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. co*ke bottle challenge
If you enjoy drinking co*ke (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.
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Introducing YouChat as a Personal Finance Expert
As a personal finance expert, I have extensive knowledge and experience in various money-saving strategies and challenges. I have helped numerous individuals achieve their financial goals by providing practical advice and guidance. With a deep understanding of personal finance principles and a passion for helping others, I can confidently discuss and provide insights on the concepts used in the article "Looking for ways to save more money in 2023? Here are nine pain-free challenges that can boost your savings by thousands."
Key Concepts in the Article
The article outlines nine different money-saving challenges that can help individuals boost their savings. Let's explore each concept in more detail:
1. 52-week challenge
The 52-week challenge is a popular money-saving challenge where you save a specific amount each week for 52 weeks. The initial amount is typically $1, and it increases by $1 every week. By the end of the challenge, you will have saved $1,378. This challenge can be a great way to start saving gradually and build up momentum over time.
2. The envelope challenge
In the envelope challenge, you label 100 envelopes from one to 100 and randomly select one each day. The number written on the envelope represents the amount you need to save that day. By consistently saving according to the envelope numbers, you can accumulate $5,050 in 100 days. This challenge can be customized by adjusting the number of envelopes or saving every second day instead of daily.
3. co*ke bottle challenge
The co*ke bottle challenge involves saving $2 coins in an empty soft drink bottle. Over time, the coins accumulate, and you can save a significant amount of money. A 600ml bottle can hold approximately $880, while a 1.25-litre bottle can hold around $1,900. This challenge is particularly suitable for those who frequently use cash for transactions.
4. Roll the dice challenge
The roll the dice challenge adds an element of fun to your savings routine. Each day, you roll a six-sided die and save the amount indicated on the face of the dice. For example, if you roll a three, you would save $3 that day. You can also customize this challenge by rolling two dice or adding a zero to the amount rolled to increase your savings.
5. Weather Wednesday challenge
The Weather Wednesday challenge allows you to use the weather as a guide for your savings. Every Wednesday, you check the highest or lowest temperature in your city or state and save that amount of money. For example, if the temperature reaches 40 degrees, you save $40. This challenge adds a unique twist to your savings routine.
6. Money savings chart
The Money savings chart is a bingo-style game that helps you save money systematically. The chart contains a range of dollar amounts, and each week, you select a number from the chart that you can afford to save. As you use a number, you cross it off to avoid repetition. By the end of the year, you could save $1,000 or even $10,000 by adding a zero to each number. This challenge offers flexibility in choosing your savings amounts.
7. Round-up challenge
The round-up challenge is a simple and effective way to save money. Each week, you round up your account balance to the nearest dollar, $5, or $10 and transfer the difference into your savings account. For example, if your account balance is $121.25, you would transfer 75 cents, $3.75, or $8.75 to your savings. This challenge can be done daily for greater savings.
8. No spend challenge
The no spend challenge involves refraining from spending money on non-essential items or activities for a specific period. This could be a weekend, a week, or even a month. By avoiding unnecessary expenses, you can save money. Additionally, you have the opportunity to "double" your savings by depositing into your savings account the amount you would have spent on temptations during the challenge.
9. Pantry challenge
The pantry challenge focuses on utilizing the ingredients you already have at home to prepare meals, rather than relying on frequent supermarket visits. By getting creative with your pantry, fridge, and freezer items, you can not only save money but also reduce food waste. Using recipe apps like SuperCook can provide inspiration for cooking with existing ingredients.
By exploring and implementing these money-saving challenges, individuals can significantly boost their savings without sacrificing everything they love. These challenges offer flexibility and can be tailored to suit personal preferences and financial goals.
As a personal finance expert, I encourage individuals to evaluate their financial situation and choose the challenges that align with their needs and capabilities. These challenges can be excellent tools to develop healthy saving habits and achieve long-term financial stability.
