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5 fun savings challenges to help boost your savings all year long

SAVING MONEY can be so hard sometimes.  Hard to save yet so easy to spend! Remember back when you were a child, or if you’re a parent, think of your own children – turning something that seems otherwise boring into a game is always a great way to motivate them, right?  Yet even as adults, we are motivated by challenges or competitions, which is why savings challenges are an awesome way to motivate yourself to save money!

With New Years right around the corner, saving money is often a resolution for many people but many don’t know where (or how) to start!  The first thing I always recommend is creating a monthly budget. Check out my free budgeting course below to help you get started!

 

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My posts often contain affiliate links. If you make a purchase through an affiliate link I may earn a small commission at no additional cost to you. I only recommend products I truly think you’ll love! For more info see my disclosure policy.

Check out my Begin to Budget Bundle to help you create a budget you can actually stick to!  I created this bundle based on the exact system we used to pay off $54,500 of debt in under 22 months!  This 31-page printable budget binder will help you organize your finances, pay off debt and save money!

There are a ton of savings challenges around, in fact, you’ve probably heard of a few of them already and might not even realize it so I”m going to share a few of my favorites with you today in hopes of giving you a jump on your New Year’s resolutions!

 

SAVINGS CHALLENGES YOU’LL LOVE

Here are five savings challenges that are perfect for the budding saver or a seasoned pro!  Plus, get access to printable savings challenge worksheets in my FREE Resource Library!

 

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1 | Five Dollar Bill Savings Challenge

This challenge is pretty self-explanatory and can be easily tailored to your preferences!  Every time you receive a five-dollar bill, you save it…easy peasy! This can be a five-dollar bill you receive as a gift, as change from a purchase, or even cashing your paycheck. Any five-dollar bill that passes through your hands, save! You can decide whether to save it by depositing it into a bank account or hiding it in your sock drawer, totally up to you!

I will note that if you’re on a super tight budget, this challenge might not be the best place to start.  Missing out on five dollars (sometimes more if you get multiples) could serve to put a decent dent in your disposable income each month.  If you’re not quite ready for the five-dollar bill savings challenge then give yourself permission to start smaller!

Saving your one-dollar bills each time you receive them would likely not affect your bottom line as much each week! Conversely, if you’re in a solid financial position and want to up the ante, you could save your ten-dollar bills instead…that would definitely add up to some serious cash!

 

Row of colored piggy banks with text that reads 5 money challenges to save more in 2020

 

2 | Weekly Savings Challenge

I love this weekly savings challenge so much  I printed this out and passed a copy around my office a few years back! This challenge such a helpful way to save a substantial chunk of money without affecting your budget in an extreme way!  

I also think this is a great method to save throughout the year and dedicate this money specifically for the holidays!  You can use it for whatever you’d like, of course, but because many people struggle to afford the holidays this money challenge is the perfect solution to have a debt-free Christmas next year!  

The catch here is that the last quarter of the year you’re saving the bulk of the money for this challenge, which can be harder with the holidays quickly approaching!  If this sounds a bit overwhelming to you, then #3 might be a better fit for you!

 

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3 | Reverse (or Backward) Weekly Savings Challenge

This is technically the same challenge as number two but you’re going to flip the script and complete it backward or in reverse!  This version is awesome because it allows you to get the big numbers out of the way early in the year and relieve your budget come year-end and more importantly, the holiday season!  

Not only will you not be strapped trying to scrounge up extra money for the weekly savings at the peak of the Christmas shopping season, but you will also actually have saved up $1,378 at the end of the year for your holiday budget!  Win-win!

 

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4 | Spare Change Savings Challenge

It’s likely you’re actually saving your spare change already so this challenge will be no sweat for you.  But participating in this challenge with intention will probably help you find even more change to add to the pot!

Find yourself a cool change jar or even an awesome bank like this!  I bought myself one of these (my kids have them too!) and I absolutely love it!  I’m a very visual person so It makes me happy to see that number go up each time I drop my coins in!  

Keep your jar or bank in a convenient place where you can drop your change right after you return home from making a purchase, that way you’ll be sure to save it and avoid tossing it in a junk drawer never to be seen again!  

 

Check out these awesome savings challenges to save money in the new year! Do you need a rainy day fund? This saving money challenge helped me save up a starter emergency fund like Dave Ramsey recommends and also came with free printables to help me save money fast! #savingmoney #moneychallenge #savingschallengeprintables #lifeofstones

 

5 | Save $1000 in 3 months Savings Challenge

This is an awesome challenge to try if you’re working to build up a starter emergency fund!  An emergency fund of 3-6 months of living expenses is essential for a good financial foundation, but in order to build up savings of that size, it’s usually a good idea to pay off your debt so you have more money available to save each month!

