Are you a part of the majority of people in the U.S. that are struggling financially? If so, this money saving challenge is for you. About half of Americans don’t have anything saved for retirement and the majority of them don’t even have $1,000 in their savings account.
Americans Don’t Have Enough In Savings

According to a 2016 GOBankingRates survey, 69 percent of all adults in the U.S. don’t even have a thousand dollars in their savings accounts and one-third of Americans don’t have any savings. Only 15 percent have over $10,000 stashed away.
At one time I was in the category of people that had no savings account. I remember when I was in my twenties I got chickenpox and I had to borrow $100 from my parents to be able to afford my medication.
I was putting money in my 401k but I wasn’t putting anything in a savings account. Not smart! I thought that I couldn’t afford to save any money.
But the truth is, I was wasting money on things that I couldn’t afford, like a new car, a jet-ski, and lots of clothes. I had school loan debt and a huge amount of credit card debt.
Now I realize that having money in the bank is more important than having stuff I can’t afford. It hasn’t been an easy road getting out of debt and saving money but it has all been worth it.
I’ve found that I sleep better at night knowing that I have money in my savings.
Money Saving Challenge
No matter how much you need to save, a big or small amount, we have a money-saving challenge that will work for you.
You can sign up for free printable money saving challenge worksheet for a 3-month challenge or a 52-week savings challenge.
52 Week Savings Challenge
The 52-week savings challenge is my favorite way to stay motivated to save money. Posting a picture of the thing that you are saving for can help with motivation too.
If your saving for a vacation you could post a picture of your destination beside the money saving challenge worksheet.
Saving money for a year allows you to save easily for higher-priced items. Below you will find several different ways to save different amounts of money.
1. $1,000 Savings Challenge
For this savings challenge simply pick a square that has the amount of money that you want to save for that week and set aside that amount of money and cross off the square.
What’s great about this challenge is that if you have a lot of unexpected expenses one week you can simply choose a square with a small amount.
I love being able to see my progress as I cross off a box every week. After the 52-week challenge is over, you will have saved $1000! You could start your emergency fund or use cash for your Christmas shopping.
Use this money saving challenge worksheet to save $1,000 in one year. Pick the amount that you want to save for the week and cross off that square.
There’s even a zero on the sheet for when money is tight. You can download the Free money saving challenge worksheet by signing up at the bottom of the Resource page.
2. $260 Savings Challenge
If you don’t like checking off boxes and saving different amounts every week, the $5 challenge may be for you. Set aside a five dollar bill every week or have it automatically deducted from your paycheck.
You can save $260 in a year for less than what you probably spend on coffee or soda every week. I know you won’t have a large sum of money at the end of the year but if you don’t have any savings at all, the $5 challenge would be a good place to start.
Another option could be to save every $5 bill that you get back in change.
3. $5,000 Savings Challenge
This savings challenge allows you to save for the big things in life. If you’re trying to save a down payment for a house you might want to follow this savings plan for a few years. If you could follow this plan four years in a row you could save $20,000.
Just like the challenge above, pick a square that has the amount of money that you want to save for that week and set aside that amount of money and cross off the square. This challenge also has squares with small amounts for the weeks that you have a lot of expenses.

Use this money saving challenge worksheet to save $5,000 in one year. Pick the amount that you want to save for the week and cross off that square.
There are even small amounts on the sheet for when money is tight. You can download the Free money saving challenge worksheet by signing up at the bottom of the Resource page.
4. Automatic Savings Challenge
One of the hardest parts about saving money is resisting the temptation to spend money on fun things instead of saving. That’s where an automatic savings app can help — it allows you to save without even thinking about it.
Most banks have mobile banking apps that allow you to set up automatic deposits on whatever schedule you want — every payday, or whatever day works for you. Qapital is a free money saving app that lets you save spare change whenever you shop.
The app allows you to make scheduled transfers, round up your purchases or even find yourself for breaking a rule that you set. Qapital has NO monthly fees and you will receive interest on your savings, and it’s FDIC-insured.
You’ll even find a 52-Week Money Challenge option in this cool app. The savings app works with Fitbit, Foursquare, Instagram, and your phone’s GPS — allowing you to set “savings rules” that will transfer money into your savings account.
For example, you can tell the app to make a transfer to your savings whenever you achieve a goal such as walking 10,000 steps in a day.
Weekly Money Saving Challenges
If your goal is to save money quickly then a weekly money saving challenge may be right for you. Sometimes short-term goals make it easier to stay focused since you reap the reward much quicker than an annual savings goal.
I find it much easier to make short-term sacrifices to save money. If your thinking about a weekend getaway or some new clothes that you need then try some of the following ways to save.
5. Save $1,000 In 12 Weeks
Saving $1,000 in 12 weeks is an aggressive savings plan but if you combine it with a budget and stay disciplined you can do it. Stay focused on other areas where you can save money, things like your cable bill, and groceries.
Sometimes in the summer, we cut our cable service back to the bare minimum to enjoy some extra savings for a few months. Cooking at home instead of eating out is another way to speed up your savings.
For this three-month money saving challenge, pick a square that has the amount of money that you want to save for that week and set aside that amount of money and cross off the square.
Use the squares with smaller amounts for the weeks that you have a lot of expenses.

