Saving money can seem like a daunting task, which is why implementing a few money saving challenges can really help to get things going.
I personally find challenges motivating. The great thing about money saving challenges is that you can do them alone, or with a few friends.
The money saving challenge 2022 is fun to complete and before you know it, you’ve developed healthy savings habits that will continue long after the challenge is over, so you can painlessly build your wealth.
Feel free to skip down to our money saving challenges below if you’re ready to get started, otherwise, continue below to learn a little more about the psychology of saving.
Why is Saving Money so Difficult?
There are several reasons that one may find saving money so difficult.
1. Lack of Financial Education
Most schools don’t teach personal finance and if your parents didn’t start introducing you to savings early on, chances are you never developed the habit of saving.
I started my kids saving as soon as they were old enough to put a coin in a piggy bank. My oldest was able to purchase her own car at 16 years old!
She has no problem saving today as a married adult because she had been in the habit of saving since 3 years old.
2. Lack of Funds
Saving money can seem impossible if your income is on the lower side and you have lots of bills to pay.
To remedy this, you’ll need to see which bills you can reduce or eliminate and whether you can take on a temporary part-time job.
3. Too Much Debt
If you have student loan or credit card debt, you may find that all your money is going toward the debt repayment.
While you need to get that credit card or loan debt paid off as soon as possible, you also need to have emergency savings set aside.
I always recommend you have an emergency savings first (while making your minimum debt payments).
Afterward, put all your extra funds toward the debt before switching over to putting your extra funds toward saving and investing.
What is the Most Challenging Part of Saving Money?
The most challenging part of saving money is simply getting started. Once you get going, you’ll develop a healthy savings habit and the whole process will seem much less painless.
In fact, you’ll look forward to seeing how much you can save each month.
What you’ll need to do is create a budget that includes paying yourself first.
After that, you’ll want to evaluate whether you need to take on a side hustle or a second part-time job, so that you have income to dedicate toward savings.
What Are the 5 Tricks to Saving?
Here are a few steps you can take to begin saving.
1. Create Your Saving Goals
When you have a goal, you have a target to reach for. Your savings goal doesn’t have to be a large amount.
Start small using an amount that is attainable. That way, once you reach the goal, you’ll feel a sense of achievement that will give you the motivation to save more.
2. Select a Weekly Savings Challenge
Choose a 52 week money savings challenge to follow.
As I stated earlier, challenges are great motivators and they can make saving money something you are excited about.
3. Recruit a Friend
Ask a friend to join you in the 7 day savings challenge.
You can compete with your friend to see who can save more, or simply ask your friend to serve as your accountability partner.
Having an accountability partner means you’ll have someone to report to each month.
I find that most people don’t want to disappoint their accountability partner, and therefore, work harder to reach their savings goals.
Plus, the accountability partner can cheer you on and give you the encouragement you need to keep going.
4. Reward Yourself
Once you complete your first 30 day savings challenge and reach your first savings goal, consider rewarding yourself.
It could be something simple or small, such as an ice cream or a new notebook.
One simple reward each month will give you the motivation to continue without detracting from your savings.
5. Revise Your Goals
Finally, it’s time to review and revise your savings goals.
Are there any ways you can increase your savings next month?
Is there another 52 week money savings challenge you can start?
The important thing is that you keep on saving and working toward your goals.
What Are Some Common Challenges to Saving Money?
One of the most common challenges to saving money is thinking that you only have a little bit of cash to save and that this small amount won’t make much of a difference.
This isn’t true, however. Consider the following:
How Much is $20 a Week for a Year?
If you need to start out slow, that’s totally okay. Don’t avoid saving because you don’t have much money to work with.
Saving even a little at a time will put money in your bank account, while also helping you develop a healthy habit.
When you save just $20 a week for a year, you end up with $1,040 in your savings. That’s a great start!
How Much is $50 a Week for a Year?
As soon as you are able, try increasing your savings to $50 per week.
A 52 week challenge is perfect for this. It will help you reach your financial goal.
When you save $50 a week for a year, you end up with $2,600 in your savings. With this amount, you’ll start to feel less stressed about an emergency, such a stove replacement.
How Much is $100 a Week for a Year?
Perhaps you are able to cut back on a few unnecessary expenses (unnecessary spending) and increase your savings to $100 a week.
A money challenge is a great way to do this!
In that case, when you save $100 a week for a year, you end up with $5,200. That’s a nice chunk of change!
22 Money Saving Challenges for 2022
We created a Money Saving Challenges book that you can use to grow your wealth each and every month.
