10 Savings Challenges to Boost Your Bank Balance | Chase (2024)

Developing a long-term savings habit takes commitment, dedication and resolve. While that may sound like a lot of work, it might be easier to stick to your savings plan by turning it into a savings challenge. All those fun savings challenges are just a set of rules for your saving habits. Whether you’re looking for a way to boost your savings in the short-term or to stay engaged with your money goals in the long-term, there’s a savings challenge out there for you!

How money saving challenges help

The secret to money saving challenges is that they give you a roadmap to follow. Rather than just saying “I want to save more,” you have a step-by-step plan that may help make it happen. Plus, there’s a chance they’ll make saving fun. When you turn saving into a game or a competition, you put a little more wind in your sails and might just find some extra motivation to stick to it.

A money saving challenge also hands you a clear-cut way to measure your progress. It’s one thing to know you’re saving money, but it’s even more satisfying to see just how much you’ve set aside each month. This might help you in the motivation department too, by showing you how small changes in your daily habits can have a real impact over time.

A money saving challenge also puts a positive spin on something that’s beneficial, but maybe not exciting. The “game” aspect adds structure, clear-cut goals and a sound measuring system into your savings habits, all of which are the main ingredients in a successful savings plan.

Savings challenge ideas

There’s a whole world of money saving challenges to explore. Whether you’re looking for something short-term to have some competitive fun or use a savings challenge to achieve a longer-term financial goal, there’s almost certainly a challenge out there for you.

Weekly savings challenges

If you’re looking to possibly make immediate changes to your spending habits, consider a short and sweet weekly challenge. In a weekly savings challenge, quick wins and short-term goals are the name of the game. The shorter timeframe encourages smaller changes and lower-pressure adjustments to your spending habits — habits that, as they become routine, become the building blocks of budgeting. Here are a few to consider:

  • 1. The “spare change” challenge: Every time you buy something with cash, do your best to set aside the coins in a jar or a piggy bank. For those using digital or electronic payments, consider opting for any of the digital tools that round up your purchases to the nearest dollar and save the difference. You might be surprised at how fast that adds up.
  • 2. The “no-spend day” challenge: Choose one day each week where you don’t spend any money on non-essentials. This challenges you to use what you already have, so you might find yourself peeking through the pantry or busting out a board game or two to stay entertained without opening up your wallet.
  • 3. The “guess the bill” challenge: Each week, estimate how much you’ll spend on groceries, utilities or any other category. If your actual spending comes in under the estimate, you might consider saving the difference.
  • 4. The “no eating out” challenge: For a week, avoid eating out and prepare home cooked meals instead. Planning ahead by meal prepping your lunches and preparing dinner menus for the week may help the urge to just order out.

Monthly savings challenges

When you’re ready, consider trying your hand at some consistent, monthly savings challenges. These focus more on consistency than sporadic savings, encouraging you to make regular savings decisions and examine routine purchases — a key skill for working towards medium-term money goals. These money saving challenges might help you better organize your expenses into needs and wants, helping you prioritize your spending a little better.

  • 5. The “coffee shop swap” challenge: For a month, do your best to swap your daily coffee shop visits with homemade coffee and set aside what you would’ve spent otherwise.
  • 6. The “free entertainment month” challenge: For 30 days, challenge yourself to only do free activities for your entertainment. This could be outdoor fun, free local events, an at-home game night or even just enjoying a library book and a comfy chair. It may just help you realize that fun doesn’t always scale proportionately with price.
  • 7. The “digital detox” challenge: For one month, try to cancel or pause all of your paid digital entertainment platforms. You’ll save on subscription fees and might find you don’t need some of them anymore.

Yearly savings challenges

Yearly savings challenges might be a great fit for those looking to truly master their money and achieve longer term savings goals. These challenges promote comprehensive money skills and patience, teaching you to play the long game. By taking part in these yearly exercises, you might start to see the compounding effect of your savings decisions and the growth that comes with a regular, disciplined savings plan.

  • 8. The “52-weeks of saving” challenge: For this classic challenge, you’ll try to save an increasing amount each week for a year straight. Start with a small amount you’re comfortable with and add to it weekly. For example, if you started by setting aside $1 the first week and then adding an extra dollar per week (so you set aside $2 the next week, then $3, then $4 and so on), you’d save $1,378 after 52 weeks. Just remember, it’s a marathon, not a sprint. Focus on saving and raising your goal by how much is comfortable for you, if feasible.
  • 9. The “birthday bank” challenge: Every time it’s a friend or family member's birthday, put aside a set amount of cash like $5 or whatever amount works for you. Given the number of birthdays over the course of a year, you’ll likely end up with a small amount that you could put toward a savings goal. Setting money aside for these (sometimes) unexpected events helps foster the habit of always being prepared for unforeseen costs.
  • 10. The “spare change challenge — annual edition”: Taking the weekly “spare change” challenge and extending it for a full year may be more challenging, but also carries the potential of some hefty savings if you can stick to it. Just giving it a shot may show you just how much minor money choices can potentially mean in the medium to long-term.

