Savings can change your life. I cannot emphasize how important it is to save some of your money. For a rainy day, that brand new bike, your dream college, or shopping for your favorite brand, savings are a blessing.
How about making your saving habit a challenge? Naturally, we are motivated to complete them. If you are looking for money saving challenges that can save you loads of money in a fun way, you are just on the right page.
Keep reading. You’ll find 13 different saving money challenges to choose from and start filling your bank account. The amounts I’ve stated are mostly examples. You can alter them and make your personalized money challenges.
13 Awesome Money Saving Challenges For 2023
1. The 52-Week Saving Money Challenge
Looking at the wars and economies, you must have at least three to six months of living expenses in your emergency fund. If you don't know how to save money? You can build a saving habit with the 52-Week Money Saving Challenge.
The basic principles of this 52 Week's Challenge are simple. You start by saving just INR (Indian rupee) 50 in the first week. The next week, put away INR 100, and the next, INR 150, until you reach the final week: on week 52, you put away INR 2600.
Complete an entire year, and you’ll have INR 68,900 in your saving box. The second way is by starting with INR 2600 and then subtracting INR 50 from the amount you save every week.
For example, in week 1, you save INR 2600; in week two, you save INR 2550; in week 3, you save INR 2500; and so on, until you get to week 52, where you save just INR 50. Again, your savings amount will add up to INR 68,900.
This method is good for you if you want to accelerate how much you are saving at the top end of the 52 weeks.
2. Save Your Change Challenge
This Money saving challenge is relatively small, but you can end up with a pretty good amount. Save the change challenge, in simple words, is every time you make a purchase, round it up to the next multiple of a hundred and put the change into a savings jar or account.
There are two ways to this savings challenge. The first way is to round up the change to the nearest hundred, but this is effective for those who regularly make purchases.
For example: If you buy your groceries for INR 450, round up to INR 500 and put 50rs in the jar.
The second one is simply saving all the changes you receive after a transaction. So, if you give the cashier an INR 100 bill for your INR 40 cold drink, the remaining INR 60 you get back goes straight into your savings account or savings jar.
This method is a fantastic way to save for weekend vacations or even trips.
3. Money Pond Challenge
The money pond challenge is another Money saving challenge to make your endeavor a bit more fun. You can even get your family members or roommates to participate.
Firstly, all you have to do is grab some pieces of paper or index cards. Now, you have to write different amounts of money on each.
You can keep it simple and fun with a mix of INR 20, 50, 100, 200, and 500. Make enough cards for the number of days you plan to do the money challenge in the month.
Put all the cards in a bowl and randomly pick one of them every day. Put the amount of money written on the paper aside and enjoy your savings at the end of the month. You may also further choose to save the amount until the year ends.
This money saving challenge is fun to do with roommates or if you have kids at home. You can make them pick the cards for you. It also gets everyone talking about the process of saving in modest amounts.
4. Trim 10% of Your Salary Challenge
This Money saving challenge might not sound so pleasing, but following it will surely give you a 1% raise in your salary. You’ll need to save 10% of your current salary during the 52 weeks challenge.
So if you earn 10 lakh rupees per year, you’ll need to find a way to save 1 lakh rupees. If you make seven lakhs, then you have to save 70,000 rupees.
For instance, unsubscribe the unused streaming service that costs you 1000 monthly and saves 12000 annually. Using this method, try to avoid unnecessary cut-off expenses.
You'll probably want to go for a manageable 10%, so it's not so painful on things you love to do. And if you fail and you only cut five percent of your budget, you're still better off.
5. No Eating Out For a Month Challenge
What’s better than saving money and losing a few inches of your belly? The name of the money challenge explains itself. The rules are simple: cook at home and quit dining out for a month. I know it will take a toll on your tongue, but your belly will surely be happy.
If we say, out of 30 days, you spend Rs.600 on tea/coffee (Rs.20/cup) and Rs.4500 dining in a restaurant (Rs.1500/ dine), you save more than Rs.5000 monthly. We can also name it a Rs 5000 saving challenge. Taking that calculation, you can save approximately Rs.60000 in 12 months.
6. The 70,000 Challenge
Going hard on saving is a necessity at times. Also, we never want to dump on leisure and happiness. May it be a summer vacation plan or buying your favorite bike, this money challenge will sponsor your dreams.
This challenge will save you Rs.70,000 without much compromise. You have to start by saving Rs.50 on day one, adding the same amount until day seven, and starting from Rs.50 again on the eighth day.
