Do you find yourself barely making ends meet? Are you constantly looking at short term loans or other loan options for emergencies or just to make ends meet? Are you working online side jobs but still finding it impossible to save money? If yes, then it’s time to take stock of your spending and saving habits.
We understand that saving money is not always easy. Those of us who struggle with financial management often feel panicky when faced with rules like “saving 20% of income every month”. On paper, it sounds fantastic, but it can feel overwhelming if you are only making minimum wage or have a large debt load.
So, what should you do when faced with such dire situations? Financial challenges can be a great way to save money while making it fun and competitive. You can even get your best friend or sibling involved to bring that added edge.
In this article, we’ll discuss some of the popular saving challenges to try in 2025.
1. £1 Challenge
This is the most beginner-friendly challenge, especially if you are a student, just starting your career, or completely broke. Starting on January 1st, you must consistently save one pound every day of the year in order to complete this challenge. By the end of the year, you will have saved £365.
2. Monday to Friday Saving Challenge
This challenge requires you to set aside money during the week, Monday through Friday. You save £1 on Monday, £2 on Tuesday, and by Friday you’ll have saved £5, which will eventually amount to £15 a week. If you do this for the entire 52 weeks of the year, you will have saved £780.
3. 1p Saving Challenge
Have you heard the popular saying, slow and steady wins the race? In this challenge, you’ll be slowly saving (1p/day) to make a significant saving by the end of the year. You begin by setting aside 1p on the first day (let’s assume it to be January 1st), then add another 1p the following day, making it 2p, and so on. When you tally the total amount put aside, it amounts to £667.
4. £1500 Challenge
This is one of the toughest challenges, requiring determination and money management skills. This challenge isn’t recommended for students or those who work part-time or are in debt. You start saving £1 on Monday, increase it to £2 on Tuesday, and then work your way up to £7 on Sunday, followed by £1 the following Monday. With this challenge, you save £28 every week, and by the end of 52 weeks, you will have saved £1456.
5. 52 Weeks Challenge
This is a super easy money-saving challenge and can yield good results with proper consistency and dedication. You start by saving £1 on the first week of January. The next week it becomes £2, and each week you add a pound more. In the final week of the year, you’ll be putting aside £52. The total amount saved by the end of the year will be £1378.
6. No Spend Month Challenge
If you often find yourself buying things that you don’t need, then this challenge is for you. The No Spend Month challenge involves making a list of all your essentials, which may include internet charges, groceries, utilities, rent, transportation or loan repayments, if any.
Once you have your essentials listed, you are only allowed to spend money on items in the list. Spending money on non-essentials, like ordering takeout, eating at restaurants, or going out to movies, is to be avoided. You can have a friend or sibling hold you accountable during this month.
If a month sounds like a big commitment, the ‘No Spend Week Challenge’ is a more beginner-friendly version of this challenge.
7. No Dining Out Challenge
This challenge is also known as the “No Buying Coffee Challenge,” “Take Your Lunch to Work Challenge,” “No Alcohol Challenge,” and “No Takeaway Challenge”.
Each of these challenges is set to last for a month. If the rule is to avoid eating out, you will prepare all of your meals and eat them at home. Similarly, you will make your own coffee for the no-buy coffee challenge.
This can not only help you save money but also adopt healthy eating habits and lifestyle choices.
8. 100 Envelope Challenge
This challenge is not suited for those who are struggling with their finances and can barely make ends meet. You will need to buy 100 envelopes and number them between 1 and 100 (a more modest option is numbering them between 1 and 25).
Twice a week, you need to pick an envelope randomly and save the amount that’s mentioned on it. For example, if you pick an envelope with the number 10 on it, you will have to set aside £10.
Final Words
When it comes to savings, an important thing to remember is that you need to regularly deposit the amount in your savings account instead of spending it. This will help you see the amount you’ve accumulated over the challenge period. Doing the challenge with a friend makes you more consistent and helps you stay on track.
Another trick is to club together two challenges simultaneously for even better results. For instance, try going for the 52-week challenge along with the no-spend month challenge.
This year, what challenge are you going to take on?