Use this money saving challenge worksheet to save $1,000 in three months. Pick the amount that you want to save for the week and cross off that square.
You can download the Free money saving challenge worksheet by signing up at the bottom of the Resource page.
6. No-Spend Money Saving Challenge
A no-spend challenge can be done on a weekly or monthly basis. Although I have heard of people not spending for a whole year, I’m not that dedicated.
When you decide to start a no-spend challenge you stop buying anything except the bare essentials. A less extreme version of this challenge would be not spending money on things like eating out, shopping, or entertainment.
Cut Everyday Expenses
Are you ready to see your savings grow? I know it’s not easy and if you need a little help getting the ball rolling here are some ways you can cut back on your everyday expenses so you can save even faster:
- 31 Creative Ways To Save Money
- Keep More Money In Your Wallet With These Money Saving Websites
- How To Save Money With These 6 Alternatives To Cable TV
- Smart Ways To Save Money On Prescription Drugs
- 8 Easy Ways To Save Massive Money On Groceries
Create Additional Income
Maybe you’ve already cut back all you can on your spending and you just need to make a little more money. Here are some options for creating some additional income:
- 12 Easy Ways To Earn Extra Money On The Side
- The 39 Best Money Making Apps
- The 9 Best Apps To Sell Your Stuff: Apps Like Letgo
- Get Paid To Write Articles At Home: 101 Sites That Pay You To Write
- 40+ Things You Can Sell To Make Extra Money Right Now
How To Stay Motivated To Save
Saving money can be hard, especially if you’re not used to doing it on a regular basis. Use the following tips to help you stay motivated.
- Start with a small amount. Every penny counts – set small money-saving goals in the beginning. Once you see your savings account increasing, you’ll be motivated to keep going and save even more.
- Make it harder to get your money. Keep your money in a savings account. Don’t make it easy to access your money quickly or you’ll be tempted to spend it!
- Tell your family and friends. When you start a savings challenge, share the news with everyone. It will help keep you accountable. Ask a friend to start a challenge with you, make it a competition.
Which money-saving challenge are you going to try? Let us know in the comments!

Melissa Bretz says
I am up for the challenge!
Cara Palmer says
That’s great Melissa! Good luck with your money saving challenge.
Jennifer says
Thank you for this. You make it so easy to save money. I might have to spread out the weeks because I get paid every 2 weeks but even with that I will save money.
Cara Palmer says
That’s awesome Jennifer! I hope you’re able to save a lot of money.
Donna Coon says
Thank you!
Cara Palmer says
You’re Welcome, Donna. I hope you enjoy the money saving challenge free printables.
Peacock says
Okay! I’m taking on you Money Saving Challenge of $1,000 in 12 weeks. I’ll Let ya know how it all works out. Thank you!
Cara Palmer says
Good Luck!
Tanya Morgan says
GREAT IDEA!
Vicki says
I only get paid monthly. Do you have a plan for that?
Cara Palmer says
Yes, Vicki, please visit our Resource page to find blank money saving challenge sheets that you can fill in yourself.
Jay @ dopedollar.com says
I like to do “no spend months” and I find they are the best way to save money. I also find it very fun to do as well. And it’s surprisingly not that hard of a challenge!
AEllen Ash says
I would like to try this
Scarlet says
Thanks for sharing these great saving challenges. Seems like a fun idea to motivate me to do better:)