The Best Money-Saving Challenges On The Internet

person holding a coin with a blue piggy bank

​Image Source: Pexels

Everyone needs to save money whether it’s for a rainy day, a vacation, a down payment on a house or something simple like a new washer. By now, most everyone who uses the internet has seen a money saving challenge online. You can find them by the thousands on Pinterest. But which money saving challenge should you attempt? Which one will actually work to get you the savings you need? Sometimes there are so many choices, it’s hard to know which one will work for your budget and your lifestyle. We want to help you, so we’ve created this list to narrow down the most effective money saving challenges out there. 

FAQs about Money Saving Challenges

Kid and parents holding a piggy bank

Image Source: Pexels

​​1. What Is a Money Saving Challenge? 

​2. How Do You Know Which Money Saving Challenge to Do?

​3. How Much Money Can the Average Person Save?

​​​​​​​4. Where Can You Find Resources for a Money Saving Challenge?

How We Reviewed

We reviewed following money saving challenges based on a few factors. The first was how easy is the challenge is to complete? If we felt that a challenge seemed likely to be too difficult or too strict for us, then we didn’t include it here. We also looked for challenges that looked fun, made saving money an easy task and how simple it was.

We wanted to make sure these challenges are something you can quickly do every day/week/month. If it took up too much time, we knew you’d quickly lose interest or get too stressed.

Overall Savings of These Money Saving Challenges

​Whether you save a couple hundred dollars or thousands depends on: 

  • ​Which challenge you choose
  • ​How much money you put aside each time
  • ​How long you keep up the challenge

What We Reviewed

  • 1
    ​Money Savings Chart
  • 2
    ​Penny Jar Challenge
  • 3
    ​Add on a Dollar Per Week Challenge
  • 4
    Change Jar
  • 5
    52 Week Challenge
  • 6
    Reverse Savings Plan
  • 7
    The $5 Bill Challenge
  • 8
    Cash Envelope System
  • 9
    ​$1,000 in 30 Days Saving Challenge
  • 10
    ​Bi-Weekly Savings Challenge
  • 11
    A Spending Fast (The No-Spend Challenge)
  • 12
    The Pantry Challenge
  • 13
    Weather Savings Challenge
  • 14
    Little Vices Savings Challenge
  • 15
    The No Dining Out Challenge

​Best Money-Saving Challenges

​1. Money Savings Chart

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​Print out the money savings chart. You can keep your money in an envelope at home, or in an online account. Each week, you deposit the amount you can afford into your savings. Then you cross out the amount on the chart. The next week you choose another amount and so on and so forth. This is a simple challenge that just about anyone can do, and it allows you flexibility according to the ebb and flow of your cash.

​2. ​​​Penny Jar Challenge

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Pros

  • ​Fun
  • ​Easy enough for young children
  • ​Everyone has pocket change!

Cons

  • ​Is a year-long commitment

3. ​​Add On a Dollar Per Week Challenge

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​This challenge is the adult version of the penny challenge! Instead of saving pennies you’re saving dollars! It starts out easy and gets harder toward the end. Some people start this challenge and do it backwards… getting the hard part out of the way first. This challenge will save you more than $1,000 in a year.

4. ​​​Change Jar

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​This is exactly what it sounds like. We all know the change jar. Your grandparents probably had one when you were growing up. A lot of us do this without thinking about it. This can be made into a challenge by throwing your daily change into a container that can’t be opened! Break it open at the end of the year and see how much money you’ve saved! You’ll be surprised how much pocket change can add up!

5. 52 Week Challenge

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Pros

  • ​Great way to save for a rainy day
  • ​Easy to save
  • ​Great plan for beginners

Cons

  • ​Can be harder at the end
  • ​Not as flexible as other challenges

6. Reverse Savings Plan

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Pros

  • ​Easier for some
  • ​Saves the same money as the 52 Week Challenge

Cons

  • ​Beginning is difficult

7. ​​​$5 Bill Challenge

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Pros

  • ​As easy as possible
  • ​Adds up quickly
  • ​You’ll be surprised at your total at the end

Cons

  • ​Zero!

​8. Cash Envelope System

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Pros

  • ​Great for household budgets
  • ​Effective at saving money

Cons

  • ​Takes time each month to set up
  • ​Takes practice
  • ​Requires monitoring and logging

9. ​​​$1,000 in 30 Days Saving Challenge

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Pros

  • ​Quick way to save $1,050
  • ​Great challenge for a necessary quick payoff

Cons

  • ​Not flexible
  • ​Can be tough for many people to deposit $35 every day

10. Bi-Weekly Savings Challenge

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Pros

  • ​Great for those paid bi-weekly
  • ​Can be customized

Cons

  • ​End of challenge can be difficult

11. A Spending Fast (The No-Spend Challenge)

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Pros

  • ​Great way to use what you have
  • ​Excellent for learning budgeting
  • ​Great way to learn “I don’t need that!”
  • ​Curbs spontaneous spending

Cons

  • ​Can be difficult for some
  • ​Can be frustrating

12. ​​​The Pantry Challenge

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Pros

  • ​Uses up those food items you’ve already bought
  • ​Saves money and food supplies
  • ​Makes you eat healthier since you’re eating at home
  • ​Forces home chefs to get creative and out of the comfort zone

Cons

  • ​Can be hard if you’re not well stocked already

13. ​​Weather Savings Challenge

umbrella with dollar sign

​Image Source: Pixabay

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Pros

  • ​Randomness creates the element of surprise
  • ​Fun

Cons

  • ​None

14. ​​​Little Vices Savings Challenge

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Pros

  • ​Great way to save money
  • ​Can help you break a bad habit, which could lead to better health

Cons

  • ​Going without our vice can be hard (that’s why it’s a vice)

1​5. ​​​The No Dining Out Savings Challenge

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Pros

  • ​Healthier eating
  • ​Helps save money
  • ​You use what you’ve already paid for in your pantry before it expires

Cons

  • ​None

​​​The Verdict

coins and a glass container

​Image Source: ​Pexels​​​

After looking at all these different challenges, we feel that the easiest one to do would be the throwing the loose change in a jar. It’s easy, you don’t have to think about it and everyone usually has loose change — even those of us who use debit cards can do this through a simple free app.

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