13 Money Saving Challenges To Try In The New Year

Here are Money Saving Challenges. You know that feeling when January 1st rolls around and you’re ready to make this the year you finally get your finances under control? Yeah, me too. After years of studying finance and watching people transform their bank accounts, I’ve learned one powerful truth:

Saving money doesn’t have to feel like punishment. It can actually be fun. The good news? I’ve collected 13 game-changing savings challenges that actually stick.

Here’s the reality though most people fail at their savings goals within weeks. Not because they lack discipline, but because they’re using boring, unsustainable methods.

These aren’t generic tips you’ll find everywhere; they’re battle-tested strategies that have helped real people save thousands without feeling deprived. Ready to finally make 2026 your year? Let’s go.

What Exactly Is A New Year Savings Challenge?

Think of a savings challenge as your personal financial game one where you set the rules and win real money. Instead of vaguely telling yourself “I should save more,” a structured challenge gives you clear targets, specific timelines, and tangible progress markers.

A savings challenge typically runs for a set period usually a year and uses a specific system to help you accumulate cash. The beauty? You’re not just moving money around randomly. You’re building a habit, rewiring your brain to prioritize savings, and creating what I call “financial momentum.”

The real magic happens when you commit to one of these challenges and actually see your savings grow. That visual proof of progress? It’s addictive (in the best way).

Why Should You Embark On A New Year Savings Challenge?

Let me be honest January feels like the obvious time to start saving, but there are deeper reasons why this timing works brilliantly. After studying behavioral finance and personal money habits, I’ve identified four compelling reasons to jump into a challenge this month.

Reason 1: You Get A Real Roadmap For Your Financial Goals

Saving without a goal is like driving without directions. You might move forward, but you won’t know if you’re heading anywhere useful. A structured challenge gives you a concrete pathway to specific wins.

whether that’s paying off your credit card debt, funding your dream vacation, or building an emergency fund that actually keeps you safe.

I had a client once who saved $2,000 in a year just by following the 52-week challenge. She didn’t feel deprived once. Why? Because she had a clear vision of what that money would fund (a training course for her side business).

Reason 2: You Become Way Smarter About Your Money

Here’s something most financial advisors won’t tell you: savings challenges force you to audit your spending. When you commit to saving money deliberately, you suddenly notice things. Those three streaming subscriptions you forgot about. The $40 coffee habit. The apps charging you monthly fees.

This awareness alone typically saves people 15-20% on their monthly expenses, even before they officially start the challenge.

Reason 3: Every Challenge Is Customizable To Your Life

The myth that “savings challenges don’t work for me because my income is irregular” frustrates me. It’s not true. You have options, lots of them. Whether you earn biweekly, monthly, or have a variable income, there’s a challenge that fits. You’re not locked into anything rigid.

Reason 4: You Actually Build Real Habits (That Stick)

Watching your savings grow, even by small amounts, triggers a powerful psychological response. Your brain releases dopamine. You feel accomplished. And suddenly, saving money stops feeling like deprivation and starts feeling like winning. After 4-6 weeks, most people don’t need to force themselves anymore the habit has taken over.

The 13 Best Money Saving Challenges To Try This Year

Alright, let’s get into the actual challenges. Pick one (or combine a couple) and let’s make 2026 your breakthrough year.

Challenge 1: Digital Detox Challenge

How it works: You commit to spending less time on social media and online platforms, which means fewer targeted ads tempting you to spend money you don’t need to spend.

This challenge isn’t really about saving money directly it’s about stopping the bleeding. Think about it: how many times have you seen a perfectly targeted ad on Instagram and suddenly felt like you needed that thing.

Researchers estimate the average person wastes $200-500 annually on impulse purchases driven by social media. For this challenge, commit to reducing your phone time by 30-50 minutes daily.

Simultaneously, cancel those streaming services you’ve stopped watching, delete apps that encourage spending, and pause paid subscriptions gathering dust.

What you’ll save: Typically $1,000-2,000 per year from eliminated subscriptions and reduced impulse buying.

Challenge 2: No-Spend Challenge

How it works: You pick a specific timeframe a week, two weeks, or a month and commit to spending money only on absolute essentials (groceries, utilities, medications, gas).

I recommend starting with one week if you’ve never done this before. Two weeks if you’re feeling ambitious. One month if you hate money and want to prove something to yourself (kidding… mostly).

Why this works: A no-spend challenge is like a financial reset button. It interrupts your automatic spending patterns and forces you to actually think before you buy. Plus, the psychological boost of completing even one week is enormous. You realize you have more willpower than you thought.

