Money Saving Challenge Ideas To Try This 2018

As we start the year, we always start with a resolution. Almost everyone I know will come up with the resolution to save up. To make it more fun, saving challenges are super in for those who want to save up without even noticing it. Now, before we start to do the challenge that is set appropriately for our income, we should set a goal first. Why would you like to save? Is it for an emergency fund, travel fund, or to add up to your retirement fund? How much should we save? And until when should we save? Next, is to decide where to put the money challenges. Be creative, you can choose a bottle, piggybank or even deposit it directly to your savings account. If you already have a goal in mind, let's check the money-saving challenge ideas which are brilliant ways to save and doable for us to try this 2018.

52 Week Money Challenge

This challenge is by far the most popular one. It is done by adding up a specific amount every week until the end of the year. However, some people found this challenge really hard as you add up an amount every week, by the end of it a large amount is needed. So I made a challenge 2 years ago reversing the challenge. Instead of adding an amount, you'll deduct money (example P50) every week so by the end of the challenge you'll only add a very small amount. See the sample I made below. I recommend starting when you receive a bonus from work and then the next week, deduct an amount until the end of the year.

Image from Nheng's Wonderland

Invisible Money Challenge

This challenge is very easy. Choose a bill that you would like to be invisible from your wallet. If you choose P50 Peso bill, every time you have that bill you'll consider it invisible. This challenge is fun because it will help you not to spend especially if you only have a P50 peso bill left from your wallet.

Coin Challenge

This challenge is almost the same as the above. You'll save any 5/10 coins from your wallet and put it on any piggybank. I used to do this with a Starbucks plastic cup and really enjoyed it as I see the cup filled up with coins.

Spare Change Challenge

Almost the same as the coin challenge, but this one is for all the spare coins that you have in your wallet. Every end of the day as you go home, collect all the coins that you have in your wallet and set it aside.

No Spending Challenge 

Basically, this challenge is not spending any money at all. This challenge will work if you note down every single cent you spend in a day. You can do this weekly or even monthly. You can set a rule on what are the things you need to spend your money on. For example, you need to have a budget for transportation so you'll only bring the exact amount. Means, there will be no eat-out instead bring pack lunch to work. No coffee from Starbucks, instead of free coffee from the office's vending machine. This one actually works for me.

Envelope Saving Challenge

The envelope saving challenge can also combine into your budget saving tips. You'll need envelope on this one, add a label on each and every time you receive your salary, you'll divide everything. A saving envelope should be atleast 20% of your income and it is recommended to set this aside first and foremost. This is also applicable if you are trying to save for your emergency fund but in any way, I also want to recommend this before spending anything on your income.

Whatever saving challenges you'd come up with, it doesn't matter as long as you meet your amount goal. So what will be your money-saving challenge this year?