Money Saving Challenges to Try in 2024 (2024)

Ever considered trying a ‘No Spend Month’? Or maybe you’re keen to put a penny in your piggy bank today, 2p tomorrow, 3p the day after…and so on?

Those who started the latter on 1 January – and are so far sticking to it – can expect to have £671.61 in their savings pot by the end of the year. Start inFebruary and you’ll still have well over £600 by December 31. Not bad, eh?

In our latest article here on the Knowledge Hub of our site, we share some of the best money saving challenges around. Read on…

The 1p Challenge

Martin Lewis, founder of, has given the UK a challenge of his very own.This money saving challenge is surely the challenge to beat all challenges! It sounds simple enough – and it is.

All you need to do is save a penny on the first day of the year, two pence the next, three pence the day after that…and on it goes. Slowly but surely, you’ll be saving bigger amounts as the year rolls on.

Of course, it will probably get harder to find the spare cash once we get closer to the festive season, but if you’ve followed the challenge from 1 January, you should have enough to pay for most – if not all – of your Christmas gifts and food. Find out more over on the Money Saving Expert site – and don’t forget to let us know how you get on.

Join the challenge now and you’ll still have hundreds of pounds towards your Christmas shopping by 31 December. Go on, give it a go. It’s a great step into forming health savings habits, that might inspire you onto bigger things, such as opening a savings product to contribute to monthly.

The 52-week Saving Challenge

How do you fancy saving well over £1,000 before the end of the year? The 52-week saving challenge is like the one above, in that you’re forced to save a set amount of money at regular intervals.

With this challenge, you’ll begin by saving a pound in the first week of the year. By the second week, you’re saving £2, and £3 the third week – and so on.

As outlined on the ‘Skint Dad’ website, this challenge allows you to save £1,378 by the end of the year if you started on January 1. Joining the challenge late? Don’t worry, just catch up by adding the first couple of payments for the first two weeks of the year into your piggy bank.

Again, it’ll be harder to save the funds needed to meet your goal in the latter weeks of the year; what you owe your money box will really ramp up as the challenge reaches its climax, but it’ll be worth it when you have over a grand in cash saved.

Don’t forget to check out the rest of the money saving ideas on the Skint Dad site – there are some great ones!

The Spare Change Challenge

Now this one really is as easy as it sounds…and it’s likely you already do this without realising. You may well be one of the people that never finds yourself wish any cash on you these days, if you’re not part of the cashless crowd, every time you have some loose coins in your pocket (or left over from a recent purchase), chuck them in a big tin or money box.

One day you might only have some coppers to spare, on others you could have a few quid. Whatever you have left in your purse (change only), pop it in your tin.

At the end of the year, give yourself the laborious but exciting task of totting up what you’ve got in your pot – you may well be surprised how much you’ve put aside.

If you don’t fancy saving your loose change, there are plenty of apps you can connect to your bank account that allow you to save automatically, rounding up your transactions to the nearest pound and putting aside your spare change. Make sure you use a reputable app, though; do your research online; the Which? site has some suggestions.

‘No Spend Month’

This is a simple enough challenge to set yourself, but do you have the willpower to stick to it? A ‘No Spend Month’ means setting yourself a list of things you can’t purchase over the course of the month.

You wouldn’t include your mortgage or rent in that, neither would you want to add essential bills like heating or electricity to the list. But you might decide to add luxury items or regular outgoings, such as beauty products, takeaways or even coffee shop coffees to your no-nos.

There’s no law in the challenge that says you have to give up your little treats and luxuries forever – just work a (thoughtfully priced) chunk into your budget and stick to it. Whether it be for a date-night, or a cup from your favourite coffee house. Whatever is important to you in your self-care. The premise of the challenge is to simply make us aware of all the unnecessary spending we do with each pay cheque.

Set yourself the challenge and you could well save a fortune.

The ‘Borrow Rather Than Buy’ Challenge

In a similar vein to the challenge above, the ‘Borrow Rather Than Buy’ challenge allows you to set the rules that work for you.

Perhaps your challenge will be to borrow or swap clothes from or with a pal, saving yourself your usual monthly splurge on clothes. Or maybe you’ll agree with a family member to share one another’s online movie streaming account (if you live in the same household, of course), books, or even tools and appliances – if you both plan to spend January doing DIY and would rather not go out and buy a new saw or jet wash, for example.

If you’re keen to make 2024 the year you make serious financial challenges, check out our range of products here on the site – and do not hesitate to contact the Unity Mutual team if you have any questions. You can also find us on Instagram and Facebook – join the conversation.

Until next time…

Money Saving Challenges to Try in 2024 (2024)


How to save $5000 in 3 months? ›

How to Save $5000 in 3 Months [2024]
  1. Create a Budget and Plan.
  2. Pick up a Side Hustle.
  3. Sell Things Around Your Home.
  4. Refinance Debts.
  5. Cut Unnecessary Expenses.
  6. Reduce Living Expenses.
  7. Try an Envelope Savings Challenge.
  8. Use Cash Back Apps.
Apr 3, 2024

What is the $3 savings challenge? ›

The plan is refreshingly easy, even for the math-challenged: set aside $3 in the first week and put it into a savings account. Then add another $3 each week after, so $6 is saved in week two, $9 in week three, and so on.

