In most cases, when you need a way to hit a savings goal, the first strategy people use is updating their budget to allocate the necessary funds. While that’s certainly a pathway toward success, it isn’t always the most fun. As a result, staying motivated is potentially difficult. Fortunately, there are some funny and creative money challenges that can help you active your financial goals while having a good time, making it easier to stick with it. Here’s a look at ten funny and creative money challenges for Millennials.
What Are Money Challenges?
Money challenges are essentially gamified strategies for saving money. Most focus on helping you grow your savings account balance, though some may also come with additional benefits, such as lowering expenses.
The reason money challenges are worth exploring is the gamified elements can make it easier to stay motivated. It harnesses a desire for a bit of competition – either with others who participate or in general – and that can make sticking with it easier.
10 Funny And Creative Money Challenges For Millennials
1. 100 Envelope Challenge
A savings challenge that gained a lot of traction on TikTok, the 100 envelope challenge is incredibly simple. You take one hundred envelopes, number them from one to 100, and mix the envelopes up to randomize the numbers. Then, every day, you select one envelope and either put cash corresponding to the envelope’s number inside or make a deposit into your bank account for the designated amount.
If you complete the viral challenge, you save $5,050 in just 100 days. However, if your budget doesn’t support that, you can adjust the parameters. For example, if you pull one envelope a week instead, you’d save that amount in less than two years. If you choose an envelope twice a week, you will complete the challenge in just 50 weeks.
2. 52-Week Money Challenge
For those who can’t support the 100 Envelope Challenge, the 52-Week Money Challenge is a solid alternative. You slowly ramp up how much you save every week, and the highest amount you ever deposit in one week is $52.
Begin by depositing $1 into savings for week one. On week two, you deposit $2. Then, it’s $3 for week three and $4 for week four, continuing that pattern for 52 weeks. In the end, you’ve saved $1,378.
This money challenge is also modifiable. For example, instead of depositing every week, you could make deposits every payday. If you’re paid every two weeks, that will lead to 26 deposits, ranging in value from $1 to $26.
3. $5 Bill Challenge
For anyone who uses cash instead of debit or credit cards, the $5 Bill Challenge is a viable strategy. Essentially, every time you receive a $5 bill, you put it into a savings jar. Then, count up how much you have every month, every quarter, or at the end of the year, and deposit it into your savings account.
For those with tight budgets who use cash, you could choose another denomination instead. Turning it into a Nickel Challenge is a popular option, but you could also use quarters, dimes, or dollar bills if you prefer.
4. Rainbow Savings Game
With the Rainbow Savings Game, you get a dish and fill it with colorful candy, like Skittles. Assign a savings target to each color candy. Then, every week, pick a candy and work to get the associated amount into your savings account that week and eat the candy as a treat.
You repeat the process every week, giving you a different dollar amount to save. While some play this game with a rainbow printout, you can technically go without one. As long as you’re saving the correct amount based on the candy’s color each week, that’s enough to play the game.
5. No-Spend Month
The No-Spend Month is a money challenge where you don’t do any unnecessary spending for a full calendar month. Essentially, you’d only buy necessities that you can’t handle in advance, like gasoline and perishable groceries, and pay your various bills.
For non-perishable groceries, some participants recommend buying those before the month starts, preventing any overspending in that category. However, others simply do their regular grocery shopping throughout the month, though it’s critical to remain frugal if you go this route.
At the end of the month, you see how much is in your bank account. Then, shuttle off the excess of what you didn’t spend into savings.
6. Stackopoly Savings Game
With Stackopoly, you roll a die and move a token that number of spaces. Next, you save the amount of money that’s shown on the space the token lands on, giving you a daily savings target. Then, you repeat the process every day until you finish the board. At that time, you can reset or, if you hit your goal, end the game.
There are purchasable Stackopoly game boards available. However, you could technically convert another board game if you have one available, so keep that in mind.
7. Grocery Savings Challenge
There are several ways that you can run a Grocery Savings Challenge. First, you can head to the lowest-cost grocery store in your area, purchase what you need based on a list, and compare that to what you save at your usual store. Any amount you save is then put into your savings account.
Another option is to turn coupon, discount, and rebate savings into savings account deposits. Essentially, you dedicate the amount you reduce your grocery bill using those methods to savings. If you use a rebate app, then all you may need to do is send the savings to your bank account once you hit the threshold.
8. Ditch-A-Bad-Habit Savings Challenge
With a Ditch-a-Bad-Habit Savings Challenge, you put money into savings based on what you would have spent supporting the habit you’re trying to change. For example, if you smoke, you’d deposit the amount you spend on cigarettes based on your usual cigarette-buying schedule. Depending on the habit, the amount you save can add up surprisingly quickly. Plus, it helps you see how much you were wasting on a bad habit, which may help keep you motivated.
9. The 1% Savings Challenge
The 1% Savings Challenge aims to make putting money into savings feel manageable. Essentially, you commit just one percent of your income every paycheck, setting it aside in your savings account. Since one percent isn’t typically a big chunk, it is doable for many people, even if your income is a bit tight.
In some cases, people modify this challenge to save more. For example, you could increase the amount you save by anywhere from 0.25 to one percent every month, depending on what your budget can support.
10. The “Better Deal” Savings Challenge
With the Better Deal Savings Challenge, you work to find a lower-cost way to handle a regular expense every month. Then, you move the amount you save into your savings account once you secure the lower rate.
For example, you might contact your internet provider looking for a new special or explore offers from other internet service providers in your area. When you find a lower-cost option that meets your needs, sign up. Then, the first month you pay that bill, send the difference between the old and new cost to your savings account. If you like, you can keep setting aside that amount long-term.
However, you also want to target a new expense the following month to find a better deal on it. The benefit here is that not only are you saving money, but you’re also lowering your expenses, making it a win-win.
