30-Day Money Savings Challenge
Have you ever heard of the 30-day savings challenge? It’s a simple way to reevaluate your spending and boost your savings.
At the end of the 30 days, not only will you have more money in your savings account, but you’ll also have learned better money habits.
What Is the 30-Day Savings Challenge?
The next time you get a paycheck, the challenge begins. Immediately transfer a portion of your paycheck (maybe 5%?) into a savings account. Then, try to live on what remains until your next paycheck in 30 days.
Yes, this is possible. And yes, you can do it!
After 30 days, you will learn more about your spending habits and how possible it is to grow your savings with every paycheck.
Should you choose to accept the challenge, you’ll want to check out the following 15 challenge tips. They will help you conquer the 30-day savings challenge without stressing.
1. Define Your Why
The very first thing you want to do is to define your “why.”
Why are you doing the challenge? Why are you trying to boost your savings? Do you need an emergency fund? Are you saving for a vacation?
If you know your “why,” you’ll gain clarity about your saving journey and find it easier to avoid giving in to spending temptation this month.
2. Open a Savings Account
At the start of the 30-day savings challenge, open a savings account if you don’t already have one.
Having a separate savings account is important for keeping your money out of sight and out of mind. Plus, the money in your savings account will collect more interest.
If you already have a savings account, set it up to automatically pull a percentage from your paycheck each month, and you can be confident you will reach your savings goals.
Saves Money Faster With High-Interest Banking
How much do banks pay in interest?
The national average is 0.08%.
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3. Download a Budgeting App
One of the goals of the 30-day savings challenge is to become familiar with how much you are spending and saving.
The easiest way to do this is to download a budgeting app that simplifies the budgeting process.
Apps like Mint also make it easier to create customized budgets that leave space for saving. These apps help you track your progress which can motivate you to stick with it.
Money Empowerment
If this whole budgeting thing sounds a little too complicated to start from scratch, simplify it with the Empower app.
Empower is all about being proactive with your money in that it holds you accountable for savings money.
Every week, a predetermined amount of money (set by you) will be transferred from your checking account to your savings account where you’re less likely to spend it.
With Empower, you will save money every single week, only when you can afford to save that week.
Empower keeps you mindful of your money with budget organization, human coaching, and overall helps you build a secure relationship with your money.
Take the guesswork out of the numbers, and get your money on track.
Try (and read more about) the Empower money app right here. Your money will thank you.
Banking services provided by nbkc bank, Member FDIC.
4. Review Spending Statement
Before you start, take a good hard look at your spending history of the past 30 days. Look at your checking account, credit card statements, and online spending history with services like PayPal and Venmo.
When you look at your purchases, ask yourself what spending wasn’t necessary? Be honest.
Add up all this unnecessary spending. Take note of how quickly small purchases add up. When you do math, be mindful of the total – that’s how much money you could have saved deposited into your savings account.
Free Workshop – Join our free Simplify Money Workshop
The *only* way to save money is to spend less than you earn. That means you need to decrease your expenses or increase your income.
We want to help you do both.
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- Hacks to lower your monthly bills
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5. Meal Plan
If you are like most people, you spend a big portion of your paycheck on food. You can reduce what you pay when you create a meal plan for the month.
Get a calendar and write in meals you can have for lunches and dinners this month, paying attention to extended meals (aka leftovers). A fun way to use those leftovers is to have a “buffet” supper night and reheat a variety of foods.
If meal planning for a month feels overwhelming, do it one week at a time.
$5 Meal Plan Makes Dinner Decisions Easy
Cooking at home is great, but many say planning dinner every night is the worst! If this sounds like you, there is a simple solution: The $5 Meal Plan.
You won’t have to worry about what to cook, what ingredients to buy, or how to cook the meals.
The $5 Meal Plan is a weekly service that sends you a schedule for your meals, a detailed shopping list, and recipes.
They do the thinking for you, so all you have to do is follow the plan. Each meal will cost around $2 or less. Get started with a $5 Meal Plan so you can eat better for less.
6. Eat Out Less
You spend significantly more eating out than preparing meals at home. When you visit eateries less often, you have more money to save.
The key word here is “less.” We aren’t suggesting you don’t eat out at all – that may make you hate the challenge! Instead, try to eat out less.
For example, take your lunch most days and only eat out for lunch on certain days with co-workers. When you meal plan, factor in nights when you will go out to dinner with friends.
