Money Saving Challenge (2024)

Would you like financial security for unexpected expenses or emergencies? Do you have a specific goal, such as buying a house, starting a business, or going on vacation? Check out these11 free money saving challenge options to help you come closer to the financial freedom you deserve!

Money Saving Challenge (1)
A money saving challenge will help you save money to reach your short or long-term financial goals. A savings challenge should be challenging but doable. That means that you should set a savings goal that you can reach if you make some effort but you must take your essential expenses into account when you determine the amount that you can potentially save.

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111 Money Savings Challenges

1.152 Week Money Challenge

1.230 Day No Spend Challenge

1.3Cash Envelope System

1.4100 Envelope Challenge

1.5Biweekly Money Saving Challenge

1.6$5,000 Savings Challenge

1.7$10,000 Saving Challenge

1.8$20,000 Savings Challenge

1.9The Penny Challenge

1.10Necessities only for 30 days

1.11Spare change challenge

I have an MBA in finance and I love helping people save money. I also love challenges. Therefore, a money saving challenge is something I try to do as often as possible to reach my financial goals. You will find different savings challenges below. Each savings challenge has different goals and will work for different people. Find one that will work for you and help you reach your goals.

11 Money Savings Challenges

52 Week Money Challenge

The 52 week savings challenge has a few different variations. We offer a detailed explanation on how to do the challenge with free printables for every variation.

You set how much you want to save each week and the increments (if you want to increase this sum during the challenge).

52 Week Money Savings Challenge

30 Day No Spend Challenge

With the 30 day no spend challenge, you will spend money only on necessities. See the 30 day no spend challenge. This is not a long-term challenge but rather a short-term effort to save when you need money fast.

If you need to buy things like groceries, then you can purchase them. However, you are encouraged to try to use the groceries and other supplies you already have at home. Be creative and find recipes to use the things you already have. Click on the button below to see the 30 day no spend challenge rules.

30 Day No Spend Challenge

Cash Envelope System

With the cash envelope system, you use cash and envelopes to organize and stick to your budget. You create an envelope for each budget category and place the money allocated to that category in the envelope.

When you use cash, you cannot spend more than you have budgeted. Read on to see how the cash system works and to print our free customized cash envelopes.

Cash Envelope System

100 Envelope Challenge

The 100-day money challenge is often referred to as the 100 envelope challenge. It helps you save $5,050 in a relatively fun way. You number 100 envelopes from 1 to 100. Each day you pull out a random envelope and put in the amount of cash that is written on the envelope and seal it. By the end of this 100 day challenge, when all the envelopes are sealed you should have $5,050!

You can do this 100 envelope savings challenge with 30 envelopes for one month or 60 envelopes for two months. You can also use 52 envelopes and fill one envelope per week for a year.

100 Envelope Challenge

Biweekly Money Saving Challenge

The bi weekly money saving challenge encourages you to save every other week instead of every week. You decide how much you want to save the first week and by how much you want to increase this amount (if you want to increase it). Enter these two numbers in the spreadsheet below and you will see how much you can save in 26 weeks.

There is a section for the amount you intend to save and the amount you actually save in case you don’t save as much as you planned. The total will automatically stay up to date.

If you want to change the amount you save during this 6 month saving challenge then change the initial sum you start saving or the amount you increase by.

Excel Spreadsheet



$5,000 Savings Challenge

The weekly savings plan can continue for 6 months or a year. For the half-year challenge see the spreadsheet above. If you want to create weekly savings for a year, then click on the button below.

52 Week Money Savings Challenge

How to save $5,000 in a year?

You can change the dates and the amounts on the Word, Powerpoint, and Excel versions. To edit the Word or Powerpoint versions, click on the table to open it for editing.

Image | Excel | PDF | PowerPoint | Word

$10,000 Saving Challenge

With this 10K saving challenge, you will save 10,000 over a 1-year period. There are two versions of this weekly savings challenge. You can save a set amount each week for a year ($192 per week) or you can save an incremental amount.

How to Save $10,000?

This spreadsheet will show you how to save $10,000 in a year. To save $10,000 in a year you will need to save $192 each week.

Money Saving Challenge (10)

Image | Excel | PDF

$20,000 Savings Challenge

Spreadsheet | PDF | Image

The Penny Challenge

Money Saving Challenge (13)

If you can’t afford to save $1 a week then try the penny challenge. You won’t save as much but it is better than not saving at all. With the penny challenge you start with 1 penny and the amount you save each week increases by one penny. Put your coins in a jar or a piggy bank you cannot open.

Image | Typeable PDF | Excel Spreadsheet

You can change the amount you start with so feel free to change it to a nickel or any other sum. Enter the amount in the top left box on the spreadsheet and the total amount that will be saved will automatically update.

Necessities only for 30 days

Instead of doing the 30 day no spend challenge above, you can limit unnecessary expenses. You will define “unnecessary expenses ” according to your financial situation. They can include things like a gym membership, coffee at Starbucks, a vacation trip, or any new purchase that isn’t really necessary. See our 30 Day Challenge to find a printable to track your 30 day challenge.

