8 Fun Money-Saving Challenges to Start Today

8 Fun Money-Saving Challenges to Start Today

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Make it a 50-day envelope challenge

If you’re sweating the amount of time involved, simply commit to a 50-day challenge instead...or any number of days you wish.  If you save days one through 50 (chronologically), you’ll save $1,275.

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Make it a 200-day money challenge

Want to try to save $10,100? More power to you! Tack on an extra three months and double your savings.  You could also do it every other day for 200 days. It would take longer, but you’d still end up with significant savings.

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Do the envelope challenge with a partner

Choose a competitive friend or two for some friendly competition to see who ends up saving the most at the end of your allotted time.  Use a little of your savings afterward to treat yourself to a celebratory dinner.

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Do it with your partner

If you're saving up for your child's education or a retirement fund, do this challenge with your partner.  See who ends up contributing the most to the pot! You can even put each of your earnings into separate savings accounts to save for now—and for later.

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Create a weekly version of the envelope challenge

If a daily challenge seems overwhelming, scale it back. You could draw two or three envelopes per week.  Sure, it will take longer, but once you get in the habit, it’ll become routine...and maybe even inspire you to save that way for the long haul.

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Do a monthly version of the challenge

Scale it way back if that makes it more doable. You could stick to the 100 number or create your own custom envelope challenge with fewer envelopes, if you’d like.

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Nickel Saving Challenge or $5 Bill Challenge

This challenge is better for people who tend to keep cash on hand. It’s simple: all you do is keep a jar where you save every nickel you have.  If you do this consistently, you can imagine how it might add up. Another way to up the savings amount for this one is to do it with a $5 bill. Every time you find yourself with five bucks in your wallet, place 

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Nickel Saving Challenge or $5 Bill Challenge

it in your savings jar. At the end of the year, count those up for an extra savings boost.

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