A young girl saving one-dollar bills<\/figcaption><\/figure>\n\n\n\nHaving some extra money saved can help relieve financial stress and allow you to reward yourself with those things you\u2019ve always wanted, like a bigger apartment or a new designer handbag. <\/p>\n\n\n\n
The trick to picking a money-saving challenge is to choose one that fits your budget, isn\u2019t too difficult to achieve, and is easy for you to follow through with. <\/p>\n\n\n\n
Unrealistic goals will only lead to you getting discouraged, causing you to quit the challenge before it is supposed to be over. <\/p>\n\n\n\n
1. 365-Day Saving Challenge<\/h3>\n\n\n\n
The 365-day saving challenge<\/em> is straightforward and is an excellent option for first-time savers. You start by just saving $0.01 on day one, and you then increase this by $0.01 each day so that on the last day, you are saving $3.65. At the end of saving for the year, you will have amassed $667.95.<\/p>\n\n\n\n2. $1 Savings Challenge ($1 Bill Save)<\/h3>\n\n\n\n
This challenge states that every time you come across a $1 bill, perhaps as change when paying cash, you just pop it straight into a savings wallet. Count up your $1 bills at the end of the year, and you\u2019ll probably be surprised to discover just how much money you saved. <\/p>\n\n\n\n
3. 365-Day Nickel-Saving Challenge<\/h3>\n\n\n\n
If you feel like making significant weekly deposits is too much, this challenge revolves around saving a tiny bit of money each day. You can even do this using small change lying around the house or cluttering up your wallet.<\/p>\n\n\n\n
It works because on the very first day, you save just $0.05, then every day after that, you increase this amount by just a nickel. So on the second day, you\u2019ll save $0.10, on the third, $0.15, and so on. By the last day, you\u2019ll be saving $18.40. <\/p>\n\n\n\n
Most people find these small amounts very manageable, and yet at the end of the challenge, you\u2019ll have saved an impressive $3,300.<\/p>\n\n\n\n
4. 365-Day Penny Savings Challenge<\/h3>\n\n\n\n
The penny challenge is easy to follow and simply revolves around saving all your pennies. Start with one penny a day and increase the amount by a penny each day over 365 days. You will end up saving $667.95 at the end of the day. <\/p>\n\n\n\n
An even more accessible version of this challenge is to put any pennies you get into a large jar, and when your jar is full, take it to the bank and cash out your savings. <\/p>\n\n\n\n