51 Fun Money Saving Challenges To Save More Money In 2021

Money Saving Challenges trophy and dollar sign

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Challenge yourself to save more money

Don’t let money stress you out this year. Instead, take the task head-on and get competitive by accepting a challenge to achieve your savings goals.

Saving money doesn’t have to be a chore that sucks all the fun out of life!  Turn it into a game with one of these 51 money-saving challenges.

You’ll become more aware of your spending habits, learn new tips and strategies, and build your savings at the same time.  There are a *lot* of choices here, so pick one that suits your style and start saving money.

Grab these free saving trackers and watch your savings grow!


1.  No-Spend Challenge

Pick a time – one month is typical, but choose what you think you can do and don’t spend extra money. The only money you spend during this challenge is on necessities, food, shelter, and transportation. 

This challenge helps you think about every purchase you make. Is it necessary? Can you live without it? With enough practice, you’ll become more mindful about spending, and may save money without trying.

2.  No-Spend Weekend Challenge

Don’t want to commit to a whole month?  Pick one weekend.

If you’re like most people, your biggest spending days are on the weekends.  That means this challenge could possibly save you a significant amount of money (especially if you can do it more than once a month).

Weekend activities like going to the movies, eating at restaurants, and shopping for clothes can easily add up to hundreds of dollars in a single month.

Challenge yourself to take a weekend (or two) off from spending, and put that money in savings instead.  Do this every month and see your savings account grow quickly.

(Of course, you’ll only save money if you don’t reschedule your normal weekend activities during the week instead!)

3. Free Fun Challenge

A fun night out can easily set you back a C-note or two.  Live concerts, sporting events, or even just dinner and a movie for the whole family can cost you a good chunk of your paycheck.

One way to boost your savings quickly is to find fee-free activities that are fun but don’t cost a dime.  Doing a quick Google search, you can easily find free things to do in your area.  Or, you could just stay in and play board games or watch old home videos with the fam.

This may challenge you to be open-minded and creative when it comes to your entertainment options.  But, I bet you’ll find you have just as much fun *not* spending money – and, you get to add to your savings balance.


4. Save Your Washingtons Challenge

If you like to pay with cash for all of your purchases, try this challenge to turn your change into big savings.

Simply take all of your $1 bills at the end of the day (you know, the ones with Washington’s face) and put them in a savings jar.

Some days you may have several, other days you won’t have any.  The point is to just leave it up to chance how many dollar bills you’ll have on any given day.  So, don’t ask for specific change – just take what you get!

Give yourself a deadline and count up all your bills on that date.  Then, put that cash in your account – stat!

Make this a monthly practice and you can build big savings with little effort.

5.  Any Dollar Savings Challenge

Taking a little twist on #4, with this challenge you choose which dollar amount to save.  Pick the denomination of your choice and save that bill any time it’s in your possession.

Let’s take the $5 bill for example. Every time you have a $5 in your wallet, take it out and put it in a shoebox, safe, envelope, or any other container you’ve labeled as your ‘bank.’ Do this challenge for 1 month, 6 months, or a year – it’s up to you.

At the end of the challenge, count up the money you saved. It will likely be much more than you anticipated!

6.  Cut Back For A Purpose Challenge

Cutting back on expenses is never fun, but if you cut back for a purpose and for a predetermined amount of time, it’s more rewarding.

For example, let’s say you want to get laser-focused on paying off one of your credit cards. This your big ‘why’ and will keep you committed and focused.

Now figure out how much you need to save each week to achieve your goal. Make your timeline relatively short so you have quick wins. 

Maybe you set an 8-week timeline. In that 8 weeks, you cut down to only spending on necessities, and any extra money you have you put toward your credit card balance. In 8 weeks, you’ll have one less credit card bill to pay, which is an awesome reward!

7. Do Less & Save More Challenge

If you’re not ready to make major sacrifices to save money, start with smaller steps.

Choose one small nonessential expense that you can live without for a week, such as that mid-afternoon visit to the vending machine, or that nightly glass of wine as you stream episodes of The Crown.

Every week, pick something new that you can go without. At the end of the week, reward yourself by putting an extra $10 or $20 in savings.

