7 Money Saving Challenges You Should Try In 2023

By Honeygain
Jan 10, 2023 • Last Updated May 23, 2023 • 6 min read

Saving money is an integral part of financial health. The earlier you start, the better off you will be in the long run. However, the frustrating part is making yourself do it. If you can not think of anything or just need a push to start, check out these fun money saving challenges that you should try in 2023!

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The 52-Week Money Saving Challenge

The 52-Week Money Saving Challenge is a great way to grow your money over one year. Starting small, you incrementally move up each week until you have achieved your financial goal and saved big! Simply put away $1 on the first week of this challenge. Then, once the next week comes, put away $2. On the following week — $3, and so on.

Whether for vacation savings or extra cash at Christmas time, this challenge encourages steady growth from start to finish - ensuring that both short-term wins and long-term success are celebrated in reaching any monetary targets set.

two green pieces of paper money with a dollar sign on them

By taking on this challenge, you can start saving money without drastically changing your lifestyle. Even though it’s only a few dollars per week, that adds up over time! Plus, breaking down the task of saving money into smaller achievable goals makes it more manageable and accessible for those who find savings intimidating. Start with as little as $1 and work towards building long-term financial security – what could be better?

Ready to take on a savings challenge this year? With a wealth of motivation and accomplishment waiting for you at the end, it's easy! As your savings grow over time, you'll receive tangible proof highlighting just how much progress you've made. Plus, get additional inspiration by seeing where—and how far ahead—you are each month compared to when you first started!

No-Spend Challenge

The No-Spend Challenge is a fun and effective way to save money and become more mindful of your spending habits. The goal is to stop spending money on non-essential items for a set period, whether a week, a month, or longer.

To participate in the challenge, start by setting a goal for how long you want to go without spending money on non-essential items. The period might be a week, a month, or even longer. Next, list all the things you usually spend money on that aren't essential to your daily life, such as dining out, buying clothes, or going to the movies. These are the things you'll need to avoid during the challenge.

Now, it's time to get creative! There are plenty of ways to have fun and stay entertained without spending money. Instead of dining out, try cooking at home using ingredients in your pantry. Instead of going to the movies, rent a movie from a streaming service or borrow one from the library.

As you go through the challenge, it's important to track your progress and stay motivated. You can set small goals for yourself, such as saving a certain amount of money by the end of the week or month. You can put your saved cash in a savings account and boost your financial goals!

Grocery Budget Challenge

Shopping for groceries doesn't have to break the bank! With the Grocery Budget Challenge, you can save money on food costs and become savvier with your spending. Set a realistic weekly or monthly budget that works with your lifestyle — then challenge yourself to stick to it when shopping at the store!

brown grocery bag with milk bread and carrots in it and an apple next to it

Start by setting your grocery budget based on the size of your family, income level, and other important factors. Once that's sorted, it's time to get shopping! Who knows what delicious recipes you'll be able to create with thrifty ingredients!

The path to success in the Grocery Budget Challenge can be simple — get organized before you hit the store. Make a shopping list ahead of time, and commit to keeping it! Having a list will stop those pesky impulse buys, enabling your wallet and budget to stay happy.

To put things into overdrive on savings, look out for sales & coupons while grocery shopping too. Another way to save money on groceries is to buy in bulk. It can be a great way to save money on non-perishable items like rice, beans, and pasta. Just be sure to store these items properly to ensure they stay fresh.

30-Day Declutter Challenge

If you want to save money and get more organized while at it, the 30-Day Declutter Challenge is for you! The goal is to declutter your home, one room at a time, over 30 days.

To participate in the challenge, choose a room to focus on each day. It might be your bedroom one day, your living room the next, and so on. As you go through each room, take the time to sort through your belongings and eliminate anything you no longer need or use. You can donate items in good condition to a thrift store or sell them online.

Embarking on a 30-Day Declutter Challenge is your ticket to success. To make it work, you must be honest with yourself as you determine what items are essential and regularly used in your life versus those that simply take up space without adding value.

Rethink sentimental “keepsakes” – the things you feel obligated to hold onto – and focus instead on objects of joy or practicality that simplify daily living!

Round-up Challenge

The Money Round-Up Challenge is a great way to save money without significant sacrifices. The concept revolves around rounding up your expenses and setting aside the extra amount for savings.

For example, if you purchase an item for $4.67, you would round up to $5 and put the remaining 33 cents towards your savings goal. Those few cents will not put a dent in your budget, yet, over time, they will accumulate to a reasonable amount of cash.

To start, you should first choose what type of account you want your savings to go to. You can go for a regular savings account or a high-yield-interest savings account that will help your money grow faster.

Once you have decided, it's time to start rounding up! Whenever you make any purchases or withdraw cash from an ATM, ensure you are rounding up the total bill amount so that the spare change goes towards your savings goal.

If that seems a bit tedious, remember that many banking institutions and financial apps now offer automated “round-up” features that automatically round up each transaction, deposit the difference into a separate saving account, or make micro-investments for you.

This option can benefit those needing help remembering or practicing the round-up challenge independently. Plus, it removes the hassle of manually transferring funds into different accounts every time they spend money – making saving even more straightforward!

Money Mistake Jar Challenge

The Money Mistake Jar challenge is a great way to challenge yourself personally and help save some money. This challenge involves putting away a certain amount of money every time you make some mistake or do not keep a goal set up for yourself.

a jar with red lid and coins inside of it

Of course, making up your mind on what you consider a mistake is purely up to you. For example, you may promise not to buy expensive coffee from a coffee shop before work for the whole week. If you fail to do that — drop some money into the jar!

As the jar keeps filling up, you may reflect on your decisions and promises and get into new and healthy habits — not necessarily just financial ones. Imagine promising to go for a 15-minute walk each day and not keeping this promise. You may become frustrated and start doing those walks as the jar fills up.

Challenging yourself and creating multiple mistakes, in this case, is a great way to make your life better and save some money on the side. Remember to change those little mistakes once you get into the habit of not repeating them.

Financial Minimalism Challenge

Ready to take charge of your finances and start living a more meaningful life? Look no further than the Financial Minimalism Challenge! This fun exercise is an excellent way to save money, pay off debt, and simplify your financial situation by eliminating nonessential items that don't make you smile. In a way, it combines all the previously mentioned challenges.

To get started, examine your expenses and income closely. From rent or mortgage payments to groceries and entertainment purchases – list out all of your fixed and variable costs. After putting everything on your list, see what areas you could cut back for extra savings! Maybe it's time to explore more cost-effective options like cheaper cell phone plans or smart grocery shopping tricks. You can keep these savings and grow your budget or try to flip them for some more.

Chart your course to financial freedom by focusing on what matters most! Identify and prioritize the values, activities, and experiences that bring you joy. Focusing on these important things first in every decision will help guide decisions about spending - leaving more time for enjoying life's true rewards.

With these 7 money saving challenges, there are certainly no more excuses left. Pick the one (or a few if you are feeling adventurous) that seems the best for you and keep it for the whole year. On the next New Year’s Eve, you will be stunned to see how much extra money you have saved!

As you are fully committed to the challenge of your choice, remember that you can add some more to your budget completely passively. Keep Honeygain running as you are planning your grocery budget on your smartphone or trying to sell things you no longer need on your PC. Make money while making money!

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By Honeygain
Jan 10, 2023 • Last Updated May 23, 2023 • 6 min read
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