We get it. Personal finance can be a bit dry sometimes. But with a little creativity, you can save and invest for the future, and enjoy yourself along the way. It’s time for some fun money challenges!

Oftentimes, our money goals remain aspirational because we don’t develop a plan for how we’re going to make progress. But by using money challenges to gamify your finances, you can create actionable steps to achieve your biggest money goals.

14 Fun Money Challenges

Building wealth and developing healthy money habits is a lifelong journey. But getting a few quick wins under your belt can motivate you for months and years to come.

Try using one of these 14 money challenges to jumpstart your financial progress…

1. No Spend Challenge

Ever considered going cold turkey on spending?

Okay, so you probably can’t quit spending all together for eternity… You still have to pay for necessities like housing, food and transportation. But how much could you save if you cut all discretionary spending for a specific period of time?

American households spend on average about $297 each month on entertainment, and just under $300 eating out. If your goal is to save up a basic emergency fund of $2,467, going without spending in these two categories for just one month can get you roughly a quarter of the way there. 

If cutting all discretionary spending is a little too intense for you, you can try doing a no spend challenge for just one category each month. For example, you can challenge yourself to a no eating out challenge in January, and on clothing in February. Making it more of a game to avoid spending can spark some joy into your money-saving endeavors.

2. Pantry Challenge

Want to jump start your savings, declutter and help cut back on food waste all at the same time? Try the Pantry Challenge!

We often forget about some of the food we purchase each week, especially freezer foods and non-perishables. This leads to food waste which is a real problem on a personal and societal level. Challenge yourself to skip the grocery store for one full week and use up everything you have sitting in your pantry.

Clean out your cabinets and use a website like SuperCook to help you find recipes using what you have. Doing this for just one week can help you to easily save about $224.

3. No Eating Out Challenge

Similar to the no spend challenge, deciding to eat at home instead of going out can easily save you hundreds of dollars each month. Plus, you’ll enjoy a lot of the health benefits that come with eating at home.

When you cook at home, you’re not just saving money. You’re also in complete control over what you’re putting into your body! Can you skip the takeout and restaurants for one month to jump start your savings and a healthier routine?

Pro tip: This money challenge can be hard for foodies that love to try new restaurants. So make sure to set up a huge reward for when you complete the challenge. For example, after sacrificing eating out for one full month, take a date night and splurge a little at a place that you’ve been dying to check out. Even if you spend a little more than you usually would on that reward night, you’ve still saved a massive amount overall by not eating out all month long.

4. Cancel ALL Your Subscriptions

Over the past few years, subscriptions have become the norm. Gone are the days where you can purchase any software you want for a flat fee and have it be yours forever.

While subscriptions have become a part of modern life, you can still fight back against how much you’re spending on them. Challenge yourself to cancel every last subscription service you have. Remember that you can always sign back up if you miss those services. No one is going to stop you- certainly not the streaming services! 

Then, once you resubscribe to the services you actually get value from, challenge yourself to change the way you think about subscriptions. Do you need to have Disney +, Hulu, Max and Netflix all at the same time? Or can you cycle through them each month and pick one at a time? Loyalty is typically an admirable trait. But not when we’re talking about your streaming subs.

5. Crush Your Debt Challenge

There is no quicker way to accelerate your financial progress than to absolutely crush the high interest debt in your life. High interest debt is something you want to pay down quickly. That’s because those exorbitant interest rates are using the wondrous abilities of compound interest against you, causing your balance to grow rapidly! 

What better way to pay off your debt than by starting with a challenge. Choose an amount of debt you think you can realistically pay off this year, then come up with a plan to pay it down. The Debt Snowball and Debt Avalanche methods are two great plans you can follow to get that debt out of your life. And Undebt.it is a great tool to help you map out your plan.

6. 52 Week Savings Challenge

This is one of my personal favorite money challenges, because it starts small and ramps up as the weeks fly by.

Start by saving $1 the first week of the challenge, $2 the second week, and so on and so forth until you’re saving $52 on the last week. At the end, you’ll have an extra $1,378 to put towards your favorite savings goal! That’s a huge amount if you’re living paycheck to paycheck and need a way to escape that isn’t immediately overwhelming.

This money challenge works best at the start of a new year, but you can easily begin at any point in the year.

7. 100 Envelopes Challenge

The 100 envelopes challenge will result in you saving just over $5,000 in a year (or in 100 days if you really want to save fast). Here’s how it works…

• Grab 100 blank envelopes
• Label each envelope with numbers 1 through 100
• Shuffle the envelopes and store them in a shoebox
• Each week, pull out 2 envelopes at random…
• Whatever numbers are on those envelopes, put that much money inside!

After 50 weeks, you will have filled all 100 envelopes with cash. And all that money should add up to a sweet $5,050!

8. $5 Bill Challenge

If you’re one of those people who still loves paying with cash, this is one of those money challenges you’ll love.

It’s pretty simple- just save every $5 bill that comes into your hands for a whole year. There’s no telling how much money you can save. You could even go longer than a year, never spending any $5 bill, ever!

Also, you can make a cute jar to put all the money in. It’s like an adult piggy bank! I know what I’m doing after finishing this article…

9. Weekly Roth Challenge

A Roth IRA is a powerful investment account that allows you to withdraw your earnings in retirement tax free! If you make under $138,000 each year, or $218,000 for a couple, you can put up to $6,500 into your account each year (these are 2023 limits!)

To max out your Roth IRA, contribute $125 each week. Or, you can contribute about $541.66 each month for a year. If you stick to it, you’ll have a cool $6,500 in your account after a year, and be well on your way to financial freedom.