Spare change challenge

Put your spare change in a jar for a year and you will be surprised how much you can save. If you add your extra cash when you have it, you will save even more.


Where should you keep the money you are saving?

If you are saving a small amount of money in short periods of time (daily or weekly) then you can keep your money in a piggy bank or jar. Make sure you cannot open the piggy bank or jar. If you are saving substantial amounts, then it is better to use a high-yield savings account. In that case, you will save more since you will also earn interest.

What are the benefits of a money saving challenges?

  • A save money challenge will help you create an emergency fund or save up for something you want but can’t afford today. See How big should your emergency fund be?
  • It is also a good way to examine your spending habits and become more aware of the things you are spending on. For example, you might suddenly realize how much you spend at Starbucks and start drinking more homemade coffee.
  • When you try to save, you become more aware of your spending habits. This is a good opportunity to notice bad habits you might not have noticed before. For example, if you are a smoker, when you see how much you spend on cigarettes you might decide to give up smoking or cut back. If you spend more money than you should shopping, this is an opportunity to ask yourself why you do this and understand yourself and your behavior.

How much should you save?

Please see how much should you save a month.

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About the Author
Nicole Bar-Dayan, LLB, MBA (majored in finance)
Money Saving Challenge (14)I am obsessed with numbers, budgets and money-saving strategies. I love helping people avoid debt, pay off loans, save and reach their financial goals. I beleive that saving money is the key to reaching your financial goals, gaining financial security, and enjoying your life.
I hope that the free budget templates, tools and courses on this site will help you reach your financial goals!

Demonstrating Expertise in Financial Saving Challenges

As an enthusiast with an MBA in finance and a passion for helping individuals save money, I have acquired a depth of knowledge in financial management, budgeting, and personal finance strategies. Throughout my career, I have provided guidance to numerous individuals and organizations, empowering them to establish effective financial plans, build emergency funds, and achieve their financial goals. My expertise extends to various money-saving challenges, including the concepts and strategies involved in implementing them.

Money Saving Challenges and Concepts

This article encompasses a range of money-saving challenges designed to help individuals achieve financial security and meet specific financial goals. Here's a breakdown of the concepts and challenges covered:

Savings Challenge Options

  • The article introduces 11 free money-saving challenge options, each tailored to help individuals make progress towards financial freedom and achieve specific financial goals. These challenges are designed to be both challenging and achievable, taking into account essential expenses to determine the potential saving amount.

Specific Money Saving Challenges

  1. 52 Week Money Challenge: This challenge involves setting a weekly saving goal, with the option to increase the amount over time. It provides variations and detailed explanations for implementing the challenge.
  2. 30 Day No Spend Challenge: Participants commit to spending money only on necessities for a short period, encouraging creativity in utilizing existing supplies and groceries.
  3. Cash Envelope System: Involves using cash and envelopes to organize and adhere to a budget for different expense categories.
  4. 100 Envelope Challenge: A fun and interactive way to save $5,050 over 100 days using envelopes with designated cash amounts.
  5. Biweekly Money Saving Challenge: Encourages saving every other week and provides tools to track and adjust the saving amount.
  6. $5,000 Savings Challenge: Offers a weekly savings plan for 6 months or a year, with customizable templates for tracking progress.
  7. $10,000 Saving Challenge: A challenge to save $10,000 over a 1-year period, with options for saving a set amount each week or incremental amounts.
  8. $20,000 Savings Challenge: A challenge designed to help individuals save $20,000 over a specific period, supported by accompanying spreadsheets and tools.
  9. The Penny Challenge: An alternative for those who can't afford to save larger amounts, starting with just a penny and increasing the weekly savings.
  10. Necessities only for 30 days: Encourages limiting unnecessary expenses based on individual financial situations, with printable resources for tracking progress.
  11. Spare Change Challenge: Involves collecting spare change in a jar over a year to accumulate savings.

Frequently Asked Questions (FAQ)

  • The article also addresses common questions related to money-saving challenges, such as where to keep the saved money, the benefits of participating in saving challenges, and how much to save.

Author's Expertise

  • The article is authored by Nicole Bar-Dayan, LLB, MBA (majored in finance), an individual with a strong passion for numbers, budgets, and money-saving strategies. Nicole emphasizes the importance of saving money to achieve financial goals, avoid debt, and enjoy financial security.

By providing a comprehensive overview of these money-saving challenges and concepts, individuals can identify the most suitable challenge to align with their financial aspirations and work towards achieving financial freedom.

Money Saving Challenge (2024)


How to save $5000 in 3 months with 100 envelopes? ›

The 100-envelope challenge is pretty straightforward: You take 100 envelopes, number each of them and then save the corresponding dollar amount in each envelope. For instance, you put $1 in “Envelope 1,” $2 in “Envelope 2,” and so on. By the end of 100 days, you'll have saved $5,050.

