Ultimate guide: The best money saving challenges to try

Between subscription traps and targeted ads, it’s never been easier to spend money. “Holiday funds” can be drained before you’ve even got on the flight. “Emergency funds” can turn into a regular safety net that gets you to your next payday. 

Sound familiar? Enter: money saving challenges – incentivising techniques that make saving money feel more like fun, and less like impossible drudgery in a world designed to make us spend. Which will you try?

What’s a money saving challenge?

A money saving challenge is a set of saving-related rules designed to turn saving into something manageable and even fun, rather than a far-off pipedream.

Instead of just saying I’m aiming to save £1000 this year, you break up that goal into smaller, more manageable chunks – with a gamified edge. 

The idea is that by challenging yourself in smaller ways, saving feels much more achievable and easier to stick to.

What are the best money saving challenges?

The below money saving challenges each put their fun twist on putting away the pennies.

1p Saving Challenge

What it is: A daily saving challenge where you save an increasing number of pennies every day for a year, starting at 1p on day one.

How much you’ll save: £667.95

How to do it: Pick any day of the year to start – putting 1p into your savings account on that day. Then, every day, increase your daily savings by 1p. So on day two, you’ll save 2p, on day three, you’ll save 3p, and so on and so forth.

52 Weeks Saving Challenge

What it is: A weekly saving challenge where you save an increasing number of pounds every week for a year – starting at £1 on week one.

How much you’ll save: £1,378 

How to do it: Pick any week to start – putting £1 into your savings account on that week. Then, each week, increase your weekly savings by £1. On week two, you’ll save £2, on week three you’ll save £3 – by week 52, you’ll put £52 into your savings account.

Save £10k in a Year Challenge

What it is: An annual challenge with the goal of saving £10,000 in a year.

How much you’ll save: Clue’s in the name – £10,000! 

How to do it: Save £833 per month, or £192 per week for a year – but remember to prepare your finances first. Saving larger amounts can be challenging so to give yourself the best chance at success, begin by creating a realistic budget. 

For example, the 50/30/20 rule can help you keep things on track – where you spend 50% of your monthly income on things you need, 20% on things you want, and put 20% away as savings.

12 Months Savings Challenge

What it is: A monthly saving challenge that involves multiplying the number of the month you’re in by 10, and adding that amount to your savings pot.

How much you’ll save: £780

How to do it: Pick any month to start and label that month one. In month one, you’ll add £10 to your savings account (1 x 10). In month two, you’ll add £20 (2 x 10) and so on. 

Last Digit Widget

What it is: A playful, tech-savvy way to save that involves setting aside the last digit of your bank balance – pounds or pennies – every day.

How much you’ll save: Up to £1,650 after a whole year, if you set aside an average of £4.50 a day.

How to do it: Every day, look at the last digit of your main balance and set that amount aside – Starling customers can use Spaces for this. If your balance is £152.84, you’d move 4p – or £2.84 if you want to set aside pounds, rather than pennies. This is a “blink-and-you’ll-miss-it” saving technique that proves even the tiniest amounts can grow into a significant safety net over time.

No Spend Challenge

What it is: A challenge that involves committing to not spending a penny for a set amount of time – encouraging you to get creative with cupboard-ingredient meals and free entertainment.  

How much you’ll save: Variable – depending on how much of a spontaneous spender you usually are!

How to do it: Pick a day where you know you have no real spending commitments. Set yourself the challenge of not spending anything for the whole day. So no takeaway coffees, no bus fare if you can feasibly walk, and meals made from whatever you have in the house –  Ready-Steady-Cook style. 

Alternatively, try a no-spend challenge for a week – where you commit to only spending on absolute essentials for the week. 

The vice-swap challenge

What is it: A mind-focusing swap challenge where you put the money you’d spend on fancy coffees, weekly takeouts or any of your other frequent vices into your savings pot instead.

How much you’ll save: Variable!

How to do it: Decide how long you want to challenge yourself for – a week, month or even longer. Pick a frivolous vice – takeout coffees? Friday-night-curries? Shoe addiction? – and give it up for your chosen amount of time. Put all the money you would have spent in your savings account instead.

Looking for more useful savings hacks? Our Round Ups feature lets you set your Starling account to round up all your spends to the nearest pound, adding the spare change to a Space of your choice. 

The article above includes general information and should not be taken as financial advice. If you have questions about your specific circumstances, please speak to an independent financial advisor.