8 fun money-saving challenges for families

Saving money has many benefits. It can help reduce financial stress, improve your future financial outlook, and get you closer to fun savings goals, like your next vacation.

Of course, saving money isn’t much fun on its own. But you can spice things up with gamification: Make it fun with a money-saving challenge. Turning ho-hum saving into a healthy competition is a great way to hit short-term goals quickly or kickstart smart new money habits for the long term.

In this guide, we’ve got top money-saving challenges and different approaches you can take to get your whole family involved.

What is a money-saving challenge?

A money-saving challenge is a personal goal that encourages you to save money. Usually, it involves hitting certain goals — for instance, saving $150 a month or $50 a week.

You might do a month-long “no eating out” challenge to see how much you can save. Or set a specific monetary goal, say $200, on food and dining expenses – plus try new recipes at home.

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

8 money-saving challenges to try

What works well for you might not work as well for your neighbor. Like so many things in life, find what works best for you specifically.

Get inspired with the money-saving ideas below. Modify them however you want – there are no hard-and-fast rules, except the ones you set for yourself.

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1. The no-spend challenge

This one can be quite eye-opening: See how long you can go without spending any money. 

Can you make it three days? A week? More? It’s a little extreme, but it can be a fun way to break out of your routines and experience new things. Put the extra money you save toward your emergency fund or another savings goal. 

Important things to remember: 

• The idea is to exclude non-essential spending, like dinner out or that Amazon list. The challenge excludes essential expenses like rent, utilities, etc. – Definitely pay those! 

• Prepare: If you want to truly spend nothing, stock up on necessities first. Fill your fridge and pantry with foods you tend to cook (while grocery shopping on a budget, ideally).

From there, see how long you can go without spending money. Get creative! Check out your local Buy Nothing group to connect with your community. Get more no-spend challenge tips. 

2. The 52-week savings challenge

For a less extreme game, slow and steady wins the race. 

• Week 1: Save $1

• Week 2: Save $2 — and so on

• Keep going until week 52, when you’ll put $52 into your savings account that week.

At the end of the year, you’ll save $1,378!

3. The bi-weekly challenge

Similar to the 52-week but a little more relaxed, the bi-weekly money-saving challenge is great for families and kids, especially if they get an allowance or offer money for chores. It’s a natural check-in point for kids who want to save up for something at the end of a month. 

Pair the bi-weekly challenge with techniques like loud budgeting to make saving a regular practice without overwhelming. 

4. The pantry challenge

Who here has a kitchen cabinet full of extra canned beans, dry pasta, and other pantry staples? Many households have hundreds of dollars worth of food waiting on the shelves. Slash your grocery bill by getting through what you already have 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.

5. The vacation savings challenge

Got a trip on your calendar, or want one? This challenge is for you.

• Where do you want to go? Figure out where you want to go and estimate the cost. For example, $1,000.

• Apply a timeframe. Say you want to go in around three months. 

• Do the math: Divide the estimated trip cost by the time left before the trip. 

If the trip will cost roughly $1,000 and you want to go in three months, you’ll need to save $333 each month, or a little more than $83 per week.

Next, figure out how to hit your savings goal. You could cut impulse purchases like coffee or scale back on restaurant spending. Or combine this challenge with another, like the pantry clean-out challenge.

Set regular check-ins to make sure you’re staying on track.

6. The holiday savings challenge

The holidays can be expensive, between gifts, holiday travel, and all the little treats that can add up quickly. Want to crush your holiday budget? Start saving early.

Set aside $20-$30 a week. If you start in January, you’d have over $1,000 by year’s end. Adjust according to your monetary goal and the time you have to save. 

7. The spare change challenge

Try saving all your spare change in a piggy bank or a jar for a year. Or, use online banking platforms or money apps like Greenlight to automatically round up your purchases and put the change in your savings account.

For example, if you spend $7.56 on lunch, round it up to $8 and put $0.44 into your savings. You might be surprised how much that spare change adds up. 

8. Individual savings goal challenge

Is there something specific you want to save for? It can be small, like a new pair of shoes, or big, like a down payment for a home.

Create a savings plan for your goal. Decide 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.

It’s a great challenge for kids to try. Help figure out how much money they need to set aside each week or month to buy something they want, 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.

9. Easy lifestyle changes: Comfortable cost-cutting

Whether you have a specific goal or want to lower your expenses, start painlessly by saving smart with comfortable cost-cutting. From growing your money with high-yield savings accounts to boosting your energy efficiency, you can make dozens of small changes that add up without much effort.  

How to get your family involved in saving money

Money-saving challenges don’t have to be a solo affair. Get your family involved to save more money and have more fun as you teach kids about financial literacy in the process. Here are a few more easy everyday 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 are key financial concepts 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 joy. Getting your family involved is even better; you can teach kids important lessons and bond 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.

Ready to learn about the world of money? Sign up for Greenlight today!