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According to a survey done by GoBankingRates in 2017, 57% of Americans have less than $1,000 saved.
Are you one of those people? 👀
If you aren’t one of those people and you do have over $1,000 saved up, congrats!
And if you’re in the 57% that doesn’t have over $1,000 saved then it’s okay. I promise I’m not judging. But we should fix that – together.
Have you considered taking a money saving challenge?
Money savings challenges are challenges where you save a certain amount of money in a specific period of time. I’ve found over 10 different money saving challenges that you can take to help you save up your first $1,000.
Have you tried a money saving challenge before? Do you plan on doing one of the challenges on this list? Let me know by leaving a comment!
30 Day Savings Challenges
The first thing I want to start off on this list is 30 day Money Saving Challenges.
I think doing a short money saving challenge (like a 30 day one) can be a great way to get your feet wet, and can give you the quick win you need to start making saving money a habit. 🙂
Okay on to the challenges!
The first challenge is the 30 day Money Saving Challenge from Meraadi.
For this challenge you start off saving one dollar, then you add a dollar to the amount each day you’re saving. For example day 1 is $1, day 2 is $2, day 3 is $3, etc.
By the end of the challenge you will have saved up $465 which is a perfect amount for a mini-emergency fund! And you’ll be almost halfway to your first $1,000!
This 30 day challenge from The Stress-Free Christmas is pretty unique, it doesn’t actually focus on saving any specific amount of money – it focuses not spending money on certain things for 30 days, it’s basically a no-spend challenge.
Here’s how it works: you decide on 10 things you will give up for 30 days that you spend money on!
The blog post gives examples like eating out, movies and books, beauty products, random Amazon purchases, and more.
Yearly Saving Challenges
If you’re looking for more of a challenge, try these year long saving challenges.
The following savings challenges last about a year, and will help you save anywhere from $600 to thousands!
These saving challenges from Hassle-Free Savings, give you 10 different ways to do penny saving challenges.
The basic idea of a penny saving challenge is to save one penny a day and then add to it every day – for example on day one you’ll save one penny, and 25 cents on day 25. You get the idea.
By just doing a regular penny saving challenge you will save $667.95 in one year!
You can visit the blog post to see the other penny saving challenges you can do, like the reverse penny challenge, “double trouble”, and more!
This challenge from Savor and Savvy covers the basic penny saving challenge, but it also gives you 10 actionable things you can do to make sure you can successfully complete the penny saving challenge!
The post also has a lovely printable that you can use to keep track of your progress!
This is another wonderful saving challenge from Savor and Savvy, and this one is a standard 52 week saving challenge.
The 52 week saving challenge is very similar to the penny challenge, only it uses dollars. So for week one you’ll save a dollar, then you’ll add a dollar to the saving amount each week, by the last week (#52), you’ll be saving $52 in that week.
After completing this challenge you will have saved up over $1,378!
This post also includes a printable!
This is another 52 week saving challenge where you will increase the amount each week.
What makes this saving challenge different is you will start with $5 and then increase the amount saved each week by $5 – so at the end of the 52 week period you’ll be saving $70 a week, and you will have saved up $2,425 total!
There is also a printable.
This post gives you 3 different ways to do the 52 week money saving challenges – with printables!
The first one is the regular 52 week saving challenge, where you’ll save $1,378
The second one is the reverse 52 week saving challenge, where you start out saving $52 then decrease the amount by a $1 each week, you’ll still save $1,378.
The third is the half 52 week money challenge, where you start saving $0.50 then add $0.50 each week, you will save $689 by the end.
This post is for a printable for the regular 52 week saving challenge (saving $1,378 by the end), there is also a post for saving $1,000 in 26 weeks!
Either way you’ll be getting to that $1,000 goal!
Okay this is the last “regular” 52 week saving challenge I’ll have in this list.
I just had to add this one, the printable is a beautiful pink, mint, and black – a super cute way to track your progress.
Last but not least, is an amazing 26 paycheck (one year for all you people that get paid bi-weekly) saving challenge.
This one should be doable for almost everyone who has a steady income.
Here’s how it works: you start by saving $10 and the amount will vary between $10 and $60 saved each week (never going over $60), and by the end you’ll have your $1000 emergency fund!
Check out the post to get the printable and to see how it all works.
How to Make Your Own Savings Challenge
Are you interested in creating your own savings challenge?
It’s really easy! Here’s what you need to do:
- Find out how much you want to save – Are you saving up for your starter $1,000 emergency fun? Maybe a vacation? Something else? Figure out what you want to save for and how much it will cost.
- Pick a timeline – Think about how long you want it to take to save. If you’re saving for something important, like a starter emergency fund, I think you will want to save up for it pretty fast. If it’s something that isn’t a necessity (like a vacation), you can take your time when saving up. Or you can just pick something like 30 days, 6 months, or 1 year.
- Divide! – Here’s where you figure out your savings challenge. Divide how much you want to save by your timeline.
For example, if you want to save up $1,000 in 6 months it would be $1000 / 6 = $166.67
This will tell you how much you need to save each day or month (depending on the timeline you picked).
Have you ever tried a savings challenge? Let me know!