Saving money doesn’t have to mean cutting all the fun out of your life.
Sometimes, the easiest way to build a healthy savings habit is to turn it into a challenge. These popular saving money challenges make it easier to put cash aside without feeling overwhelmed.
Below are some of the most effective savings money challenges, how they work, and who they’re best for.
The $1,000 Savings Challenge: Save $1,000 To Start
I had to start with the $1,000 Savings Challenge by yours truly. This challenge is designed for people who want a clear, realistic goal without committing to a full year. The challenge focuses on building your first $1,000 savings cushion by breaking the total into smaller, manageable deposits that fit into everyday life.
Instead of following a strict timeline, participants can save at their own pace, making it easier to adjust for irregular income or unexpected expenses. This approach is especially helpful for beginners who want to build momentum, gain confidence, and create a solid financial buffer without feeling overwhelmed.
Sign up for the guided sequence and trackers here!
The 100-Envelope Challenge (Cash Stuffing): Save Up to $6,250
If you’re looking for maximum saving potential, the 100-envelope challenge is hard to beat. The concept is simple. Label 100 envelopes from 1 to 100. At a set frequency, such as twice a week, randomly pick an envelope and put the amount written on it into the envelope. Once all envelopes are filled, you’ll have saved a total of $6,250.
This method forces you to engage with your budget regularly and really think about what money you have available to save. While many people prefer using physical cash and envelopes, the same idea can be done digitally using spreadsheets or virtual trackers.
Pros: Highest overall savings potential, flexible pace, no need to save more each time
Cons: Time-consuming if using cash, requires organization and consistency
The 52-Week Savings Challenge: Save $1,700
The 52-week challenge is a classic for a reason. You start by saving $1 in week one and increase the amount by $1 each week. By the end of week 52, you’ll have saved $1,700.
This challenge works especially well for beginners because it starts small. In the early weeks, the savings are barely noticeable, making it easier to build the habit. If the higher amounts toward the end of the year feel intimidating, you can always reverse the challenge and start with the larger amounts first.
Pros: Gradual increases, builds consistency, solid year-end total
Cons: Requires discipline for a full year, final weeks can feel expensive
The 365-Day 2-Cent Challenge: Save $1,335
This challenge proves that small amounts really do add up. On day one, you save just 2 cents. Each day, you increase the amount by another 2 cents. By day 365, your daily contribution reaches $7.30, and your total savings for the year come to $1,335.
It’s a great example of how incremental saving can grow into something meaningful. Over time, those tiny daily deposits can turn into an emergency fund or help cover a vacation without ever feeling like a major sacrifice.
Pros: Extremely low starting point, strong habit-building, impressive final total
Cons: Requires daily commitment, higher daily amounts near the end of the year
The No-Spend Challenge: Variable Savings
The no-spend challenge focuses less on saving a specific amount and more on changing spending behavior. For a set period, usually a month, you commit to cutting out all non-essential purchases. Groceries and bills stay, but extras like takeout, impulse buys, and online shopping pause.
The amount you save depends entirely on your usual spending habits, which is also what makes this challenge so eye-opening. It forces you to evaluate every purchase and decide what truly adds value.
Pros: Highly flexible, increases awareness of spending habits
Cons: Can feel restrictive, requires planning, savings total is unpredictable
Read More: 7 Ways to Successfully Ace a No-Spend Challenge
Giving up a Vice Challenge: Variable Savings
This challenge asks you to identify one regular expense you can live without and redirect that money into savings. It could be daily coffee runs, snacks, alcohol, or subscription services. For example, skipping a $5 coffee five times a week saves $25 per week, totaling $1,300 over a year.
Small treats are easy to justify, especially when big financial goals feel far away. But consistently redirecting that money can make a noticeable difference over time.
Pros: Flexible, directly targets spending habits, customizable
Cons: Requires ongoing willpower, may feel restrictive depending on the vice
The 20-Week Savings Challenge: Save $780
For those who prefer a shorter commitment, the 20-week savings challenge offers a strong payoff in less time. Start by saving $3 in week one, then increase the amount by $3 each week. By week 20, you’ll have saved $780.
This challenge works well for short-term goals, such as holidays or events, or for building a small buffer without committing to a full year.
Pros: Shorter timeframe, clear goal, ideal for seasonal savings
Cons: Steeper increases, final week requires a larger contribution
The best savings challenge is the one you’ll actually stick with. Consistency matters more than perfection. Starting small helps turn saving into a habit, and once it becomes routine, it often feels as natural as buying your morning coffee.
Pick one challenge that fits your lifestyle and goals, commit to it, and let the habit do the heavy lifting. By the end of the year, you’ll likely be surprised by how much you’ve managed to save.
Read More:
- Budget Challenge: Are You Ready?
- 5 Common Budgeting Challenges and How To Overcome Them
- Change Your Life With These 30-Day Challenge Ideas