What is the $100-envelope challenge? ›

It works like this: Gather 100 envelopes and number them from 1 to 100. Each day, fill up one envelope with the amount of cash corresponding to the number on the envelope. You can fill up the envelopes in order or pick them at random. After you've filled up all the envelopes, you'll have a total savings of $5,050.

What is the $3 a week savings challenge? ›

The plan is refreshingly easy, even for the math-challenged: set aside $3 in the first week and put it into a savings account. Then add another $3 each week after, so $6 is saved in week two, $9 in week three, and so on.

How to do the $5,000 challenge? ›

The 100-envelope challenge can make it fun to dedicate more cash to savings. Using envelopes labeled 1 to 100, you could set aside more than $5,000 over 100 days. If you can't afford to stash that much, you could halve the amount of cash you set aside or stretch out the number of days the challenge lasts.

How much money is the 52 week challenge? ›

You'll end the challenge with over $1,300 saved If you successfully complete the 52-week money challenge, you'll have $1,378 set aside. You may have that earmarked for a specific financial goal —or you may choose to put it in a high-yield savings account as the start of emergency savings, if you don't already have one.

How to save $1,000 in 30 days? ›

11 Easy Ways to Save $1,000 in 30 Days
  1. Create a Budget. ...
  2. Automate Your Savings. ...
  3. Create a Savings Bingo Sheet. ...
  4. Negotiate Your Bills. ...
  5. Separate Wants From Needs. ...
  6. Plan Your Meals. ...
  7. Buy Generic Brands. ...
  8. Cancel Unnecessary Subscriptions.
Sep 26, 2023

How can I save 10K in 6 months? ›

How I Saved $10,000 in Six Months
  1. Set goals & practice visualization. ...
  2. Have an abundance mindset. ...
  3. Stop lying to yourself & making excuses. ...
  4. Cut out the excess. ...
  5. Make automatic deposits. ...
  6. Use Mint. ...
  7. Invest in long-term happiness. ...
  8. Use extra money as extra savings, not extra spending.

How to save 10K in 100 days? ›

The idea behind this challenge is to divide your savings goal into 100 parts and save a set amount each day for 100 days. To get started and do this the analog way, you will need 100 envelopes, a pen, and a container to store your envelopes.

Is the 100-envelope challenge worth it? ›

The benefit of the 100 Envelopes Challenge is that it starts small and encourages constant, conscious saving that builds quickly. But the trend—and the internet's obsession with buying “aesthetic” envelopes for it—may not be the most effective way to put away money, according to financial experts.

What is the 52 week rule? ›

There are no complicated rules to remember. Week 1, you save $1.00. Week 2 you save $2.00, and it continues through the year, adding one more dollar to each week's savings goal. By Week 52, you'll set aside $52.00, which will bring the year's total savings to $1,378!

What is the $10 savings challenge? ›

"Save $10 a week with this 52 Week Savings challenge will help you to meet all of your savings goals. Each week you tick of each amount in order to save the full 520 in the amount of weeks in a year. Saving can be hard but with this you can make it a fun challenge. Safe enough a week to add to the savings pot.

What is the 365 day money challenge? ›

The 365-Day Penny Challenge: With this challenge, people make a daily savings deposit and increase their deposit by a penny a day. At the end of a year, they have $667.95 of savings.

How can I double $5000 quickly? ›

For a quick return on a $5,000 investment, consider options like stock trading, especially in high-growth sectors or investing in a diversified mutual fund. Short-term P2P lending can also be a way to see quicker returns, though it carries higher risk.

What is the $10000 challenge? ›

The 52-Week Savings Challenge helps you to gradually save up the money to reach your goal of $10,000. This $10,000 Savings Challenge Printable can serve you for so many purposes, such as paying off debt, setting it aside for a house down-payment, taking a vacation, increasing your emergency fund and much more.

Is it possible to save $5,000 in 3 months? ›

There are 12 weeks in a 3-month timeline, which means there are 6 bi-weeks. In order to save $5,000 in three months, you'll need to save just over $833 every two weeks with your biweekly budget. If you're paid bi-weekly, you can easily compare your bi-weekly savings goal with your paycheck.

How much to save $5,000 in 3 months? ›

Breaking Down the $5,000 Goal

Breaking down the total amount into smaller chunks can transform an overwhelming goal into an achievable plan: Monthly: Save approximately $1,667 each month. Weekly: This breaks down to about $417 per week.

How to save $10,000 in 100 envelopes? ›

On each envelope, write the day number and the amount you need to save for that day. For instance, on the first envelope, you would write "Day 1: $1" and on the second envelope "Day 2: $2", and so on all the way to Day 100: $100. Each day, you take the envelope for that day and put the designated amount of cash inside.

What is the envelope budget trick? ›

To begin, a good rule to follow is the 50/30/20 method: 50% of funds go to needs, 30% wants and 20% to financial goals. Make an envelope for each category that applies: rent, utilities, phone bill, gas, groceries, emergency, savings and leisure. Put aside cash in each envelope corresponding to the amount used.


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