5 EASY MONEY CHALLENGES

Money challenges are a great way to save money without even thinking about it. Most of these challenges include saving such a small amount at a time that you won’t realise it’s gone. Then at the end of the year it will come as a shock to see how each tiny amount has added up. You will have quite a nice sized amount.

These are five of the easiest money challenges for you to give a go.

THE PENNY CHALLENGE

This is my favourite money challenge! Such a simple but effective way to save extra money – even on a low income. The concept of the penny challenge is to save an amount daily that corresponds to the day of the year – e.g. 1p on day one, 2p on day two, up to £3.65 on day 365. By the end of the year you will have saved £667.95! That is an enough for a holiday!

THE DAILY CHALLENGE

This challenge is very similar to the one above but you’ll be saving more each week. The premise is the same as the Penny Challenge yet instead of each day of the year being a different amount, each day of the week you save a different amount – then simply repeat for an entire year. So on Mondays you save £1, Tuesday £2 and so on till Sunday where you save £7 and then repeat! This is a really flexible challenge because you could do an entire year, just a month or even 2 years, completely personal! It works out that you will be saving £28 a week, so if you complete the challenge for a year you will have saved £1456 – that’s more than my sister has just paid for a mini one! 

PICK THE AMOUNT

This challenge is great because it is adaptable to each person – you simply choose a specific note or coin (e.g. £5 notes or £2 coins – anything!) and every time you receive one you put it aside. The one downside is that this challenge only really works if you use cash. So if you use a cash envelope budget system this challenge could be perfect for you! It can become sort of a game – where it gets exciting to see what change you get and whether your chosen coin/note is there. The amount you will save from this challenge is unpredictable as it depends on your spending habits and how often your chosen amount is given to you as change.

NO SPEND CHALLENGE

These challenges are a great way to reduce your spending and save more. They also work really well as a spending restart – if you have gotten off track! This is a very easy challenge, you simply don’t spend money on things that are not essential – such as takeaways, new books and clothes. Again this a completely customisable challenge – whether you do a no spend week, month, even a year – it is adaptable to you and your personal situation. Personally, I like to set a goal amount of no spend days for each month depending on what I have going on that month.

THE SPARE CHANGE CHALLENGE

Spare change adds up so so quickly! Many of the Fintech banks (e.g. Monzo, Starling…etc.) have a round up feature. Where all your purchases are rounded up to the nearest pound and then automatically put it into a savings pot. This is a great way to save money without realising it. Some also allow you to multiply the difference, which means your savings will add up even faster! I would recommend this if you are starting out at saving and have no idea where to start.

So there we have it, 5 of the easiest money challenges to save money regardless of your income. I like to use these challenges to save up for fun purchases. Such as a holiday or my guilty pleasure, expensive skincare.

Have you tried any of these 5 challenges? Do you have any others that you recommend?

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