5 EASY Savings Challenges That Will Help You Save THOUSANDS in 2023
Saving money isn’t always the most exciting thing, one of the best ways to stay motivated to save is savings challenges! I am a very competitive person and if I can make a game out of saving money, it makes me work that much harder.
Today I’m sharing 5 savings challenges that will keep you pushing for more resulting in great returns!
Before we jump in, WHERE you keep your savings is also very important. The best place to keep your savings is a high-yield savings account so that you can be earning interest on your money. CIT Bank offers record-breaking interest rates. Click here to open an account!
Check out this video for even more detail on these savings challenges!
Wednesday Weather Challenge
The Wednesday Weather Challenge is a great way to randomize your savings. Each Wednesday transfer the temperature outside to your savings. Example: If it’s 53 degrees transfer $53.
Homebrew Coffee Challenge
With the Homebrew Coffee Challenge, color in a mug every time you brew your own coffee at home. At the end of the month transfer $5 per cup to your savings or debt payoff!
Track Every Penny Challenge
Tracking every penny that you spend can sound really daunting but trust me, once you get into the habit it is second nature and really doesn’t take that long.
Every 2-3 days log into your bank accounts to access your statements, spend 5-10 minutes, and record every single expense into your budget. Here is the budget template that I use and what helped me pay off all my debt, cash flow my wedding, and buy my first house. Here are some tips on setting up your first budget.
Food is the third-highest item in the average person’s budget, right below housing and transportation. Saving money on groceries is a really hard task for many but I’ve mastered the art of cutting out a little bit here and there to make a BIG difference in your budget. Check out my course on How To Save Money on Groceries here.
I bet if you really tried, you could skip going to the grocery store this week and find enough food to feed your family in your pantry, fridge, and freezer. When you are trying to cut your grocery budget for the month, challenge yourself to eat strictly from home.
Every week that you succeed color in a jar! After 4 jars are colored in, reward yourself! The reward could be a pizza night, a manicure, or simply a movie night at home!
$1,000 In 30 Days Challenge
Saving $1,000 in 30 days is not for the faint of heart but it’s an awesome challenge if you are!
Everyday color in an icon and transfer that amount to your savings. At the end of the 30 days, you will have saved $1,000! (This can also be used for debt payoff as well!)
The best part about this challenge is the savings don’t have to go in order. If you have a day where you made a lot in tips or got a bonus at work you can tackle one of the higher savings days, and if you had a low day you can save as little as $5.
Check out this challenge here to save $1,000 in 30 days!
Try Them All!
If you want to become a master saver, check out the Savings Challenge Bundle here!
Ways to save more money!
- CIT Bank: BEST High-yield savings account; your bank shouldn’t be charging you money. Instead, YOU should be making money off your money!
- AURA: All-in-one digital safety to help protect you from identity theft, financial fraud, and online threats. Try AURA for 14 Days for FREE today and get 3 Bureau Credit Monitoring, Credit Lock, Antivirus, Secure VPN, Transaction Monitoring, Identity Protection, Parental Controls and 24/7 US-Based Customer Support.
- Ladder: Get a quick, free quote on term life insurance, affordable, online term life insurance. No exam! No waiting! No hassles!
- GetUpside: Earn 20 cents per gallon on gas cash back when you download the app and use code FIAB20.
- Fetch Rewards is a free grocery savings app that rewards you just for snapping pictures of your receipts. That’s it. Really. Free gift cards on groceries on thousands of products every day, no matter where you get your groceries. Just scan your receipts and get gift cards from retailers like Amazon, Target, Ulta, Applebees. Use code QHKBH to earn 2,000 points ($2)!
- GoodRx: Free app that provides you savings of up to 80% on your prescriptions (even if you don’t have insurance). $5 sign up bonus!
- Rakuten: Get cash back on online purchases and automatic coupons and savings with their browser plugin… and remember, you have to make a $20 purchase to get your $20 for free!
- Lively: A modern health savings account. Prepare for tomorrow by making smart decisions about finances and healthcare today. Lively HSAs are free for individuals and families, so you never have to worry about hidden costs.
- Build Wealth by Investing in Index Funds Course: I’ve teamed up with my friend Jeremy from Personal Finance Club to teach you everything you need to know to invest in index funds! How to open an account, how much to invest, and how to choose an index fund. You’ll gain the knowledge and confidence to optimally invest and build wealth for decades.
FREE 52-Week Savings Challenge
Handy 52-week money-saving challenge printable. This useful finance printable will help you to gradually increase your savings over a 52 week period (1 year). Use this tracker and save $1,378 in one year! – Saving over $1,300 in a year may sound really hard, especially if you aren’t used to saving money.
The 52-Week Savings Challenge helps you to gradually save up money. In the first week, you are only saving $1! Yep, that’s right, only $1! I know you can hit that goal! The following week you save $2, the week after $3, halfway through the year you are saving $26 that week until you get to the last week of the year and save $52. At the end, you will have saved $1,378!!
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