This won’t result in big bucks, but it will get you into an intentional money-saving mindset. And, when you start making savings a habit, you’ll be more willing to challenge your spending in bigger ways.

8.  $50 Envelope Challenge

Does saving money feel like a chore to you? Try making it fun and you can even include the kids on this one.

Label 50 envelopes with dollar amounts from $1 to $50 (no duplicate amounts). Every week choose two envelopes from the stack. You can do it with your eyes closed or purposefully choose the envelopes you know you can fill.

The envelopes you choose are the envelopes you fill that week. For example, if you pull the $10 and $20, you must save $10 in the first envelope and $20 in the second. This means that week, you must find a way to save $30.

This challenge helps you be more mindful of your spending since you have two goals to fill. By the end of the year, you’ll have $1,275 saved.

9.  Sale Items Only Challenge

This money-saving challenge helps you change your mindset about money and creates better habits. Choose your timeline, whether one week, two weeks, or a month and commit to only buying items on sale.

The longer you commit to this challenge the better. It helps you be more mindful about how and where you spend your money. Plus, only buying items on sale should put more money in your bank account.

10. Discount Grocery Store Challenge

Don’t let the stigma of discount grocery stores have you overspending on groceries. Most Americans spend too much of their budget on food. Why do that when you can get the same food for a fraction of the price at stores like Aldi?

Give yourself a month and try it out. When you see the money you’ll save and that you didn’t have to sacrifice the quality of your food, you’ll likely change your mind.

11. Automatic Transfer Challenge

You can say that you’ll save money all you want, but unless you do it, there’s no difference. Instead, set up an automatic transfer from your checking to a savings account every week or month – you choose.

Determine an amount you can save and commit to it. Now you don’t have to think about it; the savings is done for you!

For some good ideas, read my post about 11 ways to automate savings.

12.  Track Expenses Challenge

When you track your expenses, it makes you more mindful of your spending. Set a timeline, for example, one month or three months, and track every dollar you spend.

It should become a habit you carry on for life, as budgeting is an important skill.  But for now, focus on your spending and where you may be able to cut back.

You’ll quickly find those spending leaks and be more in control of your finances.

13. Debt Snowball Challenge

This debt payoff method was made popular by Dave Ramsey, founder of Financial Peace University. Though not necessary to get yourself out of debt, it’s an effective way to stay motivated and focused.

Basically, you make your largest debt payment on your smallest balance while making minimum payments on all the others.  The point is to quickly eliminate one balance and then apply those payments to the next smallest balance.

This strategy can give you some quick wins and boost your financial confidence fast. Just keep snowballing your payments as balances are paid off, and you’ll have your debt paid off before you know it!

If you want more info about this debt payoff strategy, read my post about how to use the debt snowball to achieve a debt-free life.

14. Cash Only Challenge

Do you want to reduce your debt and minimize emotional spending? Pay with cash (*only*).

You’ll save money, stick to your budget, and you’ll be more discerning about every purchase.  This is also a great way to ensure your values are aligned with your spending.

Our brains process spending cash differently than paying with cards.  Use this to your advantage, and commit to only paying for items with the money in your wallet.

It’s the one rule you need to follow to live within your means.

15. The $1k In 30 days Challenge

This challenge requires laser focus and commitment!  You have one month to save up $1,000 for emergency savings.  It’s not as hard as you might think!

Cut some expenses, work some extra hours, sell a few things lying around the house, and you could have a $1k emergency fund in 30 days.

Read my post about how I cut $1000 in monthly expenses to give you a little inspiration!

16. Spending Round-Up Challenge

When the cashier asks if you’d like to round up to the nearest dollar on your purchase and donate to charity, it’s easy to say yes.  After all, it’s only a few cents and it’s for a good cause.

But, did you know that your savings account could be the good cause?

You can sign up with your bank’s “round-up” program or download a mobile app that will transfer every “round-up” amount to a designated savings account.

Every time you make a purchase (using a linked spending account), the difference between the total and the next nearest dollar is automatically added to a linked savings account.  This means it’s just cents with every purchase, but it adds up to significant savings over time.

And, you never even miss that money!

