9 Money-saving Challenges to Try in 2023 | Canstar (2024)

Looking for ways to save more money in 2023? Here are nine pain-free challenges that can boost your savings by thousands.

Saving money is not all about sacrificing everything you love. There are some pain-free – and dare I say fun – challenges to give you a kick-start. I have found nine that I think are worth a shot. You could do one at a time or, if you want to give your savings a real boost, try doing a few of them together.

1. 52-week challenge

This is probably one of the more well-known money-saving challenges. It’s a popular one to start at the beginning of the year but you can start any time you like. Essentially you save $1 in week one and increase it by $1 each week – so $5 in week five, $20 in week 20, $35 in week 35 and so on. At the end of 52 weeks you’ll have $1,378 stashed away.

You can also put a spin on this and do it in reverse – that is, put away $52 in week one and reduce it by $1 as the weeks go by. You might find it easier to save bigger amounts when you first start the challenge.

You can find free printables online that you can use to track your progress. Alternatively, you can create your own template, in Excel for example, and use that.

2. The envelope challenge

How do you like the idea of saving $5,050 in 100 days? The envelope challenge can help you achieve that goal. Basically, you get 100 envelopes and label them from one to 100. Shuffle them and then each day pull one out at random. Whatever number is written on the envelope is what you have to save that day. Simply pop that amount of cash into the envelope. If you prefer, you can set up a savings account for the challenge and transfer the amount into that account rather than saving it as cash.

If you like the idea but feel like it might be too hard then you could opt to pull out an envelope every second day rather than every day. You’ll still hit that $5,050 target but it will take you 200 days instead of 100.

Another option is to start with fewer envelopes. For example, if you do the challenge with 50 envelopes instead of 100, the most you’ll have to save in a single day is $50 as opposed to $100. The savings are still pretty impressive – you’ll have $1,275 stashed away in 50 days.

3. Coke bottle challenge

If you enjoy drinking Coke (or any soft drink) then this one could be for you. Each time you get a $2 coin you pop it into an empty soft drink bottle. Apparently, a 600ml bottle will hold about $880 when full, while a 1.25-litre bottle is meant to hold roughly $1,900. If you don’t use cash very often though this one could take some time.

4. Roll the dice challenge

This one is a bit of fun. You roll a six-sided die each day and then save whatever number it lands on. If you roll a three, for example, you pop $3 into your savings. You can mix this one up. You might choose to roll two dice each day or if you really want to supercharge your savings, add a 0 to whatever number you roll. So rolling a three means you need to save $30.

5. Weather Wednesday challenge

Who would have thought you could use the weather to help you give your savings a boost? The idea is that each Wednesday you find the highest temperature in your city or state and then save that amount. So, when the mercury hits 40 degrees you add $40 to your savings. You can opt for the lowest temperature if you prefer.

6. Money savings chart

I quite like this bingo-style game from the Medium Sized Family website. Basically, it’s a chart with a whole lot of numbers in boxes. Each week you pick a dollar amount from the chart that you can afford to save. As you use a number, cross it off so you don’t repeat it. By the end of the year you’ll have saved $1,000! Not enough? Add a zero to the end of each number and you’ll have a whopping $10,000.

7. Round-up challenge

This is quite easy to do. Each week you check your account balance, round it up and then transfer the money into your savings account. You can round up to the nearest $1, $5 or even $10. Let’s say you have $121.25; you would then transfer 75c, $3.75 or $8.75 into your savings. You could do this daily instead of weekly to save more.

8. No spend challenge

Don’t worry, despite the name this doesn’t mean you have to go without food or shelter! A no-spend challenge means you don’t spend money on ‘wants’ such as takeaway food, clothes, a trip to the movies or a bottle of wine. You could aim to do this for a weekend, a week or even a month.

You’ll save money by not buying anything but there is also a way to ‘double’ the savings. If you see something that you would have bought if you weren’t doing the challenge then pop the amount you would have spent into your savings account. So if you were tempted to buy a $20 bottle of wine on a Friday night you’d resist the temptation and then pop $20 into your savings.

→ Related: Tips for doing a successful no-spend challenge

9. Pantry challenge

You’ll need to get creative with this one. The pantry challenge involves only using ingredients you already have in your pantry, fridge or freezer to make meals. So the idea is you make the most of what you have at home instead of heading to the supermarket. Not only will you save money but you’ll reduce your food waste.

If you want some inspiration consider downloading an app such as SuperCook. You enter what ingredients you have at home and the app will find recipes that match your ingredients.

