What if we played games instead?

Money-saving challenges like “no-spend January” make the process of saving money less stressful and more motivational.

This method can incentivize you to save more money while making the process enjoyable.

Why do a savings challenge?

Saving money in today’s economy isn’t easy.

Many of us are struggling with student loan payments and high-interest credit card debt.

And everyday essentials and housing costs remain high because of inflation.

If you’re feeling financially overwhelmed, a savings challenge might help you get in the right mindset.

Many people stop spending money on things like gifts, travel, eating out or entertainment for the month.

Others avoid shopping online or with specific retailers, like Amazon.

It starts small, with just $1 set aside in the first week.

When you add up all those weeks, you’ll have put aside a total of $1,378.

Try increasing the amount by $2 each week or starting with $20 the first week.

The higher the starting number, the more you’ll save in the long term if you stay consistent.

This plan requires creating a focused grocery list and spending more time in the kitchen.

The cash-only challenge

This challenge involves having physical cash, so it might feel old-school.

However, using cash has proved to be an effective savings strategy.

You and your partner focus on finding ways to have cheap dates.

Where should I put the money that I save?

Starting a savings challenge is only one piece of the puzzle.

In addition to the interest rate, look for other features to accelerate your savings even further.

What if the savings challenge doesn’t work for me?

There’s a reason that savings challenges are called “challenges” – they can be tough.

On the flip side, be honest with yourself if the challenge feels far too easy.

The main goal is to have fun while pushing yourself to make some strides in your financial wellness.

Think of it like training for a race: Can you run just a bit faster?

Whatever your style, turning your savings goals into a game can accelerate your money-saving efforts.