If you’re on social media, you’ve likely seen tons of savings challenges to try. These challenges can make saving money feel less overwhelming, even fun!
Along with setting aside more money, savings challenges can help you build valuable money habits that stick with you long after the challenge ends. Plus, with Lunch Money, you can create a budget that keeps you on track so you meet your goals every time.
Whether you’re working toward a major financial milestone or just want to build better habits, here are some of the most popular savings challenges to try in the year ahead:
5 popular savings challenges
1. $5 bill savings challenge
The $5 bill savings challenge is pretty simple: every time you find a $5 bill, set it aside instead of spending it. You can stash the cash in a drawer, envelope, or jar to keep it out of sight.
To increase your chances of finding $5 bills, use cash for small purchases like groceries or coffee runs. If you collect just two $5 bills per week, you’ll save $520 in a year.
It helps to set a savings target and plan a reward for when you reach it. For example, if you aim to save $500, you could treat yourself to a nice dinner once you meet your goal. This challenge can be fun for couples who are budgeting together. Try turning it into a friendly contest to see who can save the most $5 bills in a month!
2. 52-week savings challenge
If you want to build a consistent savings habit, the 52-week savings challenge is a great place to start. For the first week, you’ll save $1. In week two, you’ll save $2. Each week, you add an extra dollar to the previous week’s total. By the end of the year, you’ll have saved over $1,300.
You can track the challenge on paper or in a spreadsheet, checking off each week as you go. This challenge is great for beginner savers because it lowers the barrier to entry, gives you quick wins, and reinforces the habit of saving regularly.
If you prefer automation, you can set up recurring transfers to pay yourself first. Saving $25 a week will still put you around $1,300 at the end of the year. Just make sure to keep the money in a separate account (ideally one with a high interest rate) to avoid the temptation to spend it.
3. 100 envelope savings challenge
The 100-envelope savings challenge is a fun way to grow your savings. Start by purchasing a box of 100 envelopes and numbering each one 1 through 100. Then, place the envelopes back in the box so you can’t see the numbers.
When you’re ready to save, pull a random envelope. The number you draw is the dollar amount you need to put inside — whether it’s $3 or $87. By the end of the day, you’ll need to find the cash to fill the envelope (no excuses). That might mean skipping a purchase or selling something you don’t need.
Once you get through all the envelopes, you’ll have saved a total of $5,050. If you want to reach that goal in about a year, aim to pull two envelopes each week.
4. Save $10,000 in the next six months
Saving $10,000 in six months is a lofty goal — but breaking it into smaller chunks makes it feel more manageable. That’s about $1,667 per month, $417 per week, or $56 per day.
This is one of the most ambitious savings challenges to try, and it isn’t for the faint of heart. It’s best for super savers with a clear goal in mind, such as a down payment or an international vacation. Having a labeled goal gives you extra motivation to stick with it.
Completing this challenge will likely take a lot of work and sacrifice. Start by combing through your monthly budget with a tool like Lunch Money to cut nonessential spending. If you still fall short, consider ways to increase your income, such as driving for Uber or selling items online.
5. $24,000 in a year
If you’re working toward a big milestone (like a down payment on a home), the $24,000-in-a-year challenge is one of the most effective ways to save. Once again, breaking it down into smaller goals can make it feel more doable — so $2,000 per month or about $66 per day.
To succeed at this challenge, you’ll need to know where every dollar is going. Lunch Money can help you organize transactions, spot spending habits, and reduce non-essentials. From there, look for ways to boost your income, whether through freelance work, a side gig, or starting an online business.
Give yourself a celebration day each month to keep your momentum, even if you fall short of your goal. And remember: it’s okay if you don’t reach the full $24,000. You’ll still likely end the year with far more savings than if you hadn’t tried at all.
Bonus: No spend challenge
The no-spend challenge is one of the simplest ways to save money fast — and it pairs well with any other challenge on this list. On top of saving, the no-spend challenge can also reset your mindset around money and break bad spending habits.
Here’s how it works: pick a set timeframe, like a week or a month, and commit to spending only on essentials, like groceries, gas, and utilities. Before you start, stock up on your necessities so you won’t have to go to the store and risk impulse purchases.
During the challenge, look for free activities, such as walking in the park or borrowing books and movies from the library. This is your chance to get creative and prove that you don’t have to spend money to have fun.
Summary
Savings challenges aren’t just about setting money aside — they also help you build better habits that last long after the challenge ends. If one approach doesn’t stick, look for other savings challenges to try until you find one that works for you.
And Lunch Money can support you every step of the way. You can use it to build a budget, track your spending, and cut unnecessary purchases to keep you on track with your goals.
Start your free 30-day trial today and see how Lunch Money can help you save!
