Savings Challenges: 10 Ideas to Try
Ten money saving challenges, from $465 in 30 days to $5,050 with 100 envelopes, with what each one saves and who it suits best.
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What savings challenge should I try?
The best savings challenge idea is the one you can finish. Beginners usually do well with the 30-day challenge ($465) or the 52-week money challenge ($1,378). If you can free up more cash, the 100 envelope challenge saves $5,050. If spending is the problem, a no-buy challenge cuts costs instead of setting a savings target.
Savings challenge ideas compared
Savings challenge ideas fall into two groups. Saving challenges set a schedule of deposits with a fixed total at the end. Spending challenges cut what goes out, and whatever you do not spend becomes the saving. Both work, but they suit different habits.
The table below lists ten ideas with what each saves in its classic form. Most can be scaled up or down, so treat the totals as a starting point.
| Challenge | How it works | Length | Classic total |
|---|---|---|---|
| 30-day savings challenge | Save $1 on day 1, $2 on day 2, up to $30 | 30 days | $465 |
| 52-week money challenge | Save $1 in week 1, $2 in week 2, up to $52 | 1 year | $1,378 |
| 100 envelope challenge | Fill 100 envelopes numbered $1 to $100 | 100 days or longer | $5,050 |
| 365-day savings challenge | Save 1 cent more each day, from 1¢ to $3.65 | 1 year | $667.95 |
| 1p savings challenge (UK) | Save 1p more each day, from 1p to £3.65 | 1 year | £667.95 |
| $5 bill challenge | Keep every $5 bill you receive | Open-ended | Varies |
| No-buy challenge | Buy only essentials for a set period | 1 month to 1 year | Varies |
| No-spend weekend | Spend nothing beyond fixed bills for a weekend | 2 days, repeated | Varies |
| Reverse 52-week challenge | Start with $52 in week 1 and count down to $1 | 1 year | $1,378 |
| Pay-yourself-first challenge | Move a set percentage of each paycheque on payday | Ongoing | Varies |
Which money saving challenge saves the most?
Of the fixed-total challenges, the 100 envelope challenge saves the most at $5,050, followed by the 52-week challenge at $1,378. The 365-day penny-style challenges save about $668, and the 30-day challenge saves $465. Open-ended challenges can beat all of them if your spending was high to begin with.
A bigger total is not always better. The best money saving challenge is the one whose weekly amount fits your budget without forcing you to borrow.
Deposit challenges: a fixed total at the end
52-week money challenge
The most popular starting point. Week 1 is $1, week 52 is $52, and you finish with $1,378. The 52-week money challenge page has a full chart and variations. Doing it in reverse puts the biggest weeks in January, when motivation is highest.
100 envelope challenge
Number 100 envelopes and fill one at random each day. The 100 envelope challenge saves $5,050, but the daily pace works out to about $1,500 a month, so many people stretch it over a year.
30-day savings challenge
A one-month sprint that saves $465. The 30-day savings challenge is a good test run before committing to a year-long plan.
365-day and 1p challenges
Tiny daily deposits that rise by one cent or one penny a day. The 365-day savings challenge saves $667.95 and the UK 1p savings challenge saves £667.95. Both suit people who like a daily habit more than a big weekly amount.
Tips that help you save
- A daily brief with practical ways to save
- Spot recurring subscriptions worth cutting
- Watch your savings show up in your net worth
Spending challenges: cut first, save what is left
$5 bill challenge
Every $5 bill that comes your way goes straight into savings. The 5 dollar challenge has no fixed total, which makes it low pressure. It works best for people who still use cash.
No-buy challenge
For a month, a quarter or a whole year, you buy only essentials such as groceries, rent and bills. Our guide to the no-buy challenge explains how to set rules and what to do when something breaks.
No-spend weekends and months
A shorter cousin of the no-buy challenge. Pick weekends, or a whole month, when you spend nothing beyond fixed bills. See the rules and common mistakes in our no-spend January guide.
Pay-yourself-first challenge
Move a set percentage of every paycheque into savings the day it arrives, then budget what is left. Start at 5% and raise it by 1% each month you succeed. Automating the transfer makes it stick.
How to choose the right savings challenge
Start from your budget, not from the challenge. Work out how much you can realistically set aside each week, then match it to a challenge. A savings goal calculator shows how long any target will take at a given weekly amount.
- Find your spare cash. Look at last month's spending and see what was left after needs and a reasonable amount of wants.
- Pick a goal. An emergency fund, a trip or paying off a card gives the challenge a reason.
- Match the pace. Under $20 a week suits the 52-week or 365-day challenge. $50 to $100 a week suits a stretched 100 envelope challenge.
- Decide where the money goes. A separate savings account keeps it out of reach of everyday spending.
- Track it weekly. Log each deposit so you can see progress and catch a missed week early.
Tips to finish what you start
- Automate where you can. Schedule the transfer for payday so the choice is made once, not every week.
- Stack a spending and a saving challenge. A no-buy month frees up cash for the bigger weeks of a deposit challenge.
- Allow catch-up weeks. Missing one deposit is fine. Add it to the next week rather than quitting.
- Share it. Doing a challenge with a partner or friend adds accountability. EMOH Pay's family sharing lets each person log in separately and see the same shared goal.
- Watch progress, not just the total. In EMOH Pay you can set any challenge as a savings goal and see the bar fill, alongside budgets with overspend alerts that flag when spending threatens the plan.
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Get started free➜Savings Challenges: 10 Ideas to Try: frequently asked questions
What is the easiest savings challenge?
The 30-day savings challenge is usually the easiest to finish because it only lasts a month and the biggest single deposit is $30. The 365-day challenge is also easy day to day, since the largest deposit is $3.65.
What is the best savings challenge for beginners?
The 52-week money challenge is a strong first choice. The early weeks are small, it builds a weekly habit, and it ends with $1,378. Try the reverse version if you expect your budget to tighten later in the year.
Can I do two savings challenges at once?
Yes, as long as the combined weekly amount fits your budget. Pairing a spending challenge, such as a no-buy month, with a deposit challenge often works well because one frees up cash for the other.
Where should I keep the money I save?
A separate high-interest savings account or a Tax-Free Savings Account keeps it safe and earning interest. Cash at home is easy to spend and earns nothing.
What if I miss a week?
Add the missed amount to the next deposit or extend the end date. The goal is the habit and the total, not a perfect record.
Sources and further reading
Related guides and tools
The 52 week money challenge saves $1,378 in a year by adding $1 more each week. Use the free tracker to scale it, see every…
100 Envelope ChallengeThe 100 envelope challenge saves $5,050 in 100 days. Use the free tracker and chart, pick a smaller or faster version, and…
No-Buy Challenge: How to Do ItA no-buy challenge means buying only essentials for a set time. Learn how to set rules, build a need list, try a low buy…
30-Day Savings ChallengeThe 30-day savings challenge saves $465 in one month by adding $1 a day. Use the free tracker, scale it to your budget and…
365-Day Savings ChallengeThe 365 day savings challenge saves $667.95 by adding one cent a day for a year. Use the free tracker, compare versions and…
$5 Bill Savings ChallengeThe 5 dollar challenge means saving every $5 bill you get. Use the free tracker to estimate your total, print a chart and…
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