Cover image source: Peterfz30/Shutterstock.com

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9 Money-saving Challenges to Try in 2023 | Canstar (2024)

FAQs

9 Money-saving Challenges to Try in 2023 | Canstar? ›

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.

How to Save $5000 in 3 months 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 biweekly money saving challenge for 2023? ›

In the 26-week biweekly money-saving challenge, you can save $1,404 in a year by depositing an increasing amount every other week. Start with $4 on the first week and $8 on the second. Add an extra $4 every two weeks until you deposit $106 on week 26.

How can I save $1000 in 3 months? ›

If you wanted to save $1,000 in three months, for example, you'd need to save roughly $84 per week. That timeline can also provide you an opportunity to invest in a high-yielding time deposit account.

How to Save $10 000 in a year challenge? ›

7 Ways To Save $10,000 in a Year
  1. Break Your Goal Down Into Smaller Milestones. On its face, $10,000 might seem like a daunting savings goal. ...
  2. Analyze Your Budget. ...
  3. Cut Unnecessary Expenses. ...
  4. Boost Your Income. ...
  5. Choose Where to Put Your Savings. ...
  6. Automate Your Savings. ...
  7. Celebrate Your Progress. ...
  8. Use Visuals to Motivate You.
Nov 16, 2023

How to save $10,000 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.

What is a 100-envelope challenge? ›

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 if I save $100 every 2 weeks for a year? ›

If you save $100 every two weeks for a year, you will have a total of $2,600 [1]. Here's the breakdown: There are 52 weeks in a year, and if you save every two weeks, you will save 26 times in a year. Each time you save $100, you will accumulate a total of $2,600 over the course of the year.

What is the best money saving challenge? ›

Yearly savings challenges
  • The “52-weeks of saving” challenge: For this classic challenge, you'll try to save an increasing amount each week for a year straight. ...
  • The “birthday bank” challenge: Every time it's a friend or family member's birthday, put aside a set amount of cash like $5 or whatever amount works for you.

How much does 100 envelope challenge save? ›

Take stock of your savings At the end of 100 days, you'll have 100 envelopes containing $5,050. That's right—1 + 2 + 3 + 4 and every other number through 100 equals just over $5,000.

What is the 50 30 20 rule? ›

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.

How to save $1,000 fast Dave Ramsey? ›

Financial expert Dave Ramsey has a lot of ideas on the subject, and here are some of the most practical ways to save your first $1,000 quickly.
  1. Cancel Subscriptions. ...
  2. Bring Your Own Lunch. ...
  3. Avoid Coffee Out. ...
  4. Re-Sell Old Items. ...
  5. Shop at Cheaper Grocery Stores With Rewards Programs. ...
  6. Buy Generic. ...
  7. Join a Carpool.
Dec 28, 2023

How to save 1K 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 much money is the 52 week challenge? ›

For anyone trying to improve their savings in 2024, the 52-week money challenge is a simple and effective way to stay on track. And at the end of the year, you'll have $1,378 extra dollars to bulk up your emergency savings or put toward a savings goal, such as a vacation fund or a down payment on a home.

What is the 25 cent challenge? ›

Get started with the challenge

Kids start small and gradually deposit a little more into a kids savings account every week for 52 weeks — a full year. For example, during week one your child puts 25 cents into savings. On the second week, 50 cents is added. On the third week 75 cents gets deposited.

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.

What is the quickest way to save $5000? ›

Here are eight ways to save $5,000 in a year with small, manageable steps.
  1. “Chunk” Your Savings. ...
  2. Automate Your Savings. ...
  3. Save in a High-Yield Saving Account. ...
  4. Track Your Cash Flow. ...
  5. Boost Your Earnings. ...
  6. Declutter for Cash. ...
  7. Evaluate Your Subscriptions. ...
  8. Challenge Yourself.
Feb 5, 2024

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

The 100-envelope challenge is a way to gamify saving money. Each day for 100 days, you'll set aside a predetermined dollar amount in different envelopes. After just over 3 months, you could have more than $5,000 saved.

How to save $5,000 with the 52 week money Challenge? ›

Here are a few more ways to save $5,000 by the end of 2023:
  1. Save $96.16 every week.
  2. Save $192.31 every two weeks.
  3. Save $416.67 every month.
  4. Save $1,250 every quarter.
  5. Save $2,500 every six months.
Jan 5, 2023

How fast can you save $5,000 dollars? ›

Break It Down Into Months. The first step to reaching any financial goal is to break it into bite-sized pieces. If you want to save $5,000 in one year, you'll need to save approximately $417 a month. That's about $97 a week.

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