Mark Lennihan
From stashing away spare change to saving according to the weather in your city, you can get creative and competitive about saving money. (AP Photo/Mark Lennihan, File)
Among the different ways to trick yourself into saving, money-saving challenges are some of the most engaging.
They can help you feel connected to finances by requiring frequent check-ins and debunking feelings of inadequacy when it comes to saving. For Cristina Brown, a self-described savings-challenge designer and founder of the blog Happy Savings Co, money-saving challenges helped her go from spending to saving.
“I recognized the need to save money, and I thought that this would be a good way to kind of gamify it,” Brown says.
If saving for tomorrow seems out of reach, the right money challenge can generate excitement, push competitive buttons and potentially increase savings.
Viral challenges that can add up
Before starting a savings challenge, review your budget to trim unnecessary expenses. The amount of breathing room in your budget will determine the level of difficulty that’s possible for a challenge.
Assigning a goal to a challenge may also keep you motivated and consistent, whether it be saving for an emergency fund, a vacation or something else.
A few popular challenges to consider include:
Keep the change challenges
Beginner-friendly $1 and $5 savings challenges allow for passive saving, which takes less effort and adopts an out-of-sight approach. For a designated amount of time, both challenges involve putting aside denominations of these bills that are left over from cash transactions.
Ezekiel Waisel, a certified financial planner at SHP Financial, a financial planning firm , tried the $5 challenge in 2016 and saved about $300 in a year for a round-trip flight. “I don’t use a lot of cash, so the fact that I even saved that much was pretty surprising to me,” he says.
The 52-week challenge
This challenge hikes up the savings by $1 weekly and requires you to actively save by budgeting for each week. In the first week you save $1, in the second week $2, and so on until the 52nd week. The challenge can also be reversed to start saving $52 in the first week and work downward, as is Brown’s preference in 2022. Either way, the challenge can save $1,378 in a year, enough to cover an emergency or a large purchase.
“At the end of the year with holidays — even with all of our best efforts of setting up sinking funds for the holidays and stuff like that — things can still get pretty tight, so I reversed the order to save the bigger amounts at the beginning of the year,” says Brown. A sinking fund holds money that’s earmarked for a specific goal or expense.
The 100 envelope challenge
This potentially lucrative and difficult money-saving challenge requires numbering 100 envelopes from one to 100, shuffling them and drawing one randomly every day. The number on the envelope drawn determines the amount of cash that must be saved. Drawing high numbers consecutively can prove difficult, so this challenge is ideal for those with more cash flow. If completed, it saves up to $5,050, but don’t hold money in envelopes too long. Keep it safe by designating a day every other week or monthly to deposit savings into a high-interest bank account.
The weather Wednesday challenge
For thrill-seekers with enough cash flow, this challenge can offer big savings with less predictability. On every Wednesday, for a year, save cash or make a deposit into a savings account based on the temperature in your city. If it’s 50 degrees, for instance, save $50. The challenge gets harder as it gets warmer, so it’s best to start in the winter when it’s more manageable.
No spend challenge
It’s as straightforward as it sounds: You commit to only spend on essentials over a certain period to save big. Some people even clean out their pantries to lower their grocery bills. The level of difficulty is subjective for this challenge, but it’s likely more sustainable over a short term.
Customize your own challenge
Modify a popular challenge to fit your needs by shortening or extending deadlines or the cadence of saving. For instance, you could stretch the 100 envelope challenge over 100 weeks (about 2 years) instead of days, if that’s more achievable. Brown also creates her own challenges. In one such challenge, she seeks discounts at the grocery store to stash savings for future goals. She says she saved a total of $3,560.58 in 2021 by juggling multiple challenges each month.
Learn what motivates you
Mastering a savings challenge involves understanding your motivations. Consider whether you’re motivated by big or small deposits, randomness or predictability, cash or electronic deposits, or active versus passive saving. If you’re unsure, try a few money-saving challenges to learn what works. Passive savings challenges like keep the change can lay a solid foundation for bigger challenges and savings.
