What is the $5000 challenge?

You can save over $5,000 in just over three months with the 100 envelope challenge. It works like this: Gather 100 envelopes and number them from 1 to 100. Each day, fill up one envelope with the amount of cash corresponding to the number on the envelope. You can fill up the envelopes in order or pick them at random.

What is the 100 envelope challenge?

The 100-envelope challenge is pretty straightforward: You take 100 envelopes, number each of them and then save the corresponding dollar amount in each envelope . For instance, you put $1 in “Envelope 1,” $2 in “Envelope 2,” and so on. By the end of 100 days, you'll have saved $5,050.

What is the 50 15 5 easy trick for saving and spending?

50 - Consider allocating no more than 50 percent of take-home pay to essential expenses . 15 - Try to save 15 percent of pretax income (including employer contributions) for retirement. 5 - Save for the unexpected by keeping 5 percent of take-home pay in short-term savings for unplanned expenses.

What is the 50 30 20 rule?

The 50/30/20 budget rule states that you should spend up to 50% of your after-tax income on needs and obligations that you must have or must do. The remaining half should be split between savings and debt repayment (20%) and everything else that you might want (30%).

What is the 5 savings challenge?

The fiver challenge - save £7,000 This challenge works the same as the 52 week challenge, but you go up in multiples of £5 rather than £1 . So week one = £5, week two = £10, all the way up to week 52 at £260. Alternatively, if you're not in the position to save these larger amounts, you could save £5 every week instead.

How to save $5 000 in 3 months with 100 envelopes?

The 100-envelope challenge is a way to gamify saving money. Each day for 100 days, you'll set aside a predetermined dollar amount in different envelopes. After just over 3 months, you could have more than $5,000 saved.

What is the $5 trick?

You don't have to cut back on spending. You don't have to put aside an obscene amount of money each month. All this challenge requires is for you to stash away every $5 bill you get as change . That's it.

What is the $100 in 30 days challenge?

The goal of the Challenge is simple: save $100 in a 30-day time period through a series of gradually increasing deposits . November has 30 days so every day is a savings day. As shown in the picture below, daily savings deposits start at $1 a day for five days followed by $2, $3, and $4 each for five days.

What is the $1 challenge?

Match each week's savings amount with the number of the week in your challenge . In other words, you'll save $1 the first week, $2 the second week, $3 the third week, and so on until you put away $52 in week 52.

What is the $5 Challenge?

You simply save every single $5 bill you get . So, whenever you get change you will be hoarding those $5 bills like a chipmunk collecting nuts for winter. You can use a piggy bank or simply make a $5 challenge envelope to keep your cold hard cash in.

What is a 52 week challenge?

The 52-week money challenge is a savings method where you increase the amount you save by $1 every week for a year. So, you'll deposit $1 into your savings account during Week One, $2 during Week Two, and so on, until you reach Week 52 and deposit $52. Your total savings over the 52 weeks should total to $1,378.

8 fun money-saving challenges for families

Highlights

- A money-saving challenge can be a fun way to break out of your normal routine and boost your bank account in the process!

- There are many different approaches, from extremes like a short no-spend challenge to longer-term, more approachable challenges.

- With the tips below, you can get your whole family involved for even more savings — and teach key financial literacy concepts to your kids at the same time.

Saving money can help you improve your personal finance situation in many ways. It can help reduce financial stress, improve your future financial outlook, and help you work toward fun savings goals, like your next vacation.

Of course, the simple act of saving money isn’t exactly fun on its own — but you can spice things up and gamify it with a money-saving challenge. This is a great way to kick off some new financial habits for the long-term or just hit short-term goals quickly.

In this guide, learn about saving challenges — including how they work and some different approaches you can take. We’ll also cover how to get your whole family involved in the fun!

What is a money-saving challenge?

Put simply, a money-saving challenge is a personal challenge you can set for yourself that encourages you to save money. Usually, this involves hitting certain goals — for instance, saving $150 per month or $50 per week. These challenges usually limit your spending in some way, making it easier to save money.

For instance, you might do a month-long challenge where you eliminate going out to eat to see how much you can save. Or you might set a goal of saving $200 on your takeout expenses while also making it more fun by trying out new recipes to cook at home.

Challenges can be as short as a few days or as long as several years. The basic idea is to set a goal, establish some rules, and start saving money.

8 money saving challenges to try out

There are all sorts of approaches to saving money. What works well for you might not work as well for your neighbor — so like so many other things in life, it’s all about finding what’s best for you specifically.

1. The no-spend challenge

Here’s a tough one that can actually be quite eye-opening. It’s simple: See how long you can go without spending any money.