Pro tip: The first few days are hardest because you’ll suddenly notice every urge to spend. By day five, your brain adjusts and it becomes almost easy.

What you’ll save: $300-600 for a month, depending on your normal spending habits. But the real value? The habit reset and the confidence boost.

Challenge 3: 52-Week Money Challenge

How it works: This is the classic, and for good reason. You save a small amount each week, increasing by $1 each week for 52 weeks.

• Week 1: Save $1
• Week 2: Save $2
• Week 3: Save $3
• Continue through Week 52: Save $52

By the end of the year, you’ve saved $1,378. And here’s why people love it: the early weeks feel effortless, building your confidence and habit.

The math: 1 + 2 + 3 + … + 52 = $1,378

What makes it stick: Most people abandon challenges when they get hard. With this method, you’re building momentum early. By the time you reach the harder weeks (later in the year), the habit is so ingrained that you just do it automatically.

Challenge 4: 26-Week Saving Challenge

How it works: Perfect for anyone who gets paid biweekly (which is most of us in the US). You save $3 in the first week, then increase by $3 every two weeks.

• Weeks 1-2: $3
• Weeks 3-4: $6
• Weeks 5-6: $9
• Continue through Week 52: $78

Total saved: $1,053 in a year. Not massive, but paired with other strategies, it adds up fast.

This works perfectly with paychecks because you’re aligning your savings deposits with when money actually enters your account. No scrambling, no stress.

Challenge 5: 5p Money-Saving Challenge

How it works: You increase your daily savings by just 5 pence (or 5 cents if you’re in the US). It sounds tiny, but let’s do the math:

• Day 1: Save 5p
• Day 2: Save 10p
• Day 3: Save 15p
• Day 365: Save $18.25

Total saved by year’s end: Approximately $3,400 🙂

This is my personal favorite because it’s psychologically genius. The daily increases are so small you barely notice them. Then in month 10, you’re saving $5+ per day. In month 12, you’re saving $17+ per day. But by then, your income has covered it because you’ve built the habit.

Why it works: Exponential growth feels like magic. Mentally, it’s also way less intimidating than “save $52 this week.”

Challenge 6: Reverse 52-Week Money Challenge

How it works: You flip the 52-week challenge on its head. Start big and work your way down.

• Week 1: Save $52
• Week 2: Save $51
• Week 3: Save $50
• Continue through Week 52: Save $1

Total saved: Still $1,378 (the math doesn’t change), but your psychology does.

Who should use this: People who start the year fired up and motivated, knowing that willpower typically crashes by November. You’re front-loading your savings when motivation is highest.

I recommend this method if you tend to lose interest in projects as the year goes on, or if you receive a bonus or tax refund in January.

Challenge 7: Penny Challenge

How it works: Deceptively simple. Save one penny on day one, two pennies on day two, continue the pattern for 365 days.

• Day 1: $0.01
• Day 2: $0.02
• Day 365: $3.65

Total saved: $667.95

The psychological trick: This is literally the gentlest savings method on Earth. On day one, you’re saving a penny or something so small your brain barely registers it. But the habit sticks because the barrier to entry is near-zero. By month six, you’re saving real money daily, but the habit is so established you don’t think twice.

Challenge 8: No-Dining Out Challenge

How it works: You commit to not eating at restaurants, ordering takeout, or buying prepared food for a set period (usually 30 days, but some people do 90).

Every single meal comes from your kitchen. This includes coffee shops, fast-casual chains, food trucks everything.

Why this matters: The average American household spends $3,458 annually on food away from home. That’s approximately $288 per month. For one person, it’s often $150-250 monthly. Cutting this entirely for one month saves you $150-250. Some people find they save more.

But here’s the deeper insight: When you cook all your meals for 30 days, something shifts. You realize restaurant meals aren’t that special. You learn recipes. You understand portion sizes.

Often, people who complete this challenge continue cooking at home after the 30 days because they’ve experienced the financial and health benefits.

What you’ll save: $1,500-3,000 annually if you continue eating at home post-challenge.

Challenge 9: Round-Up Saving Challenge

How it works: Every time you make a purchase, you round the total to the nearest dollar and save the difference.

• You buy groceries for $47.32? Round to $48 and save $0.68.
• You pay $12.87 for gas? Round to $13 and save $0.13.
• Grab coffee for $5.41? Round to $6 and save $0.59.

Why this is genius: These tiny amounts feel invisible because they’re usually $0.01 to $0.99 per transaction. But the magic? They compound.

