At a Glance

Money challenges are interactive and engaging activities designed to help individuals improve their financial habits, save money, or achieve specific financial goals. These challenges provide a structured approach to money management and can be both fun and effective in fostering positive financial behavior. Different money-saving challenges include no-spend challenges, cash-only challenges, and savings challenges.

Remember, the effectiveness of these challenges depends on your commitment and willingness to stick to them. Choose a challenge that aligns with your goals, adapt it to your situation, and make it a fun and engaging experience. Here are seven of the top money-saving challenges to meet your financial goals:

In this article, you’ll learn:


Best money-saving challenges

1. 52-week money challenge

This challenge involves saving a specific amount each week for 52 weeks. You start with a small amount, such as $1, and increase it by $1 each week. By the end of the year, you will have saved $1,378. It’s a gradual and manageable way to build your savings.

2. No-spend challenge

In this challenge, you commit to a specific period, like a week or a month, where you avoid all non-essential spending. You focus on meeting your basic needs and cutting out unnecessary expenses. The challenge helps you identify spending triggers, reduce impulsive purchases, and save a significant amount of money.

3. Spare change challenge

Save all your spare change by emptying your pockets or wallet into a designated container each day. Over time, these small increments add up, and you’ll be surprised by how much you can save without much effort. You can even use apps or digital tools that round up your purchases and save the difference automatically.

4. Cash-stuffing challenge

Allocate specific amounts of cash to different categories, such as groceries, entertainment, or dining out, by using separate envelopes. Once you spend all the cash in a particular envelope, you can’t spend any more in that category until the next month. This challenge promotes mindful spending and helps you stick to your budget.

5. Digital detox challenge

Identify digital subscriptions or services you rarely use or don’t need anymore, such as streaming platforms or app subscriptions. Cancel those subscriptions for a designated period, like a month, and redirect the saved money towards your savings. It encourages you to assess your expenses and eliminate unnecessary recurring costs.

6. DIY challenge

Challenge yourself to try do-it-yourself projects or find ways to make things instead of buying them. It could include cooking at home, making your own cleaning supplies, or upcycling old items instead of purchasing new ones. This challenge promotes creativity, reduces expenses, and encourages a more frugal mindset.

7. 30-day spending freeze challenge

For a month, commit to not spending money on non-essential items. The challenge allows exceptions for essential bills and groceries but restricts discretionary spending. It helps you reevaluate your spending habits, identify areas where you tend to overspend and develop discipline in your financial decisions.

Why a money-saving challenge can be a great idea?

By gamifying personal finance, money challenges make the process of managing money more engaging, motivating, and enjoyable. They provide a clear structure, and measurable goals, and often involve tracking progress or sharing achievements with others, whether you’re saving money weekly or bi-weekly.


The challenges people face when saving money include a lack of discipline, impulsive spending, peer pressure, high expenses, debt obligations, unexpected emergencies, and a lack of financial literacy. These obstacles can make it difficult to establish consistent saving habits and reach financial goals. A money challenge is a great way to kick-start new financial habits.

The cash-stuffing method of budgeting involves allocating amounts of cash to different spending categories, such as groceries or entertainment. You use one envelope per category and you only get to spend the money inside the envelope. This helps you stay within your budget and have a tangible representation of your spending limits.

Related: Cash Stuffing Survey Says 30% Use to Save Money