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Money Saving Challenges

piggy bank
Pelena Cosme


Digital Content Producer


Turn saving into a fun process with our top four money saving challenges. Find money envelope challenges and more at CAP to motivate you to save. 

Saving money can be a challenging thing to think about, particularly in the current economic climate, where we see costs continue to increase and there is a real challenge to pay for basic essentials. 

Having some savings can provide a sense of security and peace of mind, so when money feels stretched, can we find creative ways to save? 

Ahead of Talk Money Week 2024 here are some money saving challenges that you may want to pick and choose from. If you haven’t saved before, perhaps these tips could spark some ideas for you and ignite a new desire to save. If you do save or have done in the past, you may find some new money saving challenges described below!

1. Spare change savings challenge

The spare change savings challenge is a great way of saving without having to be too involved as it’s all automatic, provided you have your banking app set up to do this. Some bank apps offer to round up any spend you make to the nearest pound, directing the change into your nominated savings account. For instance, you buy some snacks and the total comes to £3.60, the bank will round it up to the nearest pound, so you’ll see a £4 charge and the 40p will go into your savings account. 

Next step: check whether your bank offers this service. If they don’t, or you prefer to spend in cash to keep track of your spending — pop your spare change in a money jar!

2. Match the spend challenge

This challenge is a helpful way of making you more aware of what you are spending. 

For example, if you spend £3.50 on coffee, you then put £3.50 into your savings. This challenge works really well for small amounts of money which can quickly add up. However, for bigger ticket items or splurges it makes you ask yourself if you really need that item or experience. This one is a tough challenge! The whole point of the exercise is to save the same amount of money that you spend — or at least to make you more aware of what you’re spending. 


…whoever gathers money little by little makes it grow 

Proverbs 13:11

3. The 100 envelope challenge

Some people are more motivated to save when they can physically see their savings growing; the visualisation helps them stay determined to carry on and reach their savings goal. The envelope challenge is a great way of saving and seeing your hard work pay off. 

With the envelope challenge, you get either 10, 20, 50, 100 envelopes and number them each from 1–10, 1–20, 1–50 or 1–100. Shuffle the envelopes up and decide to pick one out either daily, weekly or monthly. Put the amount of money that is written on the envelope inside. For example, if you pick envelope number 15 you then will place £15 in it. Keep going until you fill all your envelopes and see how much you’ve saved. Is the 100 day envelope challenge something you can try? Or how about the 52 week envelope challenge? Bear in mind that the goal may not necessarily be about the amount you are saving, but that you’re beginning to build the regular act and rhythm of consistent saving.

4. Cashback

As money gets more digital, it can offer more possibilities to save with different tools and platforms. Cashback offers provide an option of getting money back and being rewarded for spending at particular companies. You could then use this extra money to add to your savings. Cashback deals are usually framed as a percentage, for example, get up to five percent cashback when you spend £30 or more. The five percent will then be paid into the same account used to make the purchase. You should always be cautious when spending and not let offers make you spend what you did not intend to so as to stay on budget. 

Saving goals should not force you into spending more than necessary!

Savings: Changing your mindset

Saving in the current economic climate may seem daunting, but remember that building up your savings pot in a small and consistent way can lead to amazing results over time. Saving money can be a really positive experience with lots of advantages, and not something to fear. Here are some things to keep in mind:

  • The first thing to acknowledge is that the purpose of saving money is not endlessly restricting yourself, but is ultimately about empowering you to become free to reach your goals. 

  • Saving is about looking forward and helping to be prepared for what life may throw your way.

  • Saving does not have to be done alone. Do you and a trusted friend or relative have similar goals? Why don’t you exchange saving ideas and plans, keep each other motivated and accountable? 

Want some more help?

If you have a savings target and want extra support, our money coaching groups can help you reach your goals.

Money coaching gives great tools, suggestions, and activities to give people a hand up with budgeting, and help them write a different story for their finances. 

Dub Everitt, Outreach Pastor for Welcome Church 

I’m hoping I can continue to budget and save money 

Money coaching participant 

Find out more about Money Coaching and what’s available in your area.

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