*Bonus Tip*: You have some options with this challenge, such as transferring a specific dollar amount every time you make a purchase, or having your round-up amount automatically invested.  Check out Acorns for more info.

17. Protect Your Windfalls Challenge

Financial windfalls are considered those larger, unexpected sources of income, such as a work bonus, an inheritance, a tax refund, or gifted money.

Many times, this extra inflow of cash can get blown away quickly in the winds of pleasure and spontaneity.  It’s easy to categorize it as income that “doesn’t really count” because you didn’t budget it for it anyway. Why not have some fun with it?

Because, if you take that $1,000 Christmas bonus and put it in an investment fund where it makes 7% annually for the next 10 years, then you’ve doubled your windfall.  After 20 years?  You’ve quadrupled it.

So, protect your windfalls.  Make them count.  Because they have the capacity to buy you so much more than a new TV or a weekend vacation (both of which don’t do anything to support you in retirement).

18. Holiday Savings Challenge

Ever wish you could get through the holidays without getting into more debt? You can!

The key is in planning ahead. Don’t wait until December 1st to figure out your Christmas budget.  Start in September – or better yet, July.

If you have past budgets to look at, you can easily figure out the average amount you spend on holiday gifts and activities.  If you don’t, just take your best guess and claim it as your Christmas savings goal.

Now, depending on when you start, break down that goal into weekly or monthly amounts.  Then, set up an automatic transfer every payday into your holiday savings fund.

When the holiday season is in full swing, you’ll be flying high with holiday spirit instead of stressing about the money you’re spending.

And – your credit card bill won’t be painful to open in January.

*Bonus Tip*: Use this 90-day, $900 Christmas savings challenge printable from Savvy Family Finance to keep you focused and on track.

19. Dollar Store Switch Challenge

This is a great challenge if you like to hunt down a good bargain.  Simply take your shopping list to the local dollar store, and find at least 5 items that are a dollar or less.

Then, when you go to your regular store for the rest of the items, write down what you would have normally paid for the things you got at the dollar store.

You’ll feel pretty good about yourself, knowing you saved money on stuff you normally buy.  Just be sure to *save* the difference, so you’re actually making progress toward your saving goals!

20. Coin Savings Challenge

The coin savings challenge is one of the easiest money challenges and it adds up faster than you’d think.

At the end of each day, empty your pockets or wallet of the coins. Put them in a jar and at the end of the year, add up your savings. It won’t pay the mortgage, but even a few hundred dollars is worth something!

21. A Dime At A Time Challenge

Don’t want to save *all* your coins? Simply take just the dimes and drop them into a container of your choice until it’s full.  Making this a ritual at the end of every day will turn this small action into a money-saving habit.

To give you some perspective, here is how much you can save:

  • A 16-oz water bottle will hold about $100 in dimes
  • A 2-liter bottle will hold approximately $589 in dimes
  • A 1-gallon jug can fit close to $750
  • A 5-gallon bucket could help you save close to $3,750!

22. The Quarter Drop Challenge

Okay, so I had to take the dime challenge a step further!  Except, it’s not just one more step – it’s 2.5 times more savings for every quarter you drop in the container.

Yes, I know, quarters are much larger than dimes so you can’t fit as many.  But, you’ll still save more, so why not?

Drop those spare quarters in a jug or jar as you’re emptying your pockets every night.  When it’s full, you’ll be hundreds richer.

23. Go Generic Challenge

If you’re used to buying name brands when you go shopping, try going generic for 6 months.  This will save you immediate cash at the grocery store since most items have a store-brand option.

But, you can also do this with clothing, household goods, and personal care products.  You can pretty much find store-brand options for these items at places like Walmart, Target, and Walgreens.

To actually *save* money on the lower-priced items, be sure to note the cost-different between the generic and name-brand items you usually pick.  Add up your savings and transfer that amount to your savings account.

24. Water-Only Challenge

If you’re like me, you don’t drink nearly as much water as you should.  When there’s a soda in the fridge, it’ll beat out a glass of water every time.

However, any beverage *besides* water is going to cost you money.

Why not go on a beverage fast and only drink water for 30 days, 3 months – heck, a whole year!