A starter emergency fund, however, is usually around $1,000 set aside for emergencies that pop up while you’re working to get your finances in order!

This savings challenge is a great way to get your starter emergency fund in place in only 3 months! You can save this daily, weekly or monthly!  Weekly would be $77/week, daily would be about $11/day or monthly would be $333/month!

This challenge can feel a bit overwhelming as it’s a good amount of money in a shorter amount of time.  But having a very specific end-game in mind, ie. funding your starter emergency fund can be an incredible motivator!  Just think of how amazing it will feel to know that you have $1,000 big ones just sitting in an account waiting for an emergency to come around!  

 

 

The cool thing is that most – not all, of course – but most emergencies we incur can easily be covered by $1,000!  A sick pet (or kid), a flat tire, a broken dishwasher….most of the annoying little things that pop up can be handled with your starter emergency fund so this challenge will really put you in a good position to start the new year!

I know this sounds like a lot of money to save and you might now have enough extra to complete this challenge, but that’s why it’s called a challenge….because it’s challenging!  

Try to think outside the box with this one!  A great way to cut costs is by meal planning each month!  Find a side hustle you love to bring in some extra cash on the side like starting your own blog or switch to a cash budget system, which will help you keep better track of your money!

Regardless of which savings challenge you decide to try (or go ahead and try them all) the point is that you are creating a habit of paying yourself first by saving consistently each day, week or month!  Dave Ramsey always says that your income is your biggest wealth-building tool, but if neglecting to save a portion of your income can set you back years on your journey to financial freedom!

Have you tried any of these fun savings challenges before?!  Don’t forget to check out my new Begin to Budget Bundle to help you get started budgeting today!  Remember to grab your FREE savings challenge printables in my Resource Library below!  

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Hi, I’m Kristin!

I help people learn how to love life on a budget. It’s possible…I promise! This is where I share all my best tips and tricks that helped us pay off $54,000 of debt in under 22 months!

I have a heart for helping others get out of debt, reach their goals and live a positive life!

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Instagram post 2192505833296617682_3658814218 Look at these beauties 😍 I printed these a few weeks back and still haven’t folded them up. My other ones are so beat up, I love being able to print more whenever they get old or lost!

Tell me about your #cashenvelopes 💁🏼‍♀️ Do you print your own? Purchase them? Use plain ones from the dollar store?!
Instagram post 2190852649264118708_3658814218 Hello there to all my new friends around here...I wanted to introduce myself and welcome you to my little corner of Instagram!

My name is Kristin and I am the creator of Cents + Purpose, which includes my website, YouTube channel and Etsy shop.

I began this little business almost 2.5 years ago when my husband and I began working to pay off almost $55,000 of debt. 
Shortly after, I stumbled across the #debtfreecommunity and decided to create this new account (instead of using my personal IG) in an effort to keep myself inspired and motivated on our journey. 
While we are debt-free (except for our mortgage) I continue to share our personal financial journey in an effort to show you that it IS possible to love life on a budget!

I have 1 husband, 2 human kids, and 3 furkids.  You'll likely see more of my furkids on this page than my human kids...what can I say?  They just love me more 🤷‍♀️ Here's a few random facts about me: 🗣I usually talk alot.  I can be an over-sharer and often feel the need to explain things too much because I want people to understand my point of view. 🗣I have a Marketing degree from PSU and have never actually needed to use it in a real job. 🗣I have one sister, one half-brother and one half-sister.  My half-sister is only 10 months older than my daughter! 🗣I met my husband in prison!  But don't worry, we were both working there at the time, not living there! 🗣I've lived in the same place in PA my entire life and have never really liked it here. 
Thank you for being here!  I hope you are able to get value from my page in some way 💕

Let me know where you're from below...I'd love to see!
Instagram post 2189380691569768897_3658814218 With the new year quickly approaching I wanted to offer this #budgetingtip to remind you that January begins a new quarter!

Don't forget to consider any expenses you may have that don't occur on a monthly basis... Do you have quarterly expenses?

Do you have bi-yearly expenses? 
Do you have yearly expenses that are coming due?

Forgetting about these extra expenses can really bust your budget when they come due!