For example, on day 1, you save Rs.50. On day 2, it is Rs.100, and on day 7, you save Rs.350. Being disciplined is the key here. People tend to quit this weekly saving challenge halfway after they have saved good money. But, Consistency might lead you to fulfill your happy moments.
7. The Fever Challenge
We've all experienced fever, but what about saving fever? Let me quickly introduce you to the fever you might want. Though it’s not a challenge, everyone can opt for it. But it will surely save you loads of money in the end. All it asks for is dedication and doubling the amount.
Say we start saving Rs.20 on day 1, and you'll have to double the amount on the second day, which is RS.40, and Rs.80 on day 3 in our case. And on day 7, you will have to save Rs.1280. On the 8th day, start again with 20 rupees.
This might sound like a lot to save, but the final amount will be above Rs.1,30,000 in a year.
Also read: 60 Money Earning Apps In India
8. Cash-Diet Challenge
Why not go for a cash diet in the world of keto and high-protein diets? Yes, you heard it right, cash diet. It is nothing but to quit all the banking cards for a month. Set a goal for monthly expenditures and fuel all your expenses with hard cash.
What difference does it make? It’s psychology. When you notice that the actual cash is vanishing, you'll get to know what unnecessary expenses you carry out in a month.
Gradually you'll notice that the savings increase, and you can start measuring expenses in a tangible way. This will keep you from spending the money that you don't have.
9. No-Spend Challenge
No spend challenge is something worth giving a shot at. It is going to help you cut your savings killers. Let me first give you a brief idea of what it is.
So, a no-spend challenge is when you choose not to spend any unnecessary money. People usually follow it on a weekly or monthly basis. Now let’s get to the details of it.
Also read: Ways To Save Money in India
To-Dos of Challenge
- During the challenge, you’re only allowed to spend money on bills and necessities like:
- Rent or mortgage
- Bills (cable, internet, utilities, phone, car, etc.)
- Health expenses (insurance, doctor’s bills)
- and other very strict necessities that vary from person to person
Don'ts of Challenge
- spending on your non-essentials. This means saying goodbye to spending on
- Restaurants and take out
- Coffee and drinks
- Furniture/home decor
- Hairstyling/nail appointments etc
I know this idea isn't new. You know that you should cut down on your unnecessary spending to save. Have you succeeded every time? If not, take it as a challenge. The chances are high that you’ll do it if it's just for a specific week or a month.
10. Pay Yourself When You Make a Money Mistake Challenge
We all tend to make mistakes in our daily lives. But how about turning mistakes into rewards? So the name of the challenge says it all. Whenever you make a foolish financial mistake, you punish yourself for it.
For example, punish yourself for late payment of bills or unnecessary purchases, and set your own rules.
You must pay Rs.500 or any other amount of your wish for every mistake in an account or jar. You may also increase the number as per the seriousness of the mistake.
This challenge will encourage you to make wise decisions. And don't worry if you make lots of mistakes because, in the end, you win the amount. What’s the punishment? It’s short-term. You don’t get to use that money till the jar is full.
11. Roll the Dice Savings Challenge
I’m sure never in your wildest dreams would you have thought that dice could help you save. Yes, the same dice that you’ve played snakes and ladders with.
Here, all you have to do is roll it every day and check what number comes up. Whatever it is, you have to multiply it by 100 and put the amount in your “savings wala Dabba” or account.
For example: if the dice roll has five on its top, you save 500 rupees that day. If you do this daily, you will save between 3000 to 18000 rupees in just one month.
12. Day Around 100 – Student Challenge
If you’re a student, this challenge is best suited for you. Nothing, add 100 rupees to your piggy bank every day. I know it’s not much, but you can definitely go shopping at the end of the month.
If you continue 100 days money challenge, you will save 10K. If it looks difficult, you can also try for a 5000 money challenge instead of a 10k challenge.
If shopping is too dull, keep saving in the same manner for a year, and you’ll have 36000 rupees with you to do whatever you want.
Also read: Ways To Make Money Online Without Paying Anything
13. The Weekly Two Challenge
Does saving Rs.100 sound too easy for you? Are you bored of tracking your savings daily? Here is “the weekly two challenge” for you. It is a weekly saving challenge.
It demands to save Rs.2000 every week without fail. This challenge is not extraordinary, but it keeps you away from getting bored. Though it is an easy task, it will save you a sum of more than Rs1,00,000 per year. This simple-looking challenge adds up a hefty value quickly.
Try out these fun & creative saving challenges and save all you want without much effort. You can alter these amounts according to your needs and earnings. It can be as low as 10 rs a day or as high as 20,000 a day. It’s all up to you. Just make sure that you save your hard-earned money.