You’ll save money, be healthier, and you’ll find it easier to get in your 8 glasses a day.

*Of course, this only works if you’re not buying bottled water.  Get a water filter if you have to and drink from the tap.  You’ll save big bucks in the long run!

25. Homebrew Challenge

If you’re a coffee drinker, there is a $5 temptation on just about every corner. Buying a prepared cup of java just once a week would add up to $260 a year.

But, who drinks coffee just once a week?  A recent poll found that millennials spend an average of $2,000 a year on prepared coffees!

Keep those dollars in your pocket and brew your coffee at home.  Buy the flavored creamer, the k-pods, even the fancy espresso machine if you have to.

You’ll save money in the long run.

26. No Eating Out Challenge

A simple and very effective way to save money is to cut down on restaurants and fast food.  Most meals can be duplicated at home for a fraction of the price.

Before COVID hit and my husband got furloughed, sometimes we would spend up to $800 a month on eating out.  Yikes!  We cut that expense down to $200 a month (once a week with a $50 max) and have saved hundreds of dollars over the past year.

If you’re up for the challenge, try restraining yourself from eating out for 30 days and see how much you’ll save.  You may just be inspired to cook more meals at home.

27. Meal Planning Challenge

I’ve read many times the benefits of meal planning but didn’t take it seriously until COVID came to town. My husband got furloughed, substitute teaching jobs got canceled, and we had to become resourceful *real quick*.

We immediately cut down our eating-out habit to just once a week, and I started 30-day meal plans for the first time.

I don’t know why I didn’t start it sooner.

Having a 30-day meal plan has saved me money, time, and effort. And, it’s gotten easier because now I have a good rotation of recipes and I’m familiar with what groceries I need to buy.

On the first day of each month, I write down 26 dinners I’ll make for the month (leaving 4 days for eating out once a week).  I have a grocery list of all of the items I use regularly, so it’s easy to highlight what I’ll need to buy.

Then, I do a big grocery run to get all the meat and other staples I need.  This usually takes up about half of my grocery budget for the month.  I usually have to do supplemental shopping about once a week.

All I have to do is pick a recipe in the morning, take the meat out of the freezer to thaw, and my dinner plan is set.  No more wondering what to make, making last-minute grocery runs, or saying to heck with it – let’s just go to Chipotle.

Believe me – start a meal plan and I bet you’ll save money, time, and effort too.

28. Meatless Mondays (or month!) Challenge

If you really want to drastically cut your grocery bill, stop buying meat.  It undoubtedly eats up most of your food budget, and yet it’s totally optional.  *Right?*

Yeah, you may have some resistance from those other people living in your house.  But, you can get creative and make recipes that will still be satisfying and delicious.

You can ease into it by just designating one dinner a week as a meatless meal, or you can go hardcore and declare that the entire month’s dinners will be vegetarian.

Track your savings so you can prove how money-wise a meatless meal can be – then incentivize the sacrifice by agreeing to use the savings for some family fun.

29. The Pantry Challenge

Your grocery bill is a great area in your budget to cut costs.  One way to do that is to create a meal plan that uses up as many items in your pantry in 30 days.

C’mon, I bet there are boxes and packages of stuff that you *meant* to use but have been sitting on the shelves for months!

Take an inventory and plan your meals around what you have for the next 30 days.  You’ll save money, and I bet you’ll come up with some interesting recipes your family will enjoy.

*Bonus Tip*: If you need a little help coming up with a meal based on what you already have in the kitchen, try Supercook.com for some inspiration.

30. The Freezer Spending Freeze Challenge

If you like to stock up on perishables by freezing them, you might have a few hundred dollars in meat, veggies, and other foods in your freezer.

Take one month to do a spending freeze while you use up all of those frozen items.  Pair this challenge with the pantry cleanout (#15), and you might slash your grocery bill by 50%!

Don’t forget to take those savings and actually put it somewhere safe so it doesn’t get spent.

31. Pack A Lunch Challenge

If you have a day job with a lunch break, save a few bucks by packing your lunch before you head to work.  Same goes for your kids who are still in school.

