Looking for a way to save money that is simple to do and effective? Allow us to introduce you to these little things called ‘money-saving challenges’. They put a little fun back into the process of saving money; so much so, it’ll become a habit before you know it. Let’s take a look at some of the best money-saving challenges that will see your savings soar in no time. 

1. 52-week money-saving challenge

This savings challenge is a good one to kickstart your journey towards being a savvy saver. The aim of this challenge is to put aside $1 in the first week of the year and increase the amount by $1 each week as the year goes on1. So, you’ll go from putting $1 in the first week of the year into your bank account (or piggy bank if you’re an old-school saver), to $5 in the fifth week to $52 in the final week of the year. Or, you can do it in the reverse so you start off by depositing $52 into your savings account in the first week of the year and end up putting $1 in for the last week of the year1.

2. Roll the dice savings challenge

If you want to be a bit more spontaneous and save smaller quantities at a time, this money-saving challenge might be your go-to. Simply roll a six-sided die each day (or week, fortnight or month – whatever suits your needs) and whichever number it lands on is the amount of money you will pop into your savings account1. Pretty easy, right?

3. Wednesday weather savings challenge

Well, this fun way of saving money doesn’t actually have to be done on a Wednesday but it’s a fun way to give your savings account a mid-week treat. This savings challenge requires you to pay attention to the weather by finding the hottest temperature in your state or territory that day and putting that amount of money aside as savings1. Repeat this challenge each week, fortnight, or month depending on what suits your needs.

4. Soft drink bottle money-saving challenge

Now we know not many people use cash anymore, but for those who do, you probably end up with lots of change that just weighs your wallet down. Well, here’s a savings challenge to try! Every time you get a $2 coin, pop it in an empty soft drink bottle instead of in your wallet. It sounds crazy but supposedly a 600-millilitre bottle can hold $880 worth of $2 coins and a 1.25 litre bottle can hold a whopping $19001. Once you’ve filled your bottle, pop the money straight into your savings account.

5. No-spend challenge

Wait, aren’t we talking about money-saving challenges? Well, a no-spend challenge is effectively just another way of saving money, right? Generally, the trick is to only spend money on essential items (such as bills and food) for 30 days, but you can adapt the length of time to whatever suits you1. While you’re not actively depositing money into a savings account throughout the challenge, you could always tally up how much money you’ve saved at the end of the 30 days and add it to your account then.

6. Save the change challenge

Similar to the soft drink challenge, save the change applies to putting aside any bit of change you get as savings. There might be a few times where you only want to save some of the change, depending on the size of your purchase and how much money you receive back2. However you choose to run the challenge, the focus is on making sure you deposit as much change as possible into your savings account (even if you only get 20 cents back).

7. The year savings challenge

This money-saving challenge gives you a bit more freedom to choose how you’ll reach the overall savings target. Pretty much all you have to do is have saved the amount of money that corresponds to the year you’re in by the time the year has finished. So, in 2023, you’ll want to have deposited $2023 into your savings account by the time we roll around to 20242. How much you save at a time is completely up to you!

8. Kick a bad habit money-saving challenge

We all know breaking habits can be tough, so allow us to help you out. Think about your most expensive habit, such as buying coffee every day, and instead of giving into that habit, put the money into your savings account instead2. You’ll be surprised just how quickly you bulk up your savings!

9. Save 1% of your salary challenge

This is a savings challenge that could be played out two different ways, so it’s really up to you. On one side, you can work out what 1 per cent of your annual salary is and aim to save that amount of money over the year. Or, you could take this figure and find a way to cut it out of your yearly expenses2. Whichever option you choose, your savings account will feel the benefit!

To keep track of your savings when you try these challenges, Queensland Country Bank has a range of savings accounts to choose from. You could be achieving your goals in no time!

 

Terms and conditions of Queensland Country Bank’s Savings Accounts apply. View the relevant TMD’s available at queenslandcountry.bank. Normal lending criteria, terms, conditions and fees apply and are available on request.

General Advice Warning: This information is intended to be general in nature and is not personal financial advice. It does not take into account your objectives, financial situation or needs. Before acting on any information in this article, you should consider the appropriateness of the information provided. In particular, you should seek independent financial advice.

Sources

1Effie Zahos, 2023, 9 money-saving challenges to try in 2023, Canstar,

https://www.canstar.com.au/budgeting/money-saving-challenges/

2Joshua Rodriguez, 2023, Best money-saving challenges to try in 2023, Go Banking Rates, https://www.gobankingrates.com/saving-money/savings-advice/money-saving-challenges/