If you take a second to think about it, challenges can be extremely effective! Any kind of challenge. You have someone guiding you through. You have other people participating, which increases accountability. You have new tools and ideas to do things differently. Those are just a few broad reasons to try a savings challenge, or any kind of challenge!

savings challenge

What is a Savings Challenge?

Wondering what a savings challenge actually is? Well, in simple terms, a savings challenge is a group of individuals savings a specific amount of money over a given period of time. Typically, people will “register” for a savings challenge. Once the challenge kicks off, people will be challenged to save a specific amount of money each day, week or month.

Savings challenges can be a great source of motivation. Most savings challenges require you to track your progress along the way. This can help you see what you’re capable of and encourage you to keep going. Most savings challenges also offer additional support via a group or community. You can be inspired, inspire others and learn what works or doesn’t work.

Now that you know what a savings challenge is, are you ready to read why you should give it a try?!

5 Reasons to Try a Savings Challenge

#1 Extra (or New) Accountability

I touched on this above, but a huge reason to try a savings challenge is the extra (or new) accountability that comes with it. Are you not able to get your spending together to save a little more? A spending challenge may give you the kick you need to tighten it up!

The extra accountability can move you in the right direction. More importantly, if you haven’t ever been accountable to yourself when it comes to spending, a savings challenge may give you a newfound sense of staying true to what you set out to save.

Inspiration Doing it with Others

Imagine this… A group of people all working towards the same goal, at the same time. Some people are killing it and others are sharing what’s holding them back. You could learn from those who are killing the savings challenge, and you have the opportunity to help those that may be struggling.

Inspiring others and being inspired by others are a great benefit of trying a savings challenge. To know that you are not alone in the challenge gives you a sigh of relief. To know that you are not struggling alone can bring so much comfort! That comfort can inspire to you to keep fighting.

Community Can Have a Major Impact

Don’t discredit the power of community! You can build lifelong friendships, foster new relationships and connect with people who have similar interests. Savings challenges can bring people together who are working towards a similar goal. Having a community where you can go to and share your thoughts and feelings is refreshing, especially when it comes to money.

Learn about some of the City Girl Savings challenges in the Brit + Co article “6 Clever Ways Pinterest Can Help You Save Major Money”.

Learn from Other People’s Wins and Opportunities

Knowledge is a powerful thing. Not only can other people learn from your own successes and failures, but you can learn from other people’s successes and failures. Since most savings challenges come with some sort of community, you can use this to your advantage.

Take the opportunity to learn as much as you can about yourself throughout the challenge, but also about how other people do. You never know what new ideas you could pick up that can help you save money for the rest of your life!

What Have You Got to Lose?

The last reason to give a savings challenge a try is you have nothing to lose! In fact, you have everything to gain from a savings challenge – even it’s saving less than what the challenge had intended. There is something to be said for being open and trying new things. You have nothing to lose when it comes to participating in a savings challenge.

Are you convinced to give a savings challenge a try?! If so, then sign up for the annual Frugal Fall Savings Challenge starting soon!

A savings challenge can help you save more money, find new friends, and learn new things! Why not give one a try and see how it goes for you?! There are plenty of online savings challenges to try, including the Frugal Fall Savings Challenge! Have you ever participated in a savings challenge? If so, how did it go and would you recommend it to others?

-Raya
The CGS Team

Raya ReavesFounder; Financial Consultant