I tracked my own round-ups for a year and was shocked. I saved $487 without feeling like I was saving anything. Most people save $400-700 annually using this method alone.

How to automate it: Apps like Qapital or Acorns automate this entirely. Every purchase you make with a connected card automatically rounds up and transfers the difference to savings. Set it and forget it.

Challenge 10: Money Mistake Jar

How it works: This one’s more about accountability than raw savings. Every time you make a money mistake impulse buying, eating out when you planned to cook, shopping when you’re bored, buying something full price that went on sale the next day you contribute to your “mistake jar.”

The amount? You decide. Could be $1 per mistake, $5 per mistake, or even $10 for larger impulses.

Why it works psychologically: This isn’t punishment; it’s consequence-based learning. Your brain connects actions to outcomes. After three weeks of putting money in the mistake jar, impulse urges start feeling… expensive. Not because you’re poor, but because you’ve internalized the cost.

The secondary benefit: You’ll have money saved just from making fewer mistakes. But more importantly, your mistake rate drops dramatically. Most people report 70-80% fewer money mistakes after four weeks of this.

Pro tip: Use a physical jar, not a digital tracker. Seeing the cash pile up creates stronger motivation than watching a number on a screen.

Challenge 11: Cancellation Challenge

How it works: You audit every subscription and recurring charge in your life, then cancel anything you don’t genuinely use.

This includes:

• Streaming services (Netflix, Disney+, HBO Max, etc.)
• Gym memberships
• Apps with paid tiers
• Newsletter subscriptions
• Magazine subscriptions
• Premium software
• Subscription boxes

According to research, the average American household pays for 11.8 subscriptions and uses only 4-5 of them regularly. That’s wasted money funding stuff you’ve forgotten you’re paying for :/

How to audit: Go through your last three months of bank statements. Look for anything described as “auto-renew,” “subscription,” or “recurring charge.” Write down the name and amount. Then honestly assess: Have I used this in the past month?

Apps that help:

• Rocket Money automatically finds subscriptions
• AskTrim finds and negotiates cancellations
• Truebill tracks subscriptions and recurring charges

What you’ll save: $50-300+ monthly. I’m not exaggerating. I’ve helped friends discover they were paying for 8-12 unused subscriptions totaling $400+ per month.

Challenge 12: Nickel-Based Savings Challeng

How it works: Instead of tracking daily or weekly increases, you base your savings around nickels (five-cent increments).

This includes several variations:

• Daily Nickel: Save 5 cents more each day than the previous day
• Nickel Jar: Drop a nickel in a jar each day for a year
• Nickel Round-Up: Round all purchases to the nearest nickel and save the difference
• 365-Day Nickel: Increase your savings by 5 cents each day for 365 days

Which variation saves the most: The daily increase method saves approximately $3,400 (same as the 5p challenge).

Who should try this: People who find the daily or weekly increase in other challenges feels too aggressive. The nickel method has smaller increments, so the psychology feels gentler. Plus, it’s nostalgic if you grew up with physical coins :/

Challenge 13: 100 Envelope Challenge

How it works: Label 100 envelopes with numbers 1-100. Shuffle them or draw them randomly. Each day, you pick an envelope, see the number, and transfer that amount to savings.

• Pick envelope #7? Save $7.
• Pick envelope #42? Save $42.
• Pick envelope #1? Save $1.

Total saved: You’ll save between $1,010-5,050, depending on which envelopes you pick throughout the year. On average, it’s around $2,550.

Why it’s fun: This one has a gamification element that appeals to people who find straight-line savings boring. There’s an element of luck and surprise. Plus, holding a physical envelope with money creates stronger psychological reinforcement than digital transfers.

Alternative method: Instead of random draws, you intentionally pick envelopes. Pick higher-numbered envelopes when you’ve had a good financial month. Pick lower ones during tight months. This gives you flexibility while maintaining the challenge structure.

How To Actually Stay Motivated (Because Most People Don’t)

Real talk: 50-70% of people abandon their savings challenges within 4-6 weeks. Not because the challenges don’t work, but because motivation crashes. Here’s how to beat those odds.

Start Small But Think Big

If the challenge feels overwhelming before you start, you’ve already lost. Begin with something gentle. The penny challenge or nickel challenge requires zero willpower friction. Build your habit first, then graduate to harder challenges.

I recommend starting with one of these three if you’ve never done a savings challenge before:

• Penny Challenge
• Round-Up Saving Challenge
• No-Spend Challenge (just one week)

Get Someone Else Involved

Accountability changes everything. Tell a friend about your challenge. Better yet, do it together. You don’t need to pick the same challenge—one person does the 52-week, another does the no-dining-out, etc. But knowing someone else is checking in on you? That’s powerful.

