7 Savings Challenges To Build Better Saving Habits

Saving money can feel overwhelming, especially when you're not sure where to start. A savings challenge offers a simple, structured way to build better habits one step at a time. Whether you're setting aside spare change or following a weekly schedule, the goal is to make progress toward your financial goals without overhauling your entire lifestyle.

1. 52-Week Savings Challenge

The 52 Week Savings Challenge is a structured way to build long-term savings habits by saving an amount each week that matches the week number. $1 in Week 1, $2 in Week 2, all the way to $52 in Week 52, for a total of $1,378 by year’s end.

Some people track their savings with printed checklists or index cards, while others automate transfers through digital banking products or set up automatic payroll deductions. 

To Stay On track:

• Plan ahead for higher weeks by cutting extras like subscription payments, happy hour, or unused gym memberships
• Visualize the reward, whether it’s a vacation, a new tablet, or padding your rainy-day fund

This challenge can also reinforce the compounding effect. While the amount saved doesn’t earn compound interest on its own, the discipline you develop could be applied to other goals.

2. 5 Dollar Bill Challenge

The 5 Dollar Bill Challenge is simple: every time you receive a $5 bill, you save it. While many people stash physical bills in a money jar or envelope at home, this can also be adapted for digital saving using round-up apps or tracking tools on your computer or mobile phone.

Because it doesn’t rely on a set schedule or fixed amounts, this challenge may feel more relaxed. It may even feel fun, especially for people who like physical cash or live in cities where small bills circulate often.

But there are a few caveats. If you primarily rely on online shopping, mobile payments, or direct subscription services, you might not encounter many $5 bills. One way to adapt is to “fake” the experience by setting aside $5 whenever you would’ve received physical change.

3. No Spend Challenge

The No Spend Challenge helps you build money-saving spending habits. It involves cutting out discretionary spending for a set period. Common targets include takeout, mobile plans, clothing, and streaming subscription payments. You can now reroute that money toward your savings.

Create a Structured Plan

• Make a detailed grocery list and stick to private-label goods
• Use a prepaid card or digital banking product to limit spending
• Block access to online retailers on your tablet or computer to reduce temptation

At the end of each week, tally up the expenses you skipped and transfer that amount to your savings. This could go into a cash management account, rainy-day fund, or toward a specific personal money goal.

4. 26-Week Biweekly Challenge

For those who are paid every other week, the 26 Week Biweekly Savings Challenge can align with your income cycle. You start by saving $10 in the first pay period, $20 in the second, $30 in the third, and continue increasing your savings every two weeks. 

This structure may make it easier to save without compromising your ability to manage recurring expenses like rent, bills, or mobile phone payments. The challenge pairs well with automatic payroll deductions for consistency and investing apps that allow micro-transfers to mutual funds or bonds.

As you move toward higher amounts, you may want to adjust other habits like switching from brand-name goods to private-label, scaling back happy hour, or bundling subscription payments.

5. Save the Change Challenge

The Save the Change Challenge relies on rounding up purchases to the next whole US Dollar and saving the difference. For instance, if you spend $7.45 at the grocery store, the app or tool automatically moves $0.55 into your savings.

Some banks offer this as a built-in feature, while others can link to apps that perform the round-up. Over time, this passive strategy may help you build a consistent savings habit without even noticing.

Tips For Boosting Effectiveness:

• Combine it with a no-spend challenge or a budget reset month
• Transfer your savings weekly into a high-yield savings account
• Use a savings tracker to visualize your progress

While the amounts may be small, over time they may help you reach small personal money goals like a tablet, an emergency car repair, or a couple of months’ worth of subscription services.

6. 100 Envelope Challenge

The 100 Envelope Challenge is a visual and interactive way to build savings. You label 100 envelopes with numbers 1 to 100. Each time you draw an envelope, you place the corresponding amount inside. Complete all 100, and you’ll have saved exactly $5,050.

This challenge blends well with index card systems, printable trackers, or envelope apps. Whether you use real cash or digital versions, the visual cue of seeing envelopes (or a digital list) fill up can provide a powerful behavioral nudge.

7. Penny Challenge

The Penny Challenge is a low-pressure, high-potential savings habit that starts with just one cent. On Day 1, you save $0.01. On Day 2, you save $0.02. Day 3? You guessed it—$0.03. By Day 365, you'll be setting aside $3.65. If you complete all 365 days, you’ll have saved exactly $667.95 by the end of the year.

What makes this challenge appealing is how effortless it feels at the start. That $0.01 commitment is approachable for nearly everyone. And by increasing the contribution gradually, it gives your motivation time to build, while keeping the impact on your cash flow minimal for most of the year.

Tips to Stay Consistent

• Set a calendar alert on your mobile phone or computer to remind you to transfer your totals weekly
• Use a bank account or FDIC-insured savings product to store the funds safely
• Consider placing a visible money jar or envelope on your desk or dresser for physical cash versions
• Reduce online shopping or unnecessary subscription payments and apply those savings to your daily penny deposits

Where Could Your Saved Money Go?

Each savings challenge you complete is more than a one-time win. It’s a step toward broader financial goals. But what you do with the money you’ve saved can shape how useful it becomes over time.

Some potential next steps include:

• Opening a high-yield savings account: Look for accounts with no monthly fees and FDIC insurance, especially if you're saving for short-term financial goals like a vacation, home repair, or major appliance.
• Contributing to an IRA or a 401(k): These accounts may offer tax advantages and can be used to invest in mutual funds, stocks, or bonds.
• Exploring money market funds: For savers who want a relatively conservative growth option, money market funds can offer short-term liquidity with moderate yield potential.
• Investing according to your risk tolerance: Depending on your comfort level, you may want to consider stocks, bonds, or low-cost index mutual funds as a way to pursue longer-term goals.
• Reaching a personal milestone: Saving for something meaningful can boost your sense of accomplishment and strengthen your saving habit.
• Building a rainy-day fund: Consider setting aside a portion of your savings for small, unplanned expenses like increased mobile plan bills, car repairs, or covering subscription payments during tight months.

Final Thoughts

Savings challenges aren’t about perfection; they’re about building momentum through small, consistent steps. Whether you’re aiming for short-term goals or a more secure financial future, these strategies may help you develop habits that stick. The key is to find a challenge that fits your life and keep moving forward, one dollar at a time.

   Pick a savings challenge that fits your lifestyle and financial goals. Get My Free Financial Review