Summary
aving money doesn’t have to be overwhelming—monthly saving challenges can make it fun and manageable. This blog explores creative ways to boost your savings, including:
No-Spend Month – Cut out non-essential expenses for 30 days.
52-Week Challenge – Start with $1 in Week 1, adding a dollar each week until you reach $1,378.
Spare Change Challenge – Save all your loose change or round up purchases to build savings effortlessly.
These challenges help develop better financial habits and make saving an achievable goal, no matter your budget.
Making small, consistent financial changes can have a big impact over time. Monthly challenges help break financial goals into manageable steps, making them easier to stick with. By focusing on one change at a time, you build habits that lead to long-term savings and financial security. Plus, having a structured plan keeps you motivated and accountable.
Did you know? A 2024 study found that Americans spent an average of $1,399 annually on digital media and entertainment, indicating a slight decrease from previous years. These small expenses can add up, making monthly financial challenges even more valuable.
To that end, we’ve compiled a list of monthly challenges to help you save money and some tips on how to make the most of the money you’ve saved.
No-Spend Challenge
- Cut out unnecessary expenses for an entire month.
- Focus on needs vs. wants to develop better spending habits.
- Find creative ways to have fun without spending, like free local events or game nights at home.
A survey conducted in January 2024 found that 54% of respondents spend $20 or less per month on coffee from cafes or coffee shops. Additionally, 16% spend between $21 and $30, while 14% spend over $40 monthly.
For those looking for extra motivation to reduce spending, Dieterich Bank’s Extreme Green Checking offers nationwide ATM fee refunds* and high-interest earnings, making it easier to keep more of your money while sticking to this challenge.
Subscription Audit Challenge
- Review all your subscriptions (streaming, meal kits, gym memberships, etc.).
- Cancel any unused or unnecessary ones.
- Negotiate lower rates on necessary ones and explore free alternatives.
The average combined monthly cost of video streaming platforms in the U.S. is $54. Imagine redirecting some of that spending into a savings account!
The “Forgotten Money” Challenge
- Search old purses, coat pockets, couch cushions, and junk drawers for loose cash.
- Review unused gift cards, forgotten loyalty points, and cashback rewards.
- Use this ‘found’ money to boost savings or pay off debt.
The 24-Hour Rule for Every Purchase
- No impulse buying—every non-essential purchase over $10 must wait 24 hours.
- Keep a list of things you wanted to buy but didn’t.
- At the end of the month, total up the savings from purchases you avoided.
The ‘Holiday Price Freeze’ Challenge
- Set a strict holiday spending budget and commit to it—no exceptions.
- Any time you feel pressure to overspend, delay the purchase and reconsider.
- Challenge yourself to find creative, low-cost ways to celebrate.
The 100 Envelope Challenge – Digital Edition
- Traditionally, this challenge involves filling 100 envelopes numbered 1-100 with corresponding cash amounts.
- Instead, use a spreadsheet or banking app to randomly transfer an amount ($1-$100) daily into a separate savings account.
- Completing the challenge results in $5,050 saved!
A great way to automate this challenge is by using the Green Cents account, which rounds up your debit card purchases to the nearest dollar and transfers the difference into your savings account. This makes saving effortless while reinforcing your financial goals.
The “Full Tank Test” Challenge
- Fill your gas tank once and see how long you can make it last.
- Walk, bike, carpool, and optimize trips to reduce fuel usage.
- Bonus: Use gas savings to boost your emergency fund.
The “$0 Self-Care” Challenge
- Instead of spending on spa treatments, shopping, or takeout, focus on free self-care.
- Examples: library books instead of buying, DIY spa nights, free workout videos.
- This teaches creative contentment instead of relying on spending for comfort.
Did you know that Americans spend an average of $28 per month on makeup and $34 on haircuts? (doc.wa.gov) Finding free self-care options can save a significant amount over time.
The “Eat Like You’re Broke” Challenge
- Plan meals as if you had an extremely tight budget (rice, beans, eggs, pasta, bulk veggies).
- Slash your grocery bill by 50% for the month.
- Encourages meal planning, reduces food waste, and builds budgeting skills.
To maximize your savings, consider the help of an interest earning savings account that rewards you with higher interest rates when linked with an interest earning checking account Transfer the money you saved from this challenge into savings and watch your balance grow.
The “I Bet I Can” Challenge
- Make a bet with a friend on who can save the most money by the end of the month.
- The loser has to do something silly (but free)—like writing a poem about the winner.
- Friendly competition makes it fun!
For those who brew coffee at home, the average cost of a 12-ounce cup of black coffee was approximately 23.6 cents during the first eight months of 2022.
The “One Degree” Challenge
- Adjust your thermostat one degree lower in winter (or higher in summer) for a month.
- Track the energy savings on your utility bill.
- Bonus: Layer up in winter, use a fan in summer, and invest the difference.
To make these savings even more impactful, explore our Cash Back Checking to earn cash rewards on everyday purchases. Combining these challenges with the right financial tools can help you build a stronger financial future.
The “Library Everything” Challenge
- For one month, only consume free content from the library.
- Books, magazines, audiobooks, movies, streaming services—everything for $0.
- Reinforces the habit of using free resources before spending money.
The “Holiday Reverse Gift” Challenge
- Instead of giving gifts, give away things you don’t use to friends, family, or charity.
- Track how many gifts you avoid buying by rehoming good-condition items.
- Helps declutter and save money while spreading generosity.
Small Changes Lead to Big Savings
By incorporating these monthly challenges into your financial routine, you can develop smarter spending habits and build long-term financial security. Small, intentional changes—whether it’s cutting unnecessary expenses, automating savings, or making mindful purchasing decisions—can add up to significant savings over time. The key is consistency and using the right tools to help you stay on track.
If you’re ready to take your savings to the next level, talk to a banker at Dieterich Bank today. Our team can help you identify the best accounts, rewards programs, and budgeting strategies to fit your financial goals. Whether you’re looking to grow your savings effortlessly with Extreme Green Savings or maximize rewards with Cash Back Checking, we’re here to help. Visit your nearest branch or schedule an appointment to start making the most of your money today!