Can you make it three days? A week? More? This one might seem a little extreme, but it can honestly be a fun way to break out of your routines and experience new things. Plus, the extra money you have leftover can go toward your emergency fund or another savings goal.

If you have bills that you need to pay, like rent, utilities, etc., you can still pay those. The idea is to exclude any sort of non-essential spending, like dinner out or an Amazon order, for a set period of time.

Of course, you’ll want to start this challenge prepared. If you want to truly spend nothing, stock up on necessities first. Stock your fridge and pantry with the foods you tend to cook (while grocery shopping on a budget, ideally), and make sure any bills that will be due soon are prepaid.

From there, simply see how long you can go without spending money. Get creative and have some fun with it! Check out your local Buy Nothing group (a social media group that encourages free sharing, giveaways, and gifts among neighbors) to connect with your community.

2. The 52-week savings challenge

Want a longer-term, much more approachable savings challenge? The 52-week money challenge might fit the bill.

This one is pretty simple. In the first week, you save $1. In the second week, you save $2 — and so on. Keep going until week 52, when you’ll put $52 into your savings account.

In total, this strategy will result in savings of $1,378!

3. The pantry challenge

Who here has a kitchen cabinet full of extra canned beans, dry pasta, and other pantry staples? The pantry challenge is simple, fun, and helps prevent food waste. All you do is try to get through as much of the food in your pantry as possible and minimize other food spending.

You can still buy fresh groceries — produce, proteins,, etc. — but try not to buy additional pantry items unless you need them for a specific recipe.

Many households have hundreds of dollars worth of food sitting right in their pantries. You can slash your spending at the grocery store easily by focusing on getting through what you already have.

4. The vacation savings challenge

5. The holiday savings challenge

Want to crush your holiday budget? It helps to plan ahead!

The holidays can be an expensive time, between gifts, holiday travel, and all the little treats that can add up quickly. But if you start saving now for next holiday season, you’ll be in much better shape.

One simple holiday saving challenge could be setting aside $20 each week for your future holiday expenses. If you start this in January, you’ll have over $1,000 by the end of the year.

6. The spare change challenge

Try saving all your spare change in a piggy bank or a jar for a year. There are also ways to do this challenge digitally. Some online banking platforms or money apps (like Greenlight) will automatically round up your purchases and put the change in your savings account.

For example, if you spend $7.56 on lunch, the purchase will round up to $8 and $0.44 will go to your savings. You might be surprised how much the spare change challenge can add up to.

7. Individual savings goal challenge

This works similar to the vacation savings goal challenge. Is there something you want to save for? It can be something small, like a new pair of shoes, or something big like a down payment for a home.

Create a savings plan for your goal. Start by deciding how much you need to save and how long until you hope to make the purchase. Then, work backward to see how much you need to save each week to hit those goals.

This is a great challenge for kids to try. You can help them figure out how much money they need to set aside each week or each month so you can buy something they have their eye on, like a new book or video game. If you use the Greenlight app, kids can set savings goals and track progress along the way — and they can even earn rewards to speed things along.

8. No-eating-out challenge

Look at your usual spending habits. Do you get takeout or go to a restaurant multiple times a week or month? Try a no-eating-out challenge, and put the money you save from cooking at home into your savings account or toward a special savings goal.

How to get your family involved in saving money

These money-saving challenges don’t have to be a solo affair. Get your family members involved to both save more money and have more fun — and to teach kids about financial literacy in the process. Try these strategies:

Set a common goal, like a fun family vacation, to save money toward.
Encourage your kids to be little savers by getting them a piggy bank, or better yet, a digital app like Greenlight (more on this below).
Use a printable savings tracker to keep track of your progress.
Save extra money in a jar on the counter so it’s visible, and track your progress with the whole family.
Set common financial goals, and keep your whole family involved regularly.
Celebrate building better spending habits together — and don’t be afraid to enjoy a treat together to celebrate.
Explain to younger kids why you want to save money, and what those savings will help you do in the future. Delayed gratification and saving money is a key financial concept for kids to understand.

Whether you’re saving for an entire year or just a week, getting your family on board can be a lot of fun.

Use Greenlight to reach your family’s savings goals

Money-saving challenges can help kick-start your savings goals, get you out of your regular routines, and even inspire some fun and joy along the way. Getting your family involved can provide even more benefit, by both teaching kids important lessons and bonding over shared goals and experiences.

Use the Greenlight app to work toward savings goals together as a family. Greenlight is a powerful all-in-one money app for kids and teens. It has a debit card, savings tools, cash-back, and even investing. Plus, parents get their own version of the app to monitor progress, set parental limits, and more. You can even use the app to manage chores and allowances.

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8 fun money-saving challenges for families | Greenlight (2024)