Eat at home more and you’ll eat healthier, control portions, and spend less.
7. Grocery Shop Wisely
When you cook at home you’ll save money, but you can reduce your food costs even more when you shop wisely for groceries.
At some point, we’ve all made the mistake of going grocery shopping while hungry and came home with a bunch of food we didn’t really need.
Avoid shopping while hungry, and you won’t stuff the grocery cart as much.
Here are other changes you can make when you shop during this savings challenge:
- Always make a list before you go to the grocery store and stick to the list!
- Buy generic or store brands (major brands often produce these).
- Don’t shop on a full stomach.
- Avoid impulse buys.
- Use loyalty cards, rewards, and coupons.
Earn Cash Back at the Grocery Store ($20 Welcome Bonus)
Ibotta pays you to shop for groceries.
Download the free app, create a cash-back grocery list, and go grocery shopping.
When you get home, take a picture of your receipt with the Ibotta app, and money will immediately be deposited into your Ibotta account.
It’s real money too! Deposit your Ibotta money directly into your bank account, or redeem it for a free gift cards to your favorite stores like Amazon, Walmart, or GameStop.
Want to hear even more ways Ibotta can save you money? Check out our Ibotta explainer video, here!
Grab your free $20 welcome bonus when you try out the Ibotta app here!
8. Try to Relax
Giving up the coping mechanism of buying little things here and there can be challenging. Go ahead and acknowledge that sometimes you impulsively shop to feel better.
Look for healthier coping mechanisms. Consider downloading a meditation app to learn breathing and calming strategies.
Enhance Your Well-being with the Yours App
Does it seem as if your life has become busier? more hectic? more chaotic? Given all of the pressures we face, it can seem like there is no way to shut out the world and just relax and calm down. Thankfully, there is a way we can find some inner peace and practice mindfulness.
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9. Unsubscribe from Mailing Lists
Are all those emails about sales and discounts from online retailers clogging up your inbox?
If the deals are too tempting, unsubscribe from the mailing lists. Each time you get a sales email notification, scroll to the bottom and hit the unsubscribe button.
10. Declutter
Instead of browsing online stores or window shopping, use the next 30 days to declutter your space.
Keep reminding yourself that this month you are moving stuff out – not moving stuff in.
When you declutter your home, you will save yourself from stress, save time by not having to search for things, and you will save money during the challenge.
11. Find Accountability
Challenges are always more fun with a friend. Ask someone you trust to be your accountability partner for the 30-day savings challenge.
Give her permission to lovingly call you out when she spots you perusing Target’s Dollar Spot.
12. Enjoy Free Fun
Make a point to be on the look for free fun. For example, look for any free community events or festivals. Head to your library to check out books, movies, and more. Invite your friends over to watch TV or play games instead of going out.
13. Use Cash
After you deposit money into your savings account and pay your bills, consider taking the rest of your paycheck out in cash.
Force yourself to use cash for all your purchases over the next 30 days. This will make you more aware of what you are spending, and you will actually spend less.
When you pay with cash, you will not pick up more items than you can pay for. That’s not the case when paying with a credit or debit card.
14. Take Notes of What You Want to Buy
During the 30-day savings challenge, keep a list of the things you wanted to buy but didn’t.
If you see a fabulous dress at T.J. Maxx, write it down and the price (or keep a running list on the notepad on your phone).
At the end of the 30 days, look at your list. Is there anything you still want that you believe is worth some of your hard-earned paycheck? Is there anything on the list that you now realize was just a passing want?
This exercise will help you be more mindful and intentional about your purchases.
15. Give Yourself Grace
Throughout the 30-day savings challenge, give yourself grace. No one is born knowing how to save money. It takes time to learn how to use money wisely.
If you don’t meet your goal, give yourself a pat on the back for trying. If you mess up along the way, start again the next day.
You Can Do It!
The 30-day savings challenge is a fun way to challenge yourself to save more money.
Here are 3 key things to keep in mind:
- Think of it as a learning experience rather than something difficult you are forcing yourself to do.
- Whenever you get frustrated, just remind yourself of your why.
- You will love seeing the extra money in your savings account, which will keep you motivated.
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About the author Michelle Salater
Michelle Salater is a freelance finance writer with a passion for personal finance education. When she’s not in front of her computer, she’s reading biographies and exploring remote areas of the world. She also freelances for Wooster Media Group LLC.