How to save $20,000 in a year challenge? ›

If you want to save $20,000 in a year, you'll need to save $1,666.67 each month to reach your goal. Does it feel smaller by breaking it into bite-sized nuggets? For me, it always helps to break down a big money goal (like when I paid off $8000 in under 90 days) into monthly or even weekly morsels.

How to save $10,000 in one year? ›

How To Save $10,000 in a Year
  1. Break down the amount you need to save.
  2. Review your personal finances.
  3. Make a budget.
  4. Cut back spending on nonessentials.
  5. Save money on essential expenses.
  6. Earn more income.
  7. Save your windfalls.
  8. Don't pay interest on your credit cards.
Jan 13, 2024

What is the $10000 in 100 envelope challenge? ›

On each envelope, write the day number and the amount you need to save for that day. For instance, on the first envelope, you would write "Day 1: $1" and on the second envelope "Day 2: $2", and so on all the way to Day 100: $100. Each day, you take the envelope for that day and put the designated amount of cash inside.

How to save $1000000 in 30 years? ›

To save a million dollars in 30 years, you'll need to deposit around $850 a month. If you make $50k a year, that's roughly 20% of your pre-tax income. If you can't afford that now then you may want to dissect your expenses to see where you can cut, but if that doesn't work then saving something is better than nothing.

What is the 52 week money saving challenge for 2024? ›

The concept is simple — in the first week, you save $1; in the second week, you save $2; then in the third week, you save $3, and so on. As each week progresses, the amount you save increases by just one dollar. By the end of the last week of the year, you'll be saving $52 for that week.

What is the 52 week rule? ›

Match each week's savings amount with the number of the week in your challenge. In other words, you'll save $1 the first week, $2 the second week, $3 the third week, and so on until you put away $52 in week 52.

What is the $20000 challenge? ›

This useful finance printable will help you to gradually increase your savings over a 100 days period (Just Under 4 Months). Use this tracker to help you save $20,000 in 100 Days! Saving $20,000 may sound like a lot, especially if you are not used to saving money but it helps in the long run.

What is the 50 30 20 rule? ›

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.

How to save $1,000,000 in 15 years? ›

After maxing out your 401(k) contribution, you'd need to invest $833 of your take-home pay, per paycheck, every month for 15 years in order to have a million.

How to save $1,000,000 in 20 years? ›

Given an average 10% rate of return on the S&P 500, you need to save about $1,400 per month in order to save up $1 million over 20 years. That's a lot of money, but the good news is that changing the variables even a little bit can make a big difference.

What is 27.40 rule? ›

Instead of thinking about saving $10,000 in a year, try focusing on saving $27.40 per day – what's also known as the “27.40 rule” because $27.40 multiplied by 365 equals $10,001. If you break this down into savings per day, week, and month, here's what you're looking at in terms of numbers: Per day: $27. Per week: $192.

What happens if you save $100 dollars a month for 10 years? ›

How $100 a month can help make you wealthy
If you invest $100 a month for this many years......this is how much you'll end up with.
2 more rows
Oct 1, 2023

How much money should a 24 year old have saved up? ›

Rule of thumb? Aim to have three to six months' worth of expenses set aside. To figure out how much you should have saved for emergencies, simply multiply the amount of money you spend each month on expenses by either three or six months to get your target goal amount.

What is the quickest way to save $5000? ›

Ways To Save $5,000 in a Year
  1. “Chunk” Your Savings. The first step to saving $5,000 in a year is to break down your savings goal into manageable portions. ...
  2. Automate Your Savings. ...
  3. Save in a High-Yield Saving Account. ...
  4. Track Your Cash Flow. ...
  5. Boost Your Earnings. ...
  6. Declutter for Cash. ...
  7. Evaluate Your Subscriptions. ...
  8. Challenge Yourself.
Feb 5, 2024

How fast can you save $5,000 dollars? ›

Break It Down Into Months. The first step to reaching any financial goal is to break it into bite-sized pieces. If you want to save $5,000 in one year, you'll need to save approximately $417 a month. That's about $97 a week.

How to save $5000 in 3 months with 100 envelopes? ›

The 100-envelope challenge is pretty straightforward: You take 100 envelopes, number each of them and then save the corresponding dollar amount in each envelope. For instance, you put $1 in “Envelope 1,” $2 in “Envelope 2,” and so on. By the end of 100 days, you'll have saved $5,050.

How quickly can I save 5000? ›

How long will it take to save?
Savings GoalIf You Saved $200/monthIf You Saved $400/month
$5,00025 months13 months
$10,00050 months25 months
$20,000100 months50 months
$30,000150 months75 months
7 more rows

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