In summary

Taking on a savings challenge might just transform your savings habits. Indeed, the right savings challenge has the power to subtly teach you valuable money lessons while you’re just busy enjoying the game. So, why not give one a try?

10 Savings Challenges to Boost Your Bank Balance | Chase (2024)


What is the $10 savings challenge? ›

"Save $10 a week with this 52 Week Savings challenge will help you to meet all of your savings goals. Each week you tick of each amount in order to save the full 520 in the amount of weeks in a year. Saving can be hard but with this you can make it a fun challenge. Safe enough a week to add to the savings pot.

What is the 5 savings challenge? ›

The fiver challenge - save £7,000

This challenge works the same as the 52 week challenge, but you go up in multiples of £5 rather than £1. So week one = £5, week two = £10, all the way up to week 52 at £260. Alternatively, if you're not in the position to save these larger amounts, you could save £5 every week instead.

What are the challenges of saving money? ›

7 barriers that keep us from saving money (and how to knock them down)
  • Spending too much on housing.
  • No defined budget.
  • The “I'll save when I make more money” mindset.
  • Lack of measurable savings goals.
  • Student loan payments.
  • Your comfort zone.
  • Overusing credit cards.

What is the 100 day challenge for saving money? ›

It works like this: Gather 100 envelopes and number them from 1 to 100. Each day, fill up one envelope with the amount of cash corresponding to the number on the envelope. You can fill up the envelopes in order or pick them at random. After you've filled up all the envelopes, you'll have a total savings of $5,050.

What is the $20 challenge? ›

All you have to do is save $20 each week for a year, and then you'll easily have $1,040. If you start this now and do it just until the holidays, you will have a nice chunk of change as well! And, it'll make saving money just a little more enjoyable. Yes, saving money can be fun!

What is the $5 dollar challenge? ›

$5 A Day Challenge

If you save $5 everyday, you will save $1,825 in just a year. That's a great way to save for a starter emergency fund. It may be easier to save weekly if you are going to deduct it from your paycheck. You would need to set aside $35 a week to save the same amount.

What is the 15 savings rule? ›

50 - Consider allocating no more than 50 percent of take-home pay to essential expenses. 15 - Try to save 15 percent of pretax income (including employer contributions) for retirement. 5 - Save for the unexpected by keeping 5 percent of take-home pay in short-term savings for unplanned expenses.

What is the 365 penny challenge? ›

The premise of the Penny Challenge is simple: You start by saving one penny on day one, two pennies on day two, three pennies on day three, and so on. Each day, you increase the number of pennies you save by one until day 365, where you will save $3.65. By the end of the year, you'll have saved a total of $667.95!

What is the best money saving challenge? ›

Yearly savings challenges
  • The “52-weeks of saving” challenge: For this classic challenge, you'll try to save an increasing amount each week for a year straight. ...
  • The “birthday bank” challenge: Every time it's a friend or family member's birthday, put aside a set amount of cash like $5 or whatever amount works for you.

What is the 21 day challenge for saving money? ›

That is what this challenge is all about: taking 21 days to make some drastic, but realistic, changes in order to save at least $500 each month. If you are anything like I was, you probably have more bills and payments due each month than you have money coming in.

How does the $1 challenge work? ›

There are no complicated rules to remember. Week 1, you save $1.00. Week 2 you save $2.00, and it continues through the year, adding one more dollar to each week's savings goal. By Week 52, you'll set aside $52.00, which will bring the year's total savings to $1,378!

How much is $1 a week for a year? ›

All you do is start with $1 in Week One. Then every week after that you add $1 to the amount you're saving for the week. That's it! If you do this, you'll have a cool $1,378 extra in one year's time!

How to save $5000 in 3 months with 100 envelopes? ›

The 100-envelope challenge is a way to gamify saving money. Each day for 100 days, you'll set aside a predetermined dollar amount in different envelopes. After just over 3 months, you could have more than $5,000 saved.

What is the 52-week money challenge? ›

The 52-week money challenge involves saving an increasing amount of money each week for one year. The challenge can be adjusted to fit personal financial circ*mstances and goals. Opening a high-yield savings account and utilizing automated savings features can help make the challenge more manageable and successful.

How to save $10,000 in 6 months challenge? ›

Here's how I did it & how you can do it, too.
  1. Set goals & practice visualization. ...
  2. Have an abundance mindset. ...
  3. Stop lying to yourself & making excuses. ...
  4. Cut out the excess. ...
  5. Make automatic deposits. ...
  6. Use Mint. ...
  7. Invest in long-term happiness. ...
  8. Use extra money as extra savings, not extra spending.

How much is $1 dollar a day for a year? ›

The answer to that question depends on interest rates or rates of return. With no interest involved, putting one dollar a day into a bank account (or a jar at home) will see you end up with $365 in a year. Multiply that amount by 30 years and you'll end up with $10,950.

How do you save $1 a week then $2? ›

You can complete the 52-week money challenge in three simple steps: Start by depositing $1 in week one, $2 in week two, $3 in week three and so on. Stash your cash in a high-yield savings account. Keep up the momentum by automating future savings.


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