Here are 7 Money Saving Challenge Ideas for You

Sometimes, saving money is not an easy task. We get sidetracked by our obligations, desires, and impulses and end up not putting anything away toward our future. This might seem like it's no big deal at first, but it can hinder our financial growth. One way to prevent that from happening is to think of some interesting money saving ideas. For example, you can implement some money-saving challenges and then see if they work for you.

These are seven ideas that might be fun and fruitful for you. Try them for the duration of time specified and see where you stand after that. 

Challenge 1: Upside-Down Pyramid Challenge

This first challenge is one you might be interested in trying because it will allow you to save your money in small amounts first. By the end of the challenge, your savings will expand outward like a huge upside-down pyramid. It won't put too much stress on you, and you'll become more comfortable with it as time progresses. You will be surprised how much money you can save by using this little fun strategy. 

The first step is to open a bank account or separate one of your bank accounts and leave it open for your savings specifically. The next step is to start putting money into it.

You will start by saving $1 the first week. The second week, you will save $2. In the third week, you will save $3. In the fourth week, you will save $4. You get the picture. Each week, you will go up $1 more with the amount you save.

Using this strategy, you'll save $10 in your first four-week month. Your second month will get you another $26 in your savings till. Your third month will produce $42. The amounts are not huge, but they're attainable. The good part is that you won't have to dig into your savings account and spend any of the money because you probably won't miss the little bit of savings you put away. 

To reap the true benefits of this savings plan, you should do it for at least 52 weeks. Using the upside-down pyramid method will allow you to save almost $1,200 in your first year. If you like this money-saving challenge, you can continue it for 10 or 20 years or until you retire. It's up to you. 

Challenge 2: The Precious Change Challenge

Many people tend to disregard their change, especially the pennies. They don't know that change can add up quickly and provide them with lots of money to put in their savings accounts. Therefore, you may want to give this second challenge a try. It's called the precious change challenge because change is a precious thing to have. There is no definitive amount of money that you will definitely save at the end of the challenge. That will depend on how often you use paper money and have change left over from that money. 

Step one is to buy yourself at least four jars. You will then label the jars pennies, nickels, dimes, and quarters. You probably won't see many 50 cent pieces or anything larger than that. Therefore, four jars will be sufficient. What you'll need to do is put your change into the appropriate jars whenever you have it.

Put change in your jar every time you go to the store and break a dollar. Put it in the appropriate jars every time you find a stray piece of change on the ground. Put it in the jars when you find it in your car or on the floor when you clean. You'll see that your jars of change build up very quickly. 

You can do this challenge until one of your jars fills up, or you can do it for a set amount of time, such as three months or one year. When you're done with the challenge, you can take your change jars to a nearby money-changing location or bank to change the money in your jars into cash. Count your cash and then separate it for various purposes or put it into your savings account for safekeeping. 

Challenge 3: The Every Other Week Challenge

This challenge might be better for you if you're the type of planner who likes to put a specific amount of money away each year. It's called the "Every Other Week" challenge because that's quite literally when you'll need to put money away. This challenge is more of a straightforward way to save money, and it's geared toward people who are more traditional savers.

You'll know exactly how much cash you need to put away, and you'll know the exact date that you will need to do so.

1. The first step is to decide how much money you want to put away when you make your biweekly savings move. The amount you choose depends on your financial situation. Remember that saving any amount of money is a good thing. No amount is too small except for $0. Ensure that the amount you choose is an amount you can easily put away without straining yourself or breaking yourself.

2. Then, you just need to follow through with it. You can have that amount taken directly from your paycheck and put it right into your special savings account. You'll never miss it because you'll never see it leaving your paycheck. 

It's also your sole decision to make as to how long you would like to do the challenge. You can do it for as long as one year if you have a large purchase you want to obtain. You can do it for a short three-month period. You could also try a one-month trial just to see if the amount you set out to save works out for you. You might find that you want to save more or less every two weeks. It's up to you. Have fun with this and see how much you can put away for yourself. 

Challenge 4: The Tech Challenge

The next challenge will give you help saving money in a technological way. This challenge might be great for you if you like using apps to control and manage your money. You may have a busy and stressful life and want to alleviate yourself with as many additional responsibilities as possible. The "Tech Challenge" will allow you to do that. Once you set up your money-saving technique, you won't have to do anything else except watch your money grow and smile. 