Pro tip: Check in weekly, not just monthly. Monthly feels too infrequent. Weekly creates real accountability.

Remember Your “Why” Constantly

This is financial behavior 101, and yet people skip it. Your “why” is the reason you’re doing this. Write it down. Make it specific.

Bad why: “Save money.”

Good why: “Save $2,400 by June for my certification course so I can change careers.”

When motivation crashes (and it will), your specific “why” pulls you back in. Reference it weekly.

Celebrate Small Wins Deliberately

Hit your first month of savings? Do something nice for yourself (that doesn’t erase your savings). Completed 26 weeks? Order takeout guilt-free. These small rewards trigger the exact dopamine response that keeps habits alive.

Critical Mistakes That Will Derail Your Challenge

You’ve got 13 different challenges now. Before you pick one, know what kills most people’s progress.

Mistake 1: Setting Goals That Live In Fantasy Land

I meet people all the time who say, “I’m going to save $500 per week” while making $2,000 weekly. That leaves nothing for taxes, rent, food, or emergencies. This isn’t ambitious it’s destined to fail.

Your savings goal should be challenging but realistic. A good rule of thumb? Save 10-20% of your actual disposable income (not your gross income). If that’s only $100 monthly, start there. Build momentum. Increase gradually.

Mistake 2: Starting Without A Budget

Jumping into a savings challenge without understanding your actual income and expenses is like flying a plane without checking the fuel gauge. You’ll crash.

Before you start any challenge, create a simple budget:

1. List all income (salary, side gigs, etc.)
2. List all fixed expenses (rent, insurance, utilities)
3. List discretionary spending (food, entertainment, subscriptions)
4. Calculate what’s actually available to save

Only then do you pick a challenge that fits your real life, not fantasy life.

Mistake 3: Losing Track Of Your Progress

I cannot stress this enough: you must track your savings visibly. Why? Because seeing progress is the primary motivator that keeps people going.

Pick one tracking method:

• A spreadsheet with monthly updates
• A visual chart on your wall (color in each month as you complete it)
• A jar of actual cash (surprisingly effective)
• A savings app that shows your balance growing

Personally, I use a combination: automatic transfers (so I don’t forget) + a visual spreadsheet (so I see the progress). The psychological boost of watching that number climb is irreplaceable.

Mistake 4: Not Planning For Life’s Surprises

Here’s what kills most people’s savings challenges: an unexpected $800 car repair. Or a medical bill. Or your roof leaking.

If you don’t have an emergency fund (minimum $1,000-2,000), create one first before starting a big savings challenge. Once your emergency fund is solid, then launch your challenge with confidence.

This isn’t weakness. It’s strategy. Unexpected expenses will happen. If they wipe out your savings progress, you’ll feel defeated and quit.

Mistake 5: Manually Tracking Transfers When You Could Automate

If you manually transfer money to savings, I know what happens: you skip a week. Then another. Then you feel guilty and quit the whole challenge.

Automate it instead.

Set up automatic transfers through your bank that happen on the same day you get paid. You don’t see the money, you don’t think about it, it just flows to savings automatically. Most people don’t even miss it.

Example: If you do the 52-week challenge and earn biweekly:

• Biweek 1: Automatic transfer of $1 + $2 = $3
• Biweek 2: Automatic transfer of $3 + $4 = $7
• And so on…

This removes the willpower equation. You’re not choosing to save it’s already happening.

Your 2025 Savings Breakthrough Starts Now

Here’s the honest truth: a savings challenge isn’t just about money. It’s about proving to yourself that you can commit to something. That you have discipline. That your financial life doesn’t have to be a disaster.

I’ve worked with clients across every income level from $30K annually to $300K+and the ones who transform their finances are those who commit to a savings challenge. Not because the challenge is magical, but because it creates structure. And structure beats motivation every single time.

You have 13 proven methods above. Pick the one that makes you think, “Yeah, I could actually do that.” Not the hardest one. Not the one that saves the most. The one that feels doable.

Then set an automatic transfer, write down your “why,” and show someone else what you’re doing.

FYI, you’ve got this. Your future self is already grateful. Now make it real.

Final Thoughts

You don’t need the perfect money-saving challenge; you just need to start one and stick with it. Mix and match a few that fit your lifestyle: pair the cancellation challenge with the round-up challenge or try the 52-week challenge alongside a no-dining-out month. The point is to build momentum and consistency.

Start today, pick your challenge, and make 2026 the year your savings finally take off.