You could also try this with other types of investment accounts. Here’s a chart with some money challenges and how much you’d need to sock away for each day, week or month…

10. Sell Your Stuff Challenge

Clutter makes us crazy.

In fact, studies have shown that a cluttered environment can lead to making less healthy food choices, poorer mental health, and slower mental processing. Yikes!

Challenge yourself to turn that clutter into cash by selling your unwanted stuff on websites like Ebay or Facebook Marketplace. It’s a great way to keep your home clean and organized, all while helping to accelerate your financial progress.

11. Ask for a Raise Challenge

Sometimes, we can get comfortable at a job or with a certain salary amount. But inflation doesn’t pause just because you’re comfortable. That’s why it’s important to advocate for yourself, and challenge yourself to maximize your income!

If you just got a raise a few days ago, it’s probably best to skip this money challenge for now. But if your responsibilities have grown, or it’s been a while since your compensation has increased, now is a good time to ask for a raise. 

If a raise isn’t in the cards, consider starting a side hustle to pull in some extra cash!

Psst! Here’s an awesome podcast episode about getting paid what you’re worth, with guest Alex Carter.

12. Ask for a Discount Challenge

Sometimes, asking for a discount can feel scary. You’re putting yourself out there, and that possibility of rejection can feel really intimidating. But asking for a discount is totally okay, and the more you do it, the easier it’ll be!

Challenge yourself to ask for one discount every week for a month. Here are some ideas to get you started: 

• Call your cable or internet provider and ask if there are any promotions or discounts they can offer you
• Negotiate any medical bills you might incur
• Ask for a price match on an item from another retailer
• Ask the cashier if they have a coupon or a discount code they can apply to your purchase

If you’re still a little nervous, just remember that hearing no is not personal. They’re rejecting your request, not you. At best, you get to enjoy a sweet discount. At worst, you go on living your life and nothing changes!

13. Complete the Annual Financial Checklist

Does anyone else write down things they’ve already done on their to-do so they can cross it off?

Sometimes, nothing is more motivating than having a good old fashioned checklist. This one has a bunch of tasks you can tick off at the end of the year (or anytime really) to set you up for a financially successful year ahead. 

Print out the annual financial checklist and get to work!

14. Free Vacation Challenge!

Rewards credit cards aren’t for everyone. But if you can follow best credit card practices and pay off your CC statement in full every month, you can take advantage of some pretty decent travel credits and welcome bonus offers! This can all lead to a free vacation!

Simply sign up for a new travel rewards credit card, then complete the requirements to qualify for the welcome bonus. For example, the card_name has a killer welcome bonus offer. You can bonus_miles_full

After earning points, you can open another credit card and repeat the process. All of these points can pay for your next vacation, just by using credit cards for your regular spending.

Pro tip: Make sure that you’re spacing out applications for new cards. Best practices are that you don’t open more than 5 new credit cards within a 24 month period.

Tips to Stay Motivated

As time passes by, it’s easy to lose your motivation. Here are a few tips to help you stick to your money challenges! 

Get an Accountability Partner

Everything is more fun with some friends! Grab your partner or bestie and then ask them if they would like to join you on this money challenge experiment. Checking in with each other weekly can help you to stay accountable as you pursue your money goals. 

Be Realistic with Challenges

If you get takeout every single day, it’s going to be pretty hard to tackle the no eating out challenge! Instead, start small by challenging yourself to eat out only 3x per week. 

Remember, we want to set ourselves up for success. Getting some small wins under your belt can help you stay motivated so that you are able to stick with your challenge longer. Be realistic with your goals.

Track Your Progress

Another great way to stay motivated is to track your progress, so that you can see how far you’ve come. Making checklists, or tracking your progress on a spreadsheet gives you a sense of accomplishment. You did that! 👏

Eliminate Temptations

If you decided you were going to eat healthier, you would probably try to avoid getting junk food at the grocery store so that you weren’t tempted to eat it. We can do the same things with our finances to set ourselves up for success! 

If you know that being short on time causes you to order pizza, work around that by having some frozen or quick meals at the ready. If you know that having money sitting in your account leaves you feeling spendy, pay yourself first by depositing money into your savings and investment accounts as soon as you are paid.

By understanding and working around your spending triggers, you’ll be less likely to get off track!

Don’t Be Too Hard On Yourself 

Lastly, it’s totally normal to mess up a few times during money challenges. It’s important to not beat yourself up. Instead of dwelling on your mistakes, jump right back into your challenge the following day.

Remember, a challenge done imperfectly will yield much more progress than a challenge you stick to perfectly for a few days and then give up on. Don’t let perfect be the enemy of good. 

The Bottom Line:

Money challenges are a great way to jumpstart your journey towards financial independence! They can help to add a little fun to a topic that can otherwise feel dry. And they can also help you see how quickly you can make progress on your finances if you put your mind to it!

However, challenges can only get you so far. The greatest change comes when you develop positive money habits that become so ingrained in your life that they become second nature. Remember, consistency will carry you far in the world of personal finance. 

Related Posts:

• 13 Common Money Fears and How to Overcome Them
• How to Build Wealth on a Small Income
• Should I Buy It? 11 Questions to Help You Decide

While discussing different money challenges we enjoyed a Double Barrel Wild Sinister Kid by Trillium Brewing. Big thanks to Ali for donating this delicious craft beer to the podcast! And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe, and give us a quick review in Apple Podcasts. Help us to change the conversation around personal finance!

Best friends out!