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Money Saving Challenge

Would you like financial security for unexpected expenses or emergencies? Do you have a specific goal, such as buying a house, starting a business, or going on vacation? Check out these 11 free money saving challenge options to help you come closer to the financial freedom you deserve!

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A money saving challenge will help you save money to reach your short or long-term financial goals. A savings challenge should be challenging but doable. That means that you should set a savings goal that you can reach if you make some effort but you must take your essential expenses into account when you determine the amount that you can potentially save.

I have an MBA in finance and I love helping people save money. I also love challenges. Therefore, a money saving challenge is something I try to do as often as possible to reach my financial goals. You will find different savings challenges below. Each savings challenge has different goals and will work for different people. Find one that will work for you and help you reach your goals.

11 Money Savings Challenges

52 Week Money Challenge

The 52 week savings challenge has a few different variations. We offer a detailed explanation on how to do the challenge with free printables for every variation.

You set how much you want to save each week and the increments (if you want to increase this sum during the challenge).

52 Week Money Savings Challenge

30 Day No Spend Challenge

With the 30 day no spend challenge, you will spend money only on necessities. See the 30 day no spend challenge. This is not a long-term challenge but rather a short-term effort to save when you need money fast.

If you need to buy things like groceries, then you can purchase them. However, you are encouraged to try to use the groceries and other supplies you already have at home. Be creative and find recipes to use the things you already have. Click on the button below to see the 30 day no spend challenge rules.

30 Day No Spend Challenge

Cash Envelope System

With the cash envelope system, you use cash and envelopes to organize and stick to your budget. You create an envelope for each budget category and place the money allocated to that category in the envelope.

When you use cash, you cannot spend more than you have budgeted. Read on to see how the cash system works and to print our free customized cash envelopes.

Cash Envelope System

100 Envelope Challenge

The 100-day money challenge is often referred to as the 100 envelope challenge. It helps you save $5,050 in a relatively fun way. You number 100 envelopes from 1 to 100. Each day you pull out a random envelope and put in the amount of cash that is written on the envelope and seal it. By the end of this 100 day challenge, when all the envelopes are sealed you should have $5,050!

You can do this 100 envelope savings challenge with 30 envelopes for one month or 60 envelopes for two months. You can also use 52 envelopes and fill one envelope per week for a year.

100 Envelope Challenge

Biweekly Money Saving Challenge

The bi weekly money saving challenge encourages you to save every other week instead of every week. You decide how much you want to save the first week and by how much you want to increase this amount (if you want to increase it). Enter these two numbers in the spreadsheet below and you will see how much you can save in 26 weeks.

There is a section for the amount you intend to save and the amount you actually save in case you don’t save as much as you planned. The total will automatically stay up to date.

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If you want to change the amount you save during this 6 month saving challenge then change the initial sum you start saving or the amount you increase by.

$5,000 Savings Challenge

The weekly savings plan can continue for 6 months or a year. For the half-year challenge see the spreadsheet above. If you want to create weekly savings for a year, then click on the button below.

52 Week Money Savings Challenge

How to save $5,000 in a year?

You can change the dates and the amounts on the Word, Powerpoint, and Excel versions. To edit the Word or Powerpoint versions, click on the table to open it for editing.

$10,000 Saving Challenge

With this 10K saving challenge, you will save 10,000 over a 1-year period. There are two versions of this weekly savings challenge. You can save a set amount each week for a year ($192 per week) or you can save an incremental amount.

How to Save $10,000?

This spreadsheet will show you how to save $10,000 in a year. To save $10,000 in a year you will need to save $192 each week. 


$20,000 Savings Challenge

The Penny Challenge

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If you can’t afford to save $1 a week then try the penny challenge. You won’t save as much but it is better than not saving at all. With the penny challenge you start with 1 penny and the amount you save each week increases by one penny. Put your coins in a jar or a piggy bank you cannot open.

Image | Typeable PDF | Excel Spreadsheet

You can change the amount you start with so feel free to change it to a nickel or any other sum. Enter the amount in the top left box on the spreadsheet and the total amount that will be saved will automatically update.

Necessities only for 30 days

Instead of doing the 30 day no spend challenge above, you can limit unnecessary expenses. You will define “unnecessary expenses ” according to your financial situation. They can include things like a gym membership, coffee at Starbucks, a vacation trip, or any new purchase that isn’t really necessary. See our 30 Day Challenge to find a printable to track your 30 day challenge.

Spare change challenge

Put your spare change in a jar for a year and you will be surprised how much you can save. If you add your extra cash when you have it, you will save even more.


Where should you keep the money you are saving?

If you are saving a small amount of money in short periods of time (daily or weekly) then you can keep your money in a piggy bank or jar. Make sure you cannot open the piggy bank or jar. If you are saving substantial amounts, then it is better to use a high-yield savings account. In that case, you will save more since you will also earn interest.

What are the benefits of a money saving challenges?

  • A save money challenge will help you create an emergency fund or save up for something you want but can’t afford today. See How big should your emergency fund be?
  • It is also a good way to examine your spending habits and become more aware of the things you are spending on. For example, you might suddenly realize how much you spend at Starbucks and start drinking more homemade coffee.
  • When you try to save, you become more aware of your spending habits. This is a good opportunity to notice bad habits you might not have noticed before. For example, if you are a smoker, when you see how much you spend on cigarettes you might decide to give up smoking or cut back. If you spend more money than you should shopping, this is an opportunity to ask yourself why you do this and understand yourself and your behavior.

How much should you save?

Please see how much should you save a month.

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About the Author
Nicole Bar-Dayan, LLB, MBA (majored in finance)
Photo of NicoleI am obsessed with numbers, budgets and money-saving strategies. I love helping people avoid debt, pay off loans, save and reach their financial goals. I beleive that saving money is the key to reaching your financial goals, gaining financial security, and enjoying your life.
I hope that the free budget templates, tools and courses on this site will help you reach your financial goals!

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