“I think passive is a great starting point, and once you get comfortable and consistent with passive saving, you can then add or switch to an active savings model,” Waisel says.
Finding the right challenge may require trial and error, but even as you experiment you’ll likely save money in the process.
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6 viral savings challenges that pay off
Mintr // Shutterstock
Half of American adults started 2022 with a desire to boost their savings. That admirable intention could prove easier for those who developed good savings habits at a young age.
After all, it’s possible kids who get used to regularly depositing some allowance funds in their piggy bank won’t think twice about setting money aside when higher wages and expenses enter the picture later in life. There’s even a significant bonus for young savers: Compound interest, which is the interest earned on interest.
To demonstrate how people can benefit from this mathematical superpower, GoHenry calculated how starting to save as a kid can impact your wealth by calculating how much money one can make if they started saving $1 a day at the age of 5.
This calculation was made by taking the premise that someone would deposit $365 at the end of a year into an investment account, and this money would compound annually at a market rate of 8%. The story shows the example of how much one would save if they started saving and depositing money at the age of 5, and how much that money increases by the ages of 6, 7, 10, 12, 16, 18, 25, 50, and 100.
Notably, minors can’t open their own savings accounts, but their parents or other adults can open joint or custodial accounts for them.
Mintr // Shutterstock
Half of American adults started 2022 with a desire to boost their savings. That admirable intention could prove easier for those who developed good savings habits at a young age.
After all, it’s possible kids who get used to regularly depositing some allowance funds in their piggy bank won’t think twice about setting money aside when higher wages and expenses enter the picture later in life. There’s even a significant bonus for young savers: Compound interest, which is the interest earned on interest.
To demonstrate how people can benefit from this mathematical superpower, GoHenry calculated how starting to save as a kid can impact your wealth by calculating how much money one can make if they started saving $1 a day at the age of 5.
This calculation was made by taking the premise that someone would deposit $365 at the end of a year into an investment account, and this money would compound annually at a market rate of 8%. The story shows the example of how much one would save if they started saving and depositing money at the age of 5, and how much that money increases by the ages of 6, 7, 10, 12, 16, 18, 25, 50, and 100.
Notably, minors can’t open their own savings accounts, but their parents or other adults can open joint or custodial accounts for them.
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6 viral savings challenges that pay off
People Image Studio // Shutterstock
- End-of-year amount deposited: $365.00
- Amount returned: $0.00
- Total end-of-year wealth: $365.00
Abstract concepts like money and the power of compounding are hard for kids to comprehend at this age. Nevertheless, children are typically ready to develop skills that the Consumer Financial Protection Bureau says can build “a foundation for behaviors that support financial well-being,” including saving for the future. These skills include persisting through hard tasks and learning to wait for things they want.
The abilities to control impulses and plan ahead are also important, the bureau notes. Playing “pretend” and games like Simon Says and Red Light, Green Light can help kids build these and other critical skills while having fun.
In addition, encouraging kids to put coins into a glass jar can make the idea of money—and growing it—more concrete and exciting as savers develop their counting skills.
People Image Studio // Shutterstock
- End-of-year amount deposited: $365.00
- Amount returned: $0.00
- Total end-of-year wealth: $365.00
Abstract concepts like money and the power of compounding are hard for kids to comprehend at this age. Nevertheless, children are typically ready to develop skills that the Consumer Financial Protection Bureau says can build “a foundation for behaviors that support financial well-being,” including saving for the future. These skills include persisting through hard tasks and learning to wait for things they want.
The abilities to control impulses and plan ahead are also important, the bureau notes. Playing “pretend” and games like Simon Says and Red Light, Green Light can help kids build these and other critical skills while having fun.
In addition, encouraging kids to put coins into a glass jar can make the idea of money—and growing it—more concrete and exciting as savers develop their counting skills.