Included inside the book are 22 money saving challenge ideas and workbook pages.
These fun money saving challenge pages can be copied, so you only ever need to buy the book once.
Included you’ll find the following savings challenges:
- Loose Change Savings Challenge (spare change challenge)
- Supermarket Savings Challenge (pantry challenge)
- The “Saving By Not Buying” Challenge (no spend challenge)
- Vacation Savings Challenge
- Christmas Savings Challenge
- Car Repair Savings Challenge
- New Car Savings Challenge
- Dream Savings Challenge
- Weather Wednesday Savings Challenge
- The $5 Bill Savings Challenge
- Extreme Grocery Shopping Budget Savings Challenge
- “Round Up” Savings Challenge
- “Pick A Money Bag” Savings Challenge
- Biggest Saver Challenge
- Honey Pot Savings Challenge
- The 52 Week Savings Challenge
- Side Hustle Savings Challenge
- The 10-20-30 Weekly Savings Challenge
- Sell Your Stuff Savings Challenge
- Deck of Cards Savings Challenge
- Save What You Can Yearly Savings Challenge (monthly money saving challenge)
- Do-It-Yourself (DIY) Savings Challenge
THAT’S NOT ALL!
We’ve also provided 5 bonus challenges: Money Saving Challenge Kids
- Kids’ Weather Savings Challenge
- Kids’ $100 Savings Challenge
- Kids’ $20 Savings Challenge
- Kids’ Toy Savings Challenge
- Kids’ 52 Week Savings Challenge
What is the $20 Savings Challenge?
There are several money saving challenges you can use to save $20.
Within our book, my top two picks are:
1. Weather Wednesday Challenge
This 52 week money savings challenge has you put $20 in your bank each Wednesday when the weather is stormy.
2. Grow Your Savings Challenge
This yearly savings challenge allows you to fill in one flower pot per week with the amount you were able to save.
You can certainly add $20 in each pot for a $20 Savings Challenge.
How Does the 100 Envelope Challenge Work?
Perhaps you aren’t up for a 52 week money challenge yet to build your savings account. That’s okay.
Another one of the popular money saving challenges is the 100 envelope challenge.
With this challenge, you obtain 100 envelopes and label each one with the numbers 1 through 100.
You can make this a 3 month money saving challenge or a weekly savings challenge.
Simply pick an envelope and fill it with the amount of cash that matches the number on the envelope.
At the end of the challenge, you will have saved $5,050.
We did not include this challenge in our book because you have everything you need right at home to complete this challenge.
What Would You Do With Some Extra Money?
Once you start saving using a money challenge, you’ll want to think about what you’d like to do with some extra money.
Of course, you’ll need to set aside some of the extra money for an emergency fund, building a savings account, paying off a credit card to increase your credit score, and investing.
You may also want to use some of it for another purpose besides an unexpected expense, or maybe even an impulse purchase that you wouldn’t normally consider.
When you’ve saved up a set amount of extra cash from a penny challenge, eat out challenge or reduced spend challenge, you have the freedom to buy a bigger TV, go on vacation or splurge on a new bicycle.
Saving Money for Something Special?
Using a different savings challenge each month can also help you save up extra cash for something special.
My cousin’s family did this in order to throw their parents a big 50th wedding anniversary party.
I did it to fund my daughter’s dream wedding dress.
One month I was able to save a set amount to purchase my special needs child a new iPad (I feel better having a back-up).
How Can You Stretch Your Money?
There are many ways one can stretch their money each month to avoid further credit card debt and to make room for saving.
The savings challenge books are just one tool to help you do this.
They make the entire process fun, instead of stressful. That way you have a positive outlook instead of a negative one.
Soon, you’ll find yourself looking for new ways to save each month. You may even come up with some exciting challenges of your own.
In Conclusion: Building Your Wealth With Money Saving Challenges
I highly recommend taking part in a few savings challenges to help you get in the habit of saving and changing your spending habits for the better.
It’s an excellent tool on your road to financial freedom.
Our book has many different challenges to meet a variety of needs – from building a savings account to affording Christmas presents for the family.
My favorite challenge is the Dream Savings Challenge, as it allows me to make a bigger purchase without the guilt of racking up debt.
Don’t forget that if you have a printer with a copy function, you can easily reproduce these pages and use them over and over again. (I have a cheap $40 Walmart printer that does this)
We won’t make as much money from repeat book sales, but here at Five Bags of Gold, we care more about helping you win with money!
What are your biggest savings challenges? Let us know in the comments below!