set aside for a holiday, or other event. This could be a large vacation, a wedding, or any other large event.
This goal is reached by saving. This challenge has two great aspects: a fixed amount and a specific date.
College challenge
College challenges are just what they sound: Save money for college. To make it more practical, you know how much money you will need for each semester. So focus on saving this amount.
This was my first semester in grad school. I worked as a waitress so I saved every $5 and quarter I got. It took me several months to save the $2,500 I needed for that semester’s class.
Find out how to save money at college.
No matter what strategy you use for saving money, challenges will make it more enjoyable. Which type of challenge worked best for you?
Ten Money Saving Challenges to Help You Save More Money in 2022 Dollarsanity.
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