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6 viral savings challenges that pay off
YAKOBCHUK VIACHESLAV // Shutterstock
- End-of-year amount deposited: $730.00
- Amount returned: $29.20
- Total end-of-year wealth: $759.20
This is a great age to introduce allowances, which can be powerful tools to teach young kids about earning, saving, and spending. A 2019 study found kids in the U.S. were receiving an average of $30 a week in allowance, but an important lesson wasn’t sticking: Parents said their children were primarily spending the money to buy things. To help kids better understand savings, parents can encourage them to pick small savings goals and track their progress on a chart filled with colorful visuals.
Parents could go a step further by “matching” their childrens’ savings, like adding 10 cents to the piggy bank for every dollar they save. It’s a benefit children will hopefully recognize and appreciate one day if a future employer offers a similar incentive in the form of a 401(k) retirement savings match.
YAKOBCHUK VIACHESLAV // Shutterstock
- End-of-year amount deposited: $730.00
- Amount returned: $29.20
- Total end-of-year wealth: $759.20
This is a great age to introduce allowances, which can be powerful tools to teach young kids about earning, saving, and spending. A 2019 study found kids in the U.S. were receiving an average of $30 a week in allowance, but an important lesson wasn’t sticking: Parents said their children were primarily spending the money to buy things. To help kids better understand savings, parents can encourage them to pick small savings goals and track their progress on a chart filled with colorful visuals.
Parents could go a step further by “matching” their childrens’ savings, like adding 10 cents to the piggy bank for every dollar they save. It’s a benefit children will hopefully recognize and appreciate one day if a future employer offers a similar incentive in the form of a 401(k) retirement savings match.
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6 viral savings challenges that pay off
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6 viral savings challenges that pay off
Darrin Henry // Shutterstock
- End-of-year amount deposited: $2,190.00
- Amount returned: $487.61
- Total end-of-year wealth: $2,677.61
Kids in the fourth and fifth grades are ready to tackle key personal financial topics. These include understanding interest, why it’s important to save for emergencies, and how to develop ways to set short-term and long-term goals for saving, according to the FDIC.
These young smarties can also better understand the benefits of saving money in a bank versus at home. If parents haven’t already opened an interest-bearing savings account (or investment account) for a child, it’s a great time to do so. The best options offer a good interest rate that doesn’t require monthly fees or minimum balance requirements and have online tools that let tech-savvy savers monitor their growing balances.
Darrin Henry // Shutterstock
- End-of-year amount deposited: $2,190.00
- Amount returned: $487.61
- Total end-of-year wealth: $2,677.61
Kids in the fourth and fifth grades are ready to tackle key personal financial topics. These include understanding interest, why it’s important to save for emergencies, and how to develop ways to set short-term and long-term goals for saving, according to the FDIC.
These young smarties can also better understand the benefits of saving money in a bank versus at home. If parents haven’t already opened an interest-bearing savings account (or investment account) for a child, it’s a great time to do so. The best options offer a good interest rate that doesn’t require monthly fees or minimum balance requirements and have online tools that let tech-savvy savers monitor their growing balances.
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6 viral savings challenges that pay off
MAYA LAB // Shutterstock
- End-of-year amount deposited: $2,920.00
- Amount returned: $962.37
- Total end-of-year wealth: $3,882.37
Tweens are typically able to understand the math behind concepts like compound interest, not just the theory. They’re also able to plan ahead and save for things they want. That’s a timely skill as many are old enough to start babysitting, mowing yards, or finding other ways to earn larger sums of cash.
While they may be learning about personal finance at school, many youths are also looking for guidance at home. Half of surveyed kids between ages 8 and 14 said they want their parents to talk to them about how to save money.
MAYA LAB // Shutterstock
- End-of-year amount deposited: $2,920.00
- Amount returned: $962.37
- Total end-of-year wealth: $3,882.37
Tweens are typically able to understand the math behind concepts like compound interest, not just the theory. They’re also able to plan ahead and save for things they want. That’s a timely skill as many are old enough to start babysitting, mowing yards, or finding other ways to earn larger sums of cash.
While they may be learning about personal finance at school, many youths are also looking for guidance at home. Half of surveyed kids between ages 8 and 14 said they want their parents to talk to them about how to save money.
