Looking for money-saving challenges?
Maybe you are new to managing your finances and want to hold your money for emergency purposes. Or, you can be a seasoned saver and want to take hold of your finances.
Whatever may be the reason you are here to read my article, consider it a sign of a savings challenge today!
Most of the UK citizen have realized the importance of building savings, but a few of them can make a plan to achieve their savings goal.
When you make a savings plan, you can realize exactly what you are trying to achieve. The savings plan also helps you to stick to the plan.
challenging yourself to monthly or yearly savings challenges is the best way to make saving the finances more enjoyable.
Here, in this article, I am going to wrap together what is a money-saving challenge, how to choose a money-saving challenge, and 6 fun money-saving challenges.
let’s dive into the deep!
What is a Money Saving Challenge?
Money-saving challenges are budgeting activities that encourage a spender to achieve certain financial savings goals smartly.
It can be saving up or changing some spending activities, money-saving challenges help you to stick to the saving plan and set smaller financially achievable goals.
Money-saving challenges can be fun and may also help you :
- To start a habit of consistently saving
- Track your spending habits
- Learn about your financial goals
- Improve your finances
How to Choose A Money-Saving Challenge?
You can find a wide range of money savings challenges online. But you can find more success if you can select the one that fits your budget, goals, and lifestyle effectively.
choosing a money-saving challenge that fits your circumstances also helps you to achieve your savings goals faster and easier way. You can follow the below steps:
- 1. First, you need to determine your personality type, you can do it by taking a personality assessment such as Myers-Briggs type.
- 2. Once, you find out your Myers-Briggs type, you need to determine your finance personality type.
- 3. Then, you need to determine what your money savings goals are. you need to realize how much money you want to save and how much time you have to look at your living expenses and current savings.
- 4. Lastly, navigate my 6 fun money savings challenges and pick the right one that fits your financial goals and circumstances. You can also pick a challenge of another personality type if that suits you better to reach your goals.
6 Fun Money Saving Challenges
If you want to kick your savings into high gear, here are the saving challenges in the UK that you can consider to start.
You can go through all of the challenges, and pick the one that suits your circumstances perfectly.
you can become more successful if you face these challenges with your family and friends, the journey becomes more enjoyable for you.
You can invite more people to your town to save money along with you.
The good news is that there never been late to keep your finances in order!
1. No-Spend Challenge
The no-spend challenge is one of the most popular money-saving challenges in the UK. At the basic level, you need to set a certain amount of time and not spend any extra money.
But, you need to be careful that I am talking about money beyond the basic needs excluding food, gas, medicine, and house.
With your spending habits, it is just like fasting. You can practice this no-spend challenge for as short or as long as you want.
Go forward with this monthly savings challenge or you can also start as a weekly savings challenge.
This challenge allows you to rationally think about the purchases you have made before the no-spend challenges.
You can also realize how the no-spend challenge affects your spending habits after the challenge.
The best part about the no-spend challenge is that you can revert your mindset to no-spending.
2. Surprise Save Day
If you like surprises, you can try the Surprise Save Day, it is one of the effective fun-filled money savings challenges.
To kick this challenge, you can choose an accountability partner, but other than that this challenge is entirely up to chance. You can ask one of your friends to text you on a certain day of each month.
Whenever your friend texts you “Surprise save the day”, whatever money is left in your wallet or in your favourite peer-to-peer app directly goes to your savings.
This savings challenge requires minimal commitment at only 12 days per year.
However, you can increase the number of days of surprise save day as you can ask to your friend to send messages as many as you want.
3. 52-Week Money Savings Challenge
This may be one of the most popular money-saving challenges on this list.
If you can follow this challenge correctly, at the end of the year, you can see a large amount is added to your savings account.
With this challenge, you can move 1 Pound in the first week into your savings, and then up your savings with 1 Pound every next week throughout the year.
look at this actionable challenge and how it works:
- Week 1: 1 Pound into a savings account
- Week 2: 2 Pound into savings account
- Week 3: 3 Pounds into a savings account
- Week 4: 4 Pounds into a savings account
You can continue keeping this until 52 weeks. Then you can put 52 Pounds into your savings account.
4. Biweekly Money Saving Challenge
The biweekly money-saving challenge is a variation of the 52-week money-saving challenge. It may be the perfect fit if you get paid biweekly.
Instead, of moving your money into a savings account every week, you can put the money into savings on your payday every other week.
look at this actionable biweekly money-saving challenge and how it works:
- Week 1: 4 Pounds
- Week 3: 8 Pounds
- Week 5: 12 Pounds
- Week 7: 16 Pounds
With facing this funny money-saving challenge, you can contribute 104 Pounds in the final week.
It is exactly double the amount of 52 Pounds, which you can save following the 52-week money-saving challenge.
So, with this biweekly money-saving challenge, you can save a little more.
You can also adjust the numbers of the amount to your savings according to your income.
For example, you can start with 3 Pounds instead of 4 Pounds.
5. 5p Money Saving Challenge
The 5p money-saving challenge is quite simple. You can increase the saving amount as you are saving 5p every day.
So, if you choose this money-saving challenge, one day you will start with 5p the other day it will become 10p. Then on the 3rd day, it becomes 15 p and so on.
If you can continue this challenge throughout a whole year, at the end of the year, you will have a saved amount of 3,400 Pounds.
You can also start this challenge with the other way.
Instead of 5p, you can start at 10p and you can have a huge savings amount at the end of the year.
So, just choose by considering your circumstances and financial conditions.
6. Weather Saving Challenge
If you are truly looking for a fun challenge, you can consider a weather-saving challenge.
Once a week, you can deposit money into your savings account that matches the high temperature of that particular day.
however, if you live somewhere mild, it will be easy. If you check the temperature every morning, just go forward with this money-saving challenge.
Here, you do not need to save a fixed amount, rather it will vary with the highest temperature of every week.
You can do this saving challenge every week. I can guarantee you that you will have a lumpsum amount of savings after one year.
However, if you take this challenge as a monthly savings challenge, you can go ahead.
But, in the summer months, the savings amount will be higher than in the winter months.
Conclusion
Saving money does not make you feel boring or so difficult. Instead, you can make this journey more comfortable and enjoyable too.
Here, I have put together every detail of fun money-saving challenges, you can go through my guide.
I have learned that when you take something as a game, even the most critical task can be joyous to you. So, just pick one money-saving challenge from my list and make this journey a magical one!