If you use my budget binder (still 40% off right now in my Etsy shop!) then now is a great time to take out the calendar sheets and fill in allllll these non-monthly expenses throughout 2020, this way you'll be prepared the whole year and avoid any surprises!
Instagram post 2188602307600429403_3658814218 I have a new video up on my YouTube channel sharing MORE frugal living tips! ⁠⠀
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This can be a tough time of year to try and save money so I wanted to share even more tips that we incorporate into our daily lives to save money every day!⁠⠀
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Some tips may only save a little and some may save you a lot but remember, these small choices compounded over time can really add up!⁠⠀
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Check out the video and leave your best frugal living tip in the comments!⁠⠀
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You can find the link to my video in my bio...⁠⠀
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Instagram post 2187544479485747982_3658814218 I am so grateful for this day each year.  I love the way our family celebrates Thanksgiving...super low key, casual attire, an abundance of yummy food and lots of love!

It's funny how when I was younger I remember thinking that Thanksgiving was kind of boring and now I appreciate this calm kickoff to the holiday season more and more each year!

I am grateful for the people in this picture.  I am grateful for people to spend the holidays with each year.  I am grateful that my husband decided to work overtime today (although he was very missed), I am grateful for elastic waistbands, and I am grateful for every single one of you 💕

Wishing you a day filled with love, gratitude...and lots of desserts 😆🥧🍗
Instagram post 2185890615338711906_3658814218 HEY!  Read THIS 👆🏼⁠⠀
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Just in case you really need to hear this, here is your reminder!⁠⠀
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Save, save, save. ⁠⠀
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Especially if you have some!⁠⠀
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Hindsight is always 20/20.  Boy, if I could have just forced myself to do this when we HAD money (especially before we had kids) it would have made the past 15 years A LOT smoother!⁠⠀
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I wouldn't trade the lessons I've learned for anything but I sure wish I could have learned them sooner 🤣⁠⠀
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Save.  Now.  Prioritize saving.  Pay yourself first. ⁠⠀
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Especially if you are in debt...pause your debt payoff and stash some money in savings.  Enough until you feel comfortable and confident it can bail you out of *most* emergencies that could occur.⁠⠀
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The very best way to do this is to automate it!⁠⠀
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Set up automatic transfers or even change your direct deposit to send a percentage (or specific amount) to your savings account each time you are paid. ⁠⠀
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When we plan to "save what's leftover" each paycheck, often you come to the end of the expenses and there's nothing left so your savings gets pushed to the next pay, then the next, etc. ⁠⠀
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Do you have a system in place to make sure you save?⁠⠀
Instagram post 2185226961689725552_3658814218 I decided to finally try this 10-year challenge and for some reason it made me feel so emotional.⁠⠀
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Gosh, what I would give to be able to go back and talk to this baby (the one holding the baby) knowing what I know now...⁠⠀
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I have so much I want to tell her.⁠⠀
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♡ I would tell her to slow down.  To enjoy the moments more...even the uncomfortable ones.⁠⠀
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♡ I would tell her to kiss that sweet boy in her arms even more (bc she already kissed him a million times a day 😆)⁠⠀
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♡ I would tell her to show herself grace.  That she was doing the very best she knew how with what she had.⁠⠀
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♡ I would tell her to spend less (way less) and save more. ⁠⠀
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♡ I would tell her that the time she thought she was broke (before she had kids) would actually be the most money she had for the next decade and to manage it wisely.⁠⠀
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♡ I would tell her that her body is beautiful, even if it didn't look the way her friends' bodies did...⁠⠀
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♡ I would tell her that she can - and will - do hard things.⁠⠀
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♡ I would tell her that God truly won't give her more than she could handle.⁠⠀
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♡ I would tell her to accept more help when it's offered.⁠⠀
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♡ I would tell her to prioritize her health - and not just physical health but mental and emotional as well. ⁠⠀
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♡ I would tell her to stop worrying so much.  I would tell her to continue to hold on tight to her faith and believe that everything really will be OK. ⁠⠀
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♡ Lastly, I would tell her for the love of all that is holy, don't ever step foot into a @target 😳⁠⠀
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What advice would you give yourself 10 years ago??
Instagram post 2184293684606697919_3658814218 It is my honor to be teaming up with some of the smartest and most inspiring women I've met through the #debtfreecommunity to give away $1000 this holiday season!⁠⠀
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@veefrugalfox⁠⠀
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The giveaway begins today and runs through November 27th.  We will have 3 winners - 2 people will win $250 and 1 person will win $500!⁠⠀
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TO ENTER:

YOU MUST GO TO @debtfreeinsunnyca page, look for the giveaway post and follow the rules on her post...good luck to you...I can't wait to see who wins! ❤️🎄⁠⠀
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