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6 viral savings challenges that pay off
VALUA VITALY // Shutterstock
VALUA VITALY // Shutterstock
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6 viral savings challenges that pay off
GaudiLab // Shutterstock
- End-of-year amount deposited: $5,110.00
- Amount returned: $3,728.45
- Total end-of-year wealth: $8,838.45
Cash is always a popular graduation gift, and it’s surely welcomed by high-school seniors who are embarking on the transition into a full-time job or the next level of schooling. Some kids who have custodial savings accounts created as UGMA (Uniform Gifts to Minors Act) or UTMA (Uniform Transfers to Minors Act) accounts will finally gain control of them when they turn 18. Others will need to wait until they are 21 or even older.
This is a time for parents to help increasingly independent kids understand not only how to budget successfully, but also how to save and invest for short- and long-term goals. If teens are taking out college loans, they need to gain an honest understanding of the impact that graduating with student debt will have on their personal finances. The average public university student borrows $30,030 in pursuit of a bachelor’s degree, and that sum will likely take quite a while to pay down.
GaudiLab // Shutterstock
- End-of-year amount deposited: $5,110.00
- Amount returned: $3,728.45
- Total end-of-year wealth: $8,838.45
Cash is always a popular graduation gift, and it’s surely welcomed by high-school seniors who are embarking on the transition into a full-time job or the next level of schooling. Some kids who have custodial savings accounts created as UGMA (Uniform Gifts to Minors Act) or UTMA (Uniform Transfers to Minors Act) accounts will finally gain control of them when they turn 18. Others will need to wait until they are 21 or even older.
This is a time for parents to help increasingly independent kids understand not only how to budget successfully, but also how to save and invest for short- and long-term goals. If teens are taking out college loans, they need to gain an honest understanding of the impact that graduating with student debt will have on their personal finances. The average public university student borrows $30,030 in pursuit of a bachelor’s degree, and that sum will likely take quite a while to pay down.
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6 viral savings challenges that pay off
SFIO CRACHO // Shutterstock
SFIO CRACHO // Shutterstock
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6 viral savings challenges that pay off
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6 viral savings challenges that pay off
Bystrov // Shutterstock
- End-of-year amount deposited: $35,040.00
- Amount returned: $7,337,459.00
- Total end-of-year wealth: $7,372,499.00
There were 97,000 centenarians in the U.S. in February 2021, and that number could increase over time. Life expectancy, or the number of years a person is expected to live, has generally been on the rise in the country since 1980.
Though reaching a three-digit birthday is a remarkable achievement, it can also be scary from a financial perspective. Forty-nine percent of Americans fear they will outlive their savings. It’s a reasonable worry given that Social Security replaces only about 40% of a worker’s pre-retirement income on average.
Fortunately, dutifully saving $1 a day for more than nine decades—and having the money compound annually at a market rate of 8%—could make someone a multi-millionaire by the time they gather around their cake with 100 candles to blow out, plus one to grow on.
This story originally appeared on GoHenry and was produced and distributed in partnership with Stacker Studio.
Bystrov // Shutterstock
- End-of-year amount deposited: $35,040.00
- Amount returned: $7,337,459.00
- Total end-of-year wealth: $7,372,499.00
There were 97,000 centenarians in the U.S. in February 2021, and that number could increase over time. Life expectancy, or the number of years a person is expected to live, has generally been on the rise in the country since 1980.
Though reaching a three-digit birthday is a remarkable achievement, it can also be scary from a financial perspective. Forty-nine percent of Americans fear they will outlive their savings. It’s a reasonable worry given that Social Security replaces only about 40% of a worker’s pre-retirement income on average.
Fortunately, dutifully saving $1 a day for more than nine decades—and having the money compound annually at a market rate of 8%—could make someone a multi-millionaire by the time they gather around their cake with 100 candles to blow out, plus one to grow on.
This story originally appeared on GoHenry and was produced and distributed in partnership with Stacker Studio.
