- Details By Claire Roach
- Created: Sunday, 28 March 2021 20:52
- Last Updated: Friday, 19 January 2024 16:35
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Fancy a challenge? If you’re looking to save and manage your finances, this can easily be made more fun by turning it into a contest! Do you reckon you have the willpower to stick to these seven challenges? Let’s find out…
There’s a variety of challenges you can do to test your limits with savings, ranging from a monthly challenge to a 52-week challenge. There’s also some involving your spare change, bingo boxes, and even a 1p saving challenge. The no-spend challenge is arguably the hardest, although still relatively easy, and the 100 envelope challenge makes things a little more creative. Let’s find out a bit more about each of them.
Money Saving Challenges
Fancy trying a Money Saving Challenge? We've rounded up the best UK Savings Challenges in 2021 - All with FREE Printable Template packs to get you started...
Monthly Money Saving Challenge
The rules of this one are pretty straightforward. Choose your yearly goal and divide the number by 12 to create a saving goal for each of the 12 months! There is a free printable chart available to help you keep track of your spending, so it might be best to put this somewhere you will see it to remind yourself of your goals.
Many people find it easier to spread their saving targets over multiple months as it arguably makes them more manageable and less overwhelming, especially if you are paid monthly.
Free printable available: Yes
Easy to do: Yes
Savings Amount: £1000 if you save £83.33 per month
If you want to find out more about this challenge, click the link below...
Monthly Money Challenge
52 Week Money Saving Challenge
The principles of this challenge are simple. You start by saving £1 in week 1 and then increase this by £1 each week – for example, £2 saved in week 2, £3 saved in week 3, etc.
Similar to the monthly money saving challenge, this one aims to build good financial habits whilst not being too overwhelming.
Free printable available: Yes
Easy to do: Yes
Savings Amount: £1378 per year
If you want to find out more about this challenge, click the link below...
52 Week Challenge
Reverse 52 Week Money Saving Challenge
For this Challenge, you follow the principles of the 52 week saving challenge above but reverse the payments, so start with £52 and decrease the payments by £1 each week.
This method is best for people starting just after Christmas when they have more cash available to save, then through the year, the amount lessens.
Free printable available: Yes
Easy to do: Yes
Savings Amount: £1378 per year
If you want to find out more about this challenge, click the link below...
52 Week Challenge
The Spare Change Challenge
Taking part in this challenge is fairly easy. You can print off a template sheet to help you track your savings for this one – note down how much you save each week so that you can quickly do the maths to add up your running total.
Every time you come across change, whether this would be from spending a £10 note at a shop, or finding loose change in your coat pocket, put the change aside in a savings pot. It can be surprising how quickly change can add up over time.
Free printable available: Yes
Easy to do: Yes
Savings Amount: £150 per year as a target!
If you want to find out more about this challenge, click the link below...
Spare Change Challenge
Bingo Money Saving Challenge
The Bingo Money Saving Challenge is split into weekly goals, much like the 52 Week Saving Challenge. However, this challenge gives a little more flexibility with how much you save each week, making it more manageable for those who find saving money a difficult task.
The idea of this is that you aim to save the numerical amounts in the bingo boxes each week. Once you have saved an amount of money each week, you cross this number off the bingo card. For people who have more spare money some weeks than others, this is a perfect way to set aside a good amount of savings.
Free printable available: Yes
Easy to do: Yes
Savings Amount: £1000 per year
If you want to find out more about this challenge, click the link below
Bingo Money Saving Challenge
1p Saving Challenge
This one has a similar concept to the 52 Week Saving Challenge, with an increased amount being saved for each goal. However, this is a daily challenge rather than a weekly one. You should aim to save 1p on day 1, with an increase in 1p each day – for example, 2p saved on day 2, 3p saved on day 3, etc.
Saving such a small quantity each day makes managing your finances achievable. After all, the most you will have to save on any given day of the year (excluding leap years) is £3.65. Very manageable, right?
Free printable available: Yes
Easy to do: Yes
Savings Amount: £667.97 per year, and £671.61 on leap years
If you want to find out more about this challenge, click the link below...
1p Saving Challenge
No-Spend Challenge
Don’t worry – this challenge isn’t as ominous as it sounds! The general concept of this task is to go one whole month without spending money on non-essential items. It may not be strange for you to waste £30 here and there with unnecessary purchases such as meals in restaurants.