I once added up the cost of a PB&J sandwich, an apple, and a granola bar.  It was, like, 44 cents.  That convinced me to take a little extra time in the morning to pack homemade lunches instead of choosing cafeteria or fast food.

It takes a few more minutes, but you’ll save big bucks in the long run.

32. DIY Product Swap Challenge

Every month, pick one household item that you can make yourself for less money.

Here are a few ideas:

  • Soap
  • Laundry detergent
  • Cleaning agents
  • Deodorant
  • Dog food and treats
  • Dryer sheets
  • Weed killer
  • Gifts and greeting cards
  • Body moisturizer

Just hop on YouTube, do a quick search, and learn how to make any of these everyday items for less money while doing your part to save the planet.

33. The Reduce, Reuse, Recycle Challenge

You can do all three, or just commit to one:

  • Reduce the number of new items you buy.  This means being intentional with your purchases and making every one align with your values and financial goals.  No emotional and spontaneous spending.
  • Reuse what you already have and give it a new purpose.  Take old ratty t-shirts and make them useful in the garage. Fill empty spray bottles with your own homemade cleaners. Rinse out peanut butter jars and use them to save coins. You get the idea.  Be resourceful.
  • Recycle other people’s trash into your own treasure.  Start shopping at thrift stores and garage sales to find gently used items that will suit your purposes just as well as those expensive, new options. Check Craigslist or NextDoor before you go to Home Depot or Target. Keep a running list of things you want to find, so you can take advantage of good deals when they happen to cross your path.

34. Switch For Savings Challenge

Make a list of 12 services you pay for on a regular basis.  This could be anything from your cell phone provider to your lawncare to insurance to cable.

Once a month, call one of the companies on your list and ask if they can either give you a discount or suggest a lower-priced plan that would work just as well.

If they can’t reduce your bill, run some Google searches for other lower-priced options and make the switch.

*Bonus Tip*: You can even call your credit card companies to ask if they’ll lower your interest rates.  If they don’t, transfer your balance to a card with a lower rate.

35.  52-Week Savings Challenge

This is a common money-saving challenge that typically starts in the first week of the year, but it’s never too late to start.

The idea is to save the amount of money that’s equivalent to the week of the year. For example, if it’s the 14th week of the year, you should save $14 that week. Every week, you save one more dollar.

If you save for 52 weeks, you’ll be $1,378 richer at the end!

36. Save $5k In 12 Months Challenge

Would you like to be thousands richer by this time next year?  Then take this challenge to save $5,000 over the next 12 months.

Thinking about saving $5k might seem overwhelming, but if you take small, intentional steps for the next 365 days, you can do it without much effort.

Read my post about saving $5k in one year to get some guidance on how to commit to this 1-year savings challenge and be successful.

*Bonus Tip*: Open a separate account so you’re not tempted to spend what you save!

37. 26-Week Savings Challenge

Similar to the 52-week challenge, this one might be easier for you if you’re paid biweekly.  Or, if you just want your savings goal to take less time to reach.

Maybe you want to go on vacation in 6 months.  Determine how much you’ll need to save, then assign a dollar amount that you’ll transfer to your vacation fund every week.

You can save a set amount every week, varying amounts based on that week’s budget, or a percentage from your paycheck (if you get paid weekly). Add up all the amounts over the 26 weeks and make sure they add up to your savings goal before you start the challenge.  Otherwise, you may come up short or left with weekly amounts that are beyond your ability to save.

The goal is to be specific and intentional, so you reach your savings goal by the end of 26 weeks – and pay for that vacation in cash.

38.  Get Smart About Money Challenge

In a 2020 year-end survey by the National Financial Educators Council, over 1,500 American adults of varying age groups were asked how much money they thought they lost due to a lack of knowledge in personal finances.

The estimated average amount of money that lacking knowledge about personal finances cost people was $1,634 in 2020.

If these results are generalized to represent the 254 million adults in the U.S., this number would total more than $415 billion!

Take the initiative to get smart about money and strengthen your financial literacy.  Learn how to budget, invest your income, prepare for retirement, and get better with money management.

Using your local library, Google, and YouTube, you literally don’t have to spend a dime. But, you’ll learn how to save thousands over your lifetime.

