Many people don’t have much in the way of savings. In 2022, the average amount that Americans had in their savings was around $5,000. This can be especially problematic when faced with financial emergencies, unexpected bills and rising costs.
Although saving money can be difficult or stressful, it doesn’t have to be. In fact, there are many strategies to make it feel like less of a chore and a lot more fun. If you’re trying to save up some extra cash, here are some enjoyable — and practical — ways to go about it.
Do a Money-Savings Challenge
There are many money-savings challenges out there, some of which might make the whole process much easier and more fun. Some challenges take a long time to complete, while others are very short term. This makes it where there’s something for everyone.
Young Pham, financial advisor and investment analyst with BizReport, suggested the “No Spend Day or Week” challenge.
“One of the strategies that I have often used to great effect is the No Spend Day or Week challenge,” Pham said. “In essence, you simply set aside a day or a whole week, if you can, where you don’t spend any money. Instead, you live off whatever you have already bought.”
With this challenge, you might have to get a little creative with things like meals and entertainment. But this can be fun, too, especially if you do it with a loved one. At the end of the challenge, you can put whatever money you didn’t spend away in a separate account.
Another savings challenge is the 52-week challenge. Save $1 in Week 1, $2 in Week 2, etc. You’ll end up with $1,378 by the end of the year.
Krystle McGilvery, owner of Mind Over Money, said, “Do this with friends and cheer each other on. There is a lot of behavioral psychology to support this idea.”
Use Positive Reinforcement
Positive reinforcement is a great way to keep yourself motivated and make something that’s not traditionally fun — like personal finance — more entertaining.
“For every dollar that you save, reward yourself with a spend of, say, 30 cents,” Pham suggested. “Let’s say you save $1,000 in a given month. You could take $300 from the rest of the income and buy yourself something nice or do something with the money that you always wanted to do.”
Doing this can also help boost your morale if you feel like you never get to do anything fun for yourself with your hard-earned cash.
Sell Stuff From Home
James Allen, CPA, CFP, CFEI and founder of Billpin.com, said one of his favorite ways to save money is to declutter — but in a fun way.
“It’s like a treasure hunt in your own home,” he said. “You’d be surprised at the things you find that you can sell online. It’s a double win — a cleaner house and a fatter wallet.”
Selling household items that you no longer need, use or want can be a great way to boost your savings, while decluttering your house. Some things you might consider selling include gently worn apparel, jewelry, vintage items, collectibles, books or small kitchen appliances.”
If the idea of going through your house and decluttering it sounds boring, you can always make it more fun by turning it into a game. Start by taking it one room at a time and get a friend or family member to join. Get some drinks, food and music going to keep things entertaining.
“The key to enjoying the savings game is to keep it interesting,” Allen said. “Try different methods, challenge yourself and, most importantly, have fun with it. After all, it’s not just about the money you save but the journey you take to save it.”
Grow Your Own Food
If you have a yard, consider starting a small garden. Even if you don’t have space where you live, you could always check with your town to see whether there are any community gardens where people get together to grow produce. This can cut grocery costs while giving you the opportunity to engage with others with a similar interest.
Get a Little Frugal With Friends
“What I have found while working with clients is that most people are overspending or have room for improvement with various aspects of their money,” said Jen Reid, financial planner and founder of BASE. “[This includes] what they spend on food … transportation, housing and entertainment.”
One way to reduce costs and build savings is to get a little frugal in these areas. For example, you could spend an evening cooking with friends instead of going out. This is a fun activity that lets you engage with one another in a way you might not get at a restaurant. Plus, it tends to be less expensive, especially when you consider the money you might have spent on drinks and tips.
“If you have a group of friends who love to go out and spend money at a bar or dinner, suggest hosting the event at your place and have a theme night, BBQ or game night,” Reid added. “Having fun is about who you are with, not what you spend!”
Have Some Friendly Competition
A little friendly competition can be fun and a great bonding experience. McGilvery suggested having a cooking contest with loved ones.
“This one is fun for all,” McGilvery said. “Challenge your friends or family to a ‘cheap eats’ cooking contest. See who can come up with the best dish for the least amount of money. It’s a fun way to save on eating out costs and might inspire you to cook more at home.”
You also can challenge your friends to see who can save a certain amount of money within a set period of time first.
“Make saving a game by competing with a friend or family member,” McGilvery said. “Set a goal, and whoever reaches it first or saves the most by a certain date wins. The prize can be non-monetary, like a homemade dinner by the loser.”
Make Meal Planning Fun
Making a meal plan can simplify your budget, cut unnecessary spending and reduce food waste. If it feels like a chore though, you may want to change up how you look at it.
“Meal planning can be a fun challenge, too,” Allen said. “Try packing lunch every day for a week. It’s like a culinary puzzle, figuring out how to use what you have in the fridge to create delicious, budget-friendly meals.”
You also can save money by being pragmatic about your food delivery and grocery choices.
“Uber Eats and DoorDash have become very popular for convenience but are very expensive and sometimes can be double the cost of what you would spend if you made your own meal at home,” said Naoko McKelvey, senior financial advisor at Blue Chip Partners. “Shop at the no-frills grocery stores, get your reusable bag credits and look for sales on items you use regularly by switching to no-name brands.”
“Be careful about shopping at wholesale places,” McKelvey advised. “Sometimes, we perceive getting a better deal buying in bulk, but if you are not consuming what you buy and it is spoiling or expiring before you can finish, you might be throwing money in the trash.”
Go Thrift Shopping
If you love shopping, go to a local thrift store and see what you can find. This can be a great way to get what you want or need without spending as much as you would at another retailer.
“Thrift stores are a fantastic place for furniture, sports equipment and even craft projects,” Reid said. “Give yourself a budget and have fun shopping!”
“Go thrifting for the items you need, find the item new online and calculate how much you saved,” added Sebastian Jania, owner of Ontario Property Buyers.
Knowing you’ve saved some money also can make you feel good and inspire you to continue saving.
Consider Alternative Subscriptions or Memberships
A simple money-saving option is to look at streaming service subscriptions or memberships you currently have and cut out the ones you don’t need. But remember: You can make it fun as well.
“Gyms have become super costly, depending on the gym and services they provide,” McKelvey said. “Now, online, many exercise gurus have great free channels to cast on your TV for a great power yoga or Tabata workout. Turn your living room into your own personal training session for free and save that monthly subscription cost towards a new bathing suit and maybe a sinking fund for summer vacation or starter fund for a vacation home.”
If you’ve decided to cancel streaming subscriptions, a great alternative is to use a public library instead. Libraries often have older shows, movies and music you can enjoy — ones you might never have discovered otherwise.
Have More Nights In
“Instead of having a night out, have a night in,” McKelvey said. “Card games have been making a comeback. In the Midwest, a game called Euchre is very popular and just needs four players. You can buy a deck of playing cards for $1 at a Dollar Store.”
McKelvey also suggests having a potluck to entertain and bring everyone together.
“If everyone chips in,” she said, “you can find ways to make it fun and affordable without feeling restricted.”
Plan Vacations More Frugally
If you enjoy traveling but are worried about spending too much money, there are ways to cut back on costs and potentially use that money for something else.
“Compare rental services such as Airbnb versus hotels in order to get the best deal possible,” said Neil Wertheimer, deputy editor of AARP Bulletin and AARP The Magazine. “Use car-sharing services rather than renting cars if you don’t need them all week long and take the train whenever possible instead of flying short distances since it’s much cheaper yet still comfortable way to get around while traveling.”
By doing these things, you could meet and get to know fellow travelers or explore more of the places you’re visiting than if you were to stay on the beaten path.
