We all remember the meme of the little boy shouting at his nanny saying “Bacon is good for me” well I am like that child, but for me I am cradling my budget folder shouting “saving challenges are good for me!”
I love saving challenges! I have become addicted to them over the last few years, every month I take part in some form of saving challenge.
For me they are great way to save little bits along side my main saving goals, they also help me reduce my spending.
But there are so many saving challenges out there so which ones are the best?
Well keep reading as I will be sharing my favourite challenges!
20p Challenge
I love this challenge, I found it many years agoand have been doing it ever since.
In 31 days you can save £99.20 (I always round it up to £100) this challenge is perfect for getting you into the habit of saving daily. You can do this challenge in two ways:
Start at day 1, you put away 20p
Day 2 you put away 40p
Day 3 you put away 60p
and so on, you simply go up by 20p per day until on day 31 you put away £6.20!
You can also do this backwards:
Day 1 you put away £6.20
Day 2 you put away £6.00
Day 3 you put away £5.80
and so on, until day 31 is 20p.
Doing it backwards is really handy if you are paid at the end of the month, at the beginning of the month we have more money so starting out with the larger amounts will make this more manageable.
You do not have to complete this tracker with months that only have 31 days in, you can do it all year round like I am. On day 30 simply put away day 30 and day 31.
Money Monday (@lottiebudgets)
This challenge is created by the lovely Lottie from @Lottiebudgets (Please go and check her out) she created not 1 but 3 saving challenges to do on a Monday!
- Money Monday Save £450 in 21 weeks
- Money Monday Quarterly save £500 in 13 weeks
- Mini Money Monday save £200 in 8 weeks
Simply pick which amount you would like to save and every Monday tick off a amount. Lottie has all the trackers you need over on her page so make sure you go and check them out.
For the last few months I have been doing the Mini Money Monday as I am on less pay so for me this is much more manageable and I love it! I do this challenge along side my other saving challenges.
Fiver Friday
Fiver Friday is a simple as that, you put £5 away each Friday. This is perfect to help you save up for someones birthday or even a pot just for yourself.
If you do this challenge all year round you can save £265, so this a great challenge to help you save for Christmas or weekends away.
I have been doing this challenge for a few weeks and I used my money to buy mothers day presents so it is well worth it!
1p Challenge
I love this challenge! You save for 365 days! I first discovered this challenge on the one and only Skint Dad website.
You simply save up your pennies following his tracker and you can save over £600 in 1 year!
Having an extra £650 at the end of the year is a massive help and you can start this challenge at any point in the year, just make sure you do it for 12 months.
52 Week Challenges
There are so many year long challenges out there, which means you have to put money away each week and they are brilliant.
You can save £10,000 in 52 weeks, take a look at the images below to find some 52 challenges that could work for you!
I can’t recommend saving challenges enough, to help you get into the mindset of saving money each day, week or month.
What are your favourite saving challenges? Let me know!
And don’t forget to follow me on Instagram to keep up to date with my journey and the daily budgeting tips I share!!
Budgetwithme1 