Read my post about 21 free online personal finance courses to get started.

39. Financial App Challenge

This challenge gives you lots of options, and all of them will help you save money.

Simply choose a financial app to download on your smartphone, and use it every day for 30 days. This could be a budget app like PocketGuard or an investment tool like Acorns.

Pick an app that is relevant to your current financial goals, and try it out for a month.  If you like it, keep using it.  If you don’t, pick a different one the next month.

The goal is to find those tools that help you with your financial goals while making money management a little easier.  Read my post about 14 money management tools to give you a little inspiration.

40. The CNBC Select 7-Day Money Challenge

Created by the pros over at CNBC Select, this challenge includes 7 smart tasks to do a “financial deep clean” of your personal finances.  You can start one on each day, but some may take longer than a day to complete.

Also, not all tasks are specifically focused on saving money.  But all of them will strengthen your money management skills, which results in bigger savings for you in the end!

41. Be A Money Rockstar Challenge

This is a multi-part challenge that will keep you busy for the next 6 months.

Rockstar Finance created a different money challenge for 26 weeks that range from mindset habits to setting goals to investing money. And, although there are a few that won’t leave your savings account any bigger, they all contribute to achieving financial freedom.

If you like a wide variety in your challenges, this might be the one for you.

42. 31-Day Improve Your Financial Life Challenge

If you want to strengthen your finances from all sides, try this month-long challenge created by Philip Taylor over at Part-Time Money.  Philip is a CPA and his shared action tips will get you up close and personal with your finances in just 31 days.

On each day, he gives an action item with steps you can take to be successful. From budgeting to debt to investments to estate planning, Philip’s challenge covers every major area of your personal finances.

43. Money-Saving Blackout Bingo Challenge

Make saving money fun with this clever twist on BINGO!

First, set a savings goal.  Maybe you want to save $100, $500, or more. Then, write down 30 random dollar amounts that all add up to your savings goal. Of course, you can have duplicate amounts, but try to make them varied between $5 and $25.

Next, create a Bingo card with 30 squares and assign each square one of these dollar amounts.  Finally, write down each dollar amount on a separate piece of paper and put all of them in a container like a bowl or a jar (make sure your hand can fit inside).

Each day, take a piece of paper from the container and find that amount on the Bingo card.  Transfer that amount from your checking to your savings account, then cross it off your Bingo card.

If you start on the first of the month and do this every day, you’ll reach your savings goal by the end of the month!  But, you can also choose to play only on certain days of the week, knowing you’ll reach your goal when every square is crossed off.

*Bonus Tip*: If your savings goal is $500, save yourself some time with this free Bingo template printable from Savvy Honey.

44. Save the Receipt Savings Challenge

Next time you go shopping, check the bottom of your receipt.  Sometimes you’ll find a section that tells you how much you saved on your purchase by shopping at that store. (If you ever shop at Kohls, you know what I mean.  But, you’ll also find it on receipts from grocery stores and retail stores like Target and Walgreens.)

Then … actually *save* that amount.  Transfer those saved dollars into a separate account for a month, and see just how quickly it adds up.

45. Save the Date Challenge

Need to save $500 within the next 30 days? All you have to do is look to your calendar for guidance.

Simply save the dollar amount of the date for one month.  You can start on any date, but in the end, you’ll have close to an extra $500 in your account!

*Bonus Tip*: Set an alarm on your phone to remind you to transfer each day’s amount to savings. If you miss a day, double the next date you save!

46. Get One Month Ahead Challenge

Budgeting a variable income can be tricky.  But, if you can live off the previous month’s income, you’ll have a much easier time.

Over a year ago I decided to start using the previous month’s income for our budget. I could do it immediately because we already had a full month’s income in our savings. After the first month, I wondered why I hadn’t done it sooner.

Some of the benefits include less stress, more consistency, and no more paycheck-to-paycheck living.  It’s been glorious.

If you don’t have one month’s income in savings, take the challenge to save up the money.  Depending on the amount, give yourself 12 to 18 months to reach your goal.

With a variable income, just take the average of the previous 12 months, then divide that amount by the number of months you’ll need to save.