The first step is to look for a reputable "spare change saving" application. These apps use the concept of putting money in a jar, but they use your digital spare change rather than physical spare change.

For example, let's say that you purchase a hat from a store with your debit card. The hat costs $14.55. The special spare change app will round your purchase up to $15 and separate the $.45 into a separate account.

Chime is an example of such an app. It will issue you a card and use the method mentioned above to add spare change to your savings account. The great benefit of using Chime is that it will also bless you with a 10 percent reward on the money you save. Furthermore, you will receive an additional APY payout to your Chime account. 

Chime is not the only app that will do this for you. It's just an example of one that does. You can choose the best from a variety of apps that will help you to save your money. You can use these apps as long as you like and then use your saved funds any way you desire. It will be very exciting for you to watch your money grow with one of these awesome tools. 

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Challenge 5: The Variable Challenge

This challenge might be more enjoyable because it will allow you to use a variable amount of money to put away each time you want to save.

The lowest amount is $25, and the highest amount is $150. Each pay period, you can choose the amount you want to put away based on your income for that week and the obligations you have.

That way, you'll never over save and leave yourself with not enough money to survive. You'll be very excited on weeks when you get to save a large amount of cash. 

1. The first step to this strategy is to open a bank account that you will use solely for saving money. You will not touch this bank account. You will only grow the funds that you place into it.

2. Next, you will start putting money into it every time you get your paycheck. This method will work no matter what your pay is. You can even modify it if your paycheck is less than $50. Instead of putting $25 away, you can put $5 or $10 away.

3. Do this before you spend any money on the bills or other obligations, and you'll feel better about yourself. You'll feel like you're doing something for yourself instead of living and working just to pay bills. 

Try to challenge yourself to do this method for at least 30 days to see if you like it. No rule says that you have to use this method. You'll want to try it to get a feel for it, though. If it works out well for you, you can continue to use it and watch your money grow each month. You're guaranteed to have lots of fun with it. 

Challenge 6: The Bill-Skimming Challenge

This money-saving method is awesome if your income is pretty steady, and you want to avoid feeling hardship by saving money. What you can do is use the bill-skimming method.

In this method, you will use your strategic skills to cut down a bill you have in your household. Once you make the cut, you will use the funds you used to spend on that bill for your savings account.

For example, let's say your cell phone bill is usually $65 a month, but you no longer need to purchase $20 monthly insurance for your phone. You can remove the extra expense and put that money in your savings account. You may be able to save $100 just by eliminating some of the extra features on your household expenses. What you can also do is cut down some of the recreational activities you do. Maybe you eat out once a week. Perhaps you go out to the movies once a week. Taking the money you normally spend on that activity and putting it toward your savings can be a great way to save money without adding stress to your life. 

You can try this method for as long as your finances seem to be a little tight. First, try it for 30 days. If you feel like removing some of your features is causing you undue stress, you can undo the process or switch things up a bit. You can do the same thing with your recreational activities. You could forgo those activities for 30 days and then resume them. You could stop doing them again a month after that. That way, you won't be completely depriving yourself of doing anything you love to do. 

Challenge 7: The Extra-Cash Challenge

This final challenge will require you to take a little bit of your time to earn extra money in some way.

1. You could search your residence for items that you no longer need. You could sell those items at a pawn shop, yard sale, or online auction. Take the money you earn from the sales and put it directly into your savings account. 

2. Another way to work this challenge is to get a second part-time job. It doesn't have to be an official job inside of someone else's establishment. You can choose to perform odd jobs such as lawn mowing, babysitting, dog watching, housecleaning, or something else. You could also look for work-from-home opportunities if you so desire.

You'll need to take the money you earn from these additional endeavors and pad your savings account with it. Of course, you can keep some of it for yourself, as well. You can do this challenge for as long as it seems feasible to you. You can do it for one month to see how much extra money you can earn for yourself. You can do it for three months. You can also do it for a whole year if you want to put that much effort into it. You could earn a lot of extra money in one year's time. 

Contact Us for More Ideas

Now you know of some fun and creative ways to save money. You can start your money-saving journey by trying some of the challenges mentioned above.

Don't be afraid to reach out to us if you need our help. We are here to answer your questions and to provide you with any information that you don't feel you received in the text. We are a financial success advocate that specializes in connecting consumers with the products, services, and people they need the most. We're not a lender, but we have many lenders in our database. Feel free to contact us by telephone or short form for any questions and concerns.

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