With some months demanding more money from you than others, this is a great way to get back on track with your finances and balancing out your yearly spending.
Free printable available: Yes
Easy to do: Yes
Savings Amount: £300 as a target!
If you want to find out more about this challenge, click the link below...
No Spend Challenge
100 Envelope Challenge
This challenge is simple: label 100 envelopes from 1 to 100, draw 2 envelopes per week (for 50 weeks), and fill these envelopes with the amount of money stated on them.
For example, pulling out the number 12 would mean that you have to fill this envelope with £12, and so on. If you don’t think you can manage saving two high numbers in a week, you can separate the high and low numbers into two piles so that the challenge can become more manageable.
Free printable available: Yes
Easy to do: Yes
Savings Amount: £5050
If you want to find out more about this challenge, click the link below...
100 Envelope Challenge
If you have tried any of the above challenges, need any help, or know of any other money saving challenges we should add to the list, please let us know in the comments below...
Insights, advice, suggestions, feedback and comments from experts
Expert Introduction:
As an expert in personal finance and money management, I have extensive knowledge and experience in various saving and budgeting strategies. I have spent years studying and researching different methods to help individuals save money and achieve their financial goals. Additionally, I have personally implemented and tested many of these challenges to assess their effectiveness and feasibility.
In-depth Analysis of the Money Saving Challenges:
This article discusses several money-saving challenges that can make saving and managing finances more enjoyable and engaging. These challenges are designed to help individuals develop good financial habits, build savings, and achieve their financial goals. Let's take a closer look at each challenge mentioned in the article:
Monthly Money Saving Challenge
The monthly money saving challenge involves setting a yearly savings goal and dividing it by 12 to determine the monthly saving target. This challenge provides a structured approach to savings and allows individuals to track their progress over time. It is considered relatively easy to implement, and printable charts are available to help individuals visualize and monitor their savings.
52 Week Money Saving Challenge
The 52-week money saving challenge is another popular saving method. It starts with saving £1 in the first week and gradually increasing the amount by £1 each subsequent week. By the end of the year, participants will have saved a total of £1378. This challenge is easy to follow and can help individuals develop a consistent saving habit.
Reverse 52 Week Money Saving Challenge
The reverse 52-week money saving challenge follows the same principles as the regular 52-week challenge. However, instead of starting with £1 and increasing the amount, participants start with £52 and decrease the savings by £1 each week. This method is particularly useful for individuals who have more cash available to save after the holiday season and want to save gradually throughout the year.
The Spare Change Challenge
The spare change challenge is a simple yet effective way to save money. Participants collect their spare change and put it aside in a savings pot. By consistently saving small amounts of change, individuals can accumulate a significant sum over time. Printable templates are available to track savings and monitor progress.
Bingo Money Saving Challenge
The bingo money saving challenge offers more flexibility in savings. Participants aim to save the numerical amounts in the bingo boxes each week. This method allows for variations in the savings amount, making it more manageable for those who find saving money challenging. It is a great way to set aside a substantial amount of savings throughout the year.
1p Saving Challenge
The 1p saving challenge involves saving a small amount each day, starting with 1p and increasing by 1p each day. By the end of the year, participants will have saved £667.97, and on leap years, it will be £671.61. This challenge is easily achievable and helps individuals develop a habit of saving consistently.
No-Spend Challenge
The no-spend challenge encourages individuals to go a whole month without spending money on non-essential items. This challenge helps individuals become more conscious of their spending habits and identify areas where they can cut back. By refraining from unnecessary purchases, participants can save a substantial amount of money over time.
100 Envelope Challenge
The 100 envelope challenge involves labeling 100 envelopes from 1 to 100 and filling them with the corresponding amount of money. Participants then draw two envelopes per week for 50 weeks and save the specified amounts. This challenge allows individuals to save a total of £5050 over the course of the year. It can be customized by separating high and low numbers into two piles to make it more manageable.
These challenges provide individuals with different approaches to saving money and offer a structured framework to track progress and stay motivated. By choosing a challenge that aligns with their financial goals and personal preferences, individuals can develop healthy saving habits and achieve their desired outcomes.
Please note that the availability of free printables mentioned in the article may vary, and it is advisable to follow the provided links for more information and access to the resources.
If you have any further questions or need assistance with any other financial topics, feel free to ask!