For example, with a $5,000 average monthly (net) income, you’ll need to save $417 a month for 12 months.  Or, $278 a month for 18 months.  Pick the one that will realistically fit in your budget but gets you there the fastest.

I know it takes time and patience and persistence.  But, believe me, you’ll be so glad you did.

47. Make More Money Challenge

There are only so many corners you can cut to save money before you’re left with a circle.

However, your opportunities to make more money are endless.

Do you have a huge goal like getting out from under a $20,000 debt pile?  Or building a $1 million retirement fund in the next 15 years?

Stop looking at your bills and start finding ways to make more money.

Yes, your lifestyle will be disrupted.  Sometimes dinner won’t get on the table and clothes won’t get washed. You may need to get up earlier or stay up later than normal.

But, you’re fighting for your financial independence and setting up your future self for a comfortable life.  So, make it a priority.  Open up your mind to the idea of getting a weekend job, finding a side hustle, or even starting your own side biz.

Check out these 50+ ways to increase your income to get those money-making creative juices flowing.

48. The Craigslist Challenge

Would you like to take your family on a summer vacation, but don’t know how you’ll swing it financially?

Turn that goal into an incentive to start making a little extra money with stuff around the house.  Go through your closets, drawers, cabinets, garage, and basement, and pile up every item that you haven’t seen/touched/used in the past 6 months.

Some things will be destined for the garbage bin, but others will have some money-making potential.

Challenge yourself to sell at least 1 item a week on an online marketplace like Craigslist, NextDoor, eBay, or Facebook. Put all of your profits into a designated envelope or jar or account until you’re ready to buy the plane tickets and book the hotel.

You’ll be amazed at how easy it was to turn your trash into a treasure of memories.

49. The 1% Increase Challenge

You can use this challenge for any type of savings account, but applying it to a retirement fund can boost your nest egg considerably.

If you have a 401(k), IRA, or any other retirement account that you’re already contributing to, increase those automatic deposits by 1%.  Or, you could start transferring 1% of your paychecks (whole or net, your choice) to a separate savings account.

Then, every 3 months increase your contributions by another 1%.

After 1 year, you’ll have 4% more of your income being applied to your savings.  Because you took small steps to get there, you’ll hardly miss it.  In the meantime, that 4% has the opportunity to grow 5% or more, depending on your investment mix.

And, if you don’t have a retirement fund yet – go open one as soon as possible!

50. Save 15% Of All Income Challenge

Okay, so you should actually already be doing this one.  Many financial advisors recommend saving at least 15% of your annual pre-tax income for retirement.  And, that’s assuming you started at age 25! If you’re a late saver, this percentage will need to be higher if you want to retire before you blow out 80 candles on your birthday cake.

This might seem impossible for you, and maybe it is right now.  However … you have to start somewhere.  Don’t blow off socking some away for retirement because you’re already so far behind.

Unless you want to work the rest of your life, live on food stamps with social security as your only income, or put the burden of your well-being on your children, you need to do all that you can to start saving for your future – today.

Start at 15% if you can.  If you can’t, start at 10, or 5, or 3%.  But *start*, and then – don’t stop.

Your future is coming whether you’re ready or not.  Do what you can to be prepared, even if it means making some lifestyle adjustments today.

Your future self will be so ever grateful.

51. The FO5O Monthly Checklist Challenge

Here on Finance Over Fifty, I post monthly financial checklists to help you stay on track with your personal finances and focused on your money goals.

Each checklist has 5 unique tasks for each month, and you can even download a free printable that lists all 12 checklists for your convenience.

Take the monthly checklist challenge and complete all 60 tasks over the next 12 months.  By this time next year, you’ll be a money boss!

Don’t forget to grab your free saving trackers to help you reach your financial goals!


Money-saving challenges help change your habits

Try one of these money-saving challenges today and see how much money you save. Make saving money a game, compete with yourself and overcome bad money habits.

Even if it’s only a few dollars to start, every dollar counts. As you build up motivation, add more challenges to your routine and maximize the amount of money you save. 

Soon, you’ll have a money-saving mindset that’s always looking for ways to cut costs, increase income, and build wealth.

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51 Fun Money Saving Challenges To Save More Money In 2021

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