Last Updated on 14th July 2020 by Tuppenny
Every new year I love to set myself a weekly money saving challenge and I bet you do too.
They can give you daily challenges for yourself with the end result of nice pot of money that you will enjoy.
A money saving challenge is perfect because you can chose a challenge that let’s you spend the money at the end.
My money saving challenges are in addition to planned regular savings so don’t involve a lot of money.
I see challenges as something fun to work towards and therefore they shouldn’t be too hard to achieve.
Just enough of a stretch to get your frugal muscles pumping.
Join me in this money saving challenge for 2019, it’s very simple.
A tenner a week and double on pay day
I know I have enough slack in my budget to find this at a push.
I might need to give up the odd bar of chocolate or bottle of soda to find £10 some weeks.
But £10 is doable.
I get paid monthly so £20 one week in four or five is ok.
If you get paid bi-weekly saving £20 every other week might be harder to achieve.
Pretend you get paid monthly and save £20 once every 4 weeks.
That way your money saving challenge is on the same level as mine.
Other Money Saving Challenge Ideas
There are other money saving challenges about and I have tried some of them.
As the savings challenge goes on, some of them become increasingly difficult to achieve for us frugal folk.
Challenges such as:
- The 52 week money challenge where you start at £1 and end up at £52 for one week
- A 12 week money challenge to save £1000
- Save 1p a day rising to 365p on day 365
When you live frugally you already budget most of your money.
You may well have a Christmas savings plan and save money every month for holidays and big bills.
When you don’t earn big bucks there isn’t much left after saving and living.
The 52 Week Money Challenge
The 52 week money challenge starts off affordable but you quickly find yourself getting stretched when it goes past £20 a week.
And no I don’t have £52 a week spare to throw at a savings challenge, do you?
The 12 Week Money Challenge
The 12 week money challenge to save £1000 is great if you aren’t currently saving any money and need to give yourself a kickstart.
Indeed, if you haven’t started saving money then I would encourage you to do a challenge like this.
However, if you already have regular savings and an emergency fund then an extra £1000 in 12 weeks is a lot of money!
The 1p A Day Challenge
The 1p a day challenge is more in scope with my saving money thinking. But who wants to be saving all those pennies?
These days I don’t use cash that often and it sounds like a faff to be either saving this as cash or making daily tiny money transactions.
How To Achieve Your 2020 Money Savings Challenge
There are many ways you can save a few pounds here and a few pounds there.
Hopefully you already have regular savings set up for things like your emergency fund, Christmas savings and the like.
If not these posts will help you get started on these:
12 Quick Tips To Help You Achieve Your Money Saving Challenge
- Shop from your pantry to extend the time between grocery shops
- Brush up on and save your top 10 cheap recipes
- Don’t buy and pay for air fresheners – fresh air is free to use by opening a window
- Pay in cash to keep your money focus
- Have no spend days
- Don’t buy new clothes for work – create your own work uniform
- Do your own nails or swap with a friend
- Wash your own car
- Pack your lunch and healthy snacks everyday
- Stop buying coffee on the go – invest in a flask mug and make your own
- Declutter and sell unwanted items
- Wear extra layers rather than turning the thermostat up
These 12 money saving tips should help you get started.
Find hundreds more saving tips in these posts:
New Year Resolutions
I steer clear of new years resolutions which require me to give up things or do something totally different.
I’ve done all the usual resolutions – go to the gym 3 times a week (when actually you don’t really want to and don’t really have the time to do so.)
And the ‘no chocolate ever’ in an effort to lose a few pounds (total fail on that one of course!).
I’ve also tried the money plan of spend nothing in January as a way to compensate for Christmas excesses – fail again.
January in England can be grey, dreary and long!
I’ve realized that type of money plan is just never going to work as it is too closely linked in my mind to depriving myself.
It’s not for me, it’s not how I work.
But give me a saving money challenge and a target to aim for and I’m right there.
Targets and challenges involve a much more positive mindset and experience.
So a tenner a week it is and I am already looking forward to achieving it!
Come join me in my 2020 money saving challenge. Subscribe to my free resource library and print a copy of the free weekly money savings challenge chart to inspire you and track your progress.