Money Saving Tips

A Savings Challenge For Every Month

Printable savings envelopes ready to use on a desk

A money saving challenge is a way of squeezing extra cash from the budget you have set yourself, so that you save more. One way is to do it with a savings chart so you can track your progress. 

Money savings challenges can help you save for anything you are aiming to put money aside for. 

This could be the peace of mind of having an emergency fund. Savings could be for your future life in your retirement, or it could even be a goal such as a deposit for your first house.

Having savings has been a complete game changer for me - having the money saved means I can sleep better at night, no longer worrying about the next emergency that could arise, could be paid for. 

It also makes me feel so much happier - I am now living within my means and I can focus on quality time with my husband and really focus in on my business. 

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Related posts you will find useful to determine how you are going to save.

Sinking Funds – How do they work? How do I use them?

 

How do you make savings challenges fun?

One key thing I have learned about myself is that I need to make things fun and colourful for myself, so I keep motivated to keep going with my goals. 

I  use bright savings envelopes, but you can always use normal envelopes.

To make a start, click here to download a set of my cute abstract savings envelopes. 

Download my cute abstract savings or cash envelopes today.


The other way I make it fun is to have a different savings challenge every month. 

So here are my savings challenges for each month of the year.

Don’t worry  - you can pick this up whenever you want. The great thing about saving is that you can start at any time of the year.

Savings challenges for every month

Negotiate January

In January, as all months, I will look at my subscriptions coming up and assess whether I can get a better deal for them. 

First of all you might want to use a subscription tracker like I use, to plan your year and your negotiating. I find it super useful and it helps me avoid forgetting anything. You know that feeling when it's too late to save money on your car insurance because it has renewed for the year automatically. 

In my video, I guide you through how I use my subscription tracker. 

Do you need to keep track of your subscriptions. Download my subscription tracker and start today! #subscriptiontracker #subscriptions #expenses #budgeting

Subscriptions can be lots of things you pay out for every month like: 

  • Car insurance
  • Home insurance 
  • Cell phone contract
  • Broadband and cable contract

They can also be once a year payments - so for me, my car insurance, and breakdown cover comes out once a year.

They can also be once a year payments - so for me, my car insurance, and breakdown cover comes out once a year. 

Then for me, it is time to take action.

Can I get a better deal by switching? 

For example, on my energy bill? 

Can I negotiate my cable bill down again by buying a cheaper Sky Sports Bundle?

 (OH loves cricket!) 

I’m going to aim to save money on 2 subscriptions I can do this on.

 If I save £50 on my home insurance, I will pay this amount into my savings funds.

  • Usually, I will have saved for my home insurance in a bank saving pot, (online) so when I pay for my insurance, I will transfer the whole amount into my checking account. 
  • Then, I will withdraw the £50 I have saved and allocate it to one of my savings envelopes.

Here are some links to other articles you will find useful on this topic: 

Ways to Save Money on Energy at Home – 21 Ways

Fiver February 

In February, I am going to dedicate an extra fiver from my cash envelopes to my savings. 

Every week, or more if you can, take £5 out of one of your cash envelopes and save it into your savings envelope. 

Make your coffee March 

Instead of buying out coffee, I am going to try and make more coffee and take it to work in a reusable cup. This is going to be the most difficult challenge for me. 

Every time you have a house made coffee, put what you would have spent in your savings envelopes.

 I bought this cute coffee cup made of bamboo. 

Pack your lunch April

Every single day of the month, I am going to try to avoid the local sandwich shop.

 Over time last year, I was pretty good at this, but I have slipped again. 

My goal also includes: no breakfast out and no stopping at the local store for chocolate. They are all what I class as ‘bought food during the day’

Anything I have avoided, I will make a note of and at the end of every week, I will estimate to the nearest pound how much I have saved myself. 

This will go into my savings envelope.

Make money count May

During May, I will be taking out money from each cash envelope and depositing it into one of my sinking fund envelopes. 

Each week, I will take out £1 from each envelope and put it into whichever sinking fund I feel I need to save more for.

 On each envelope, I will mark where the money has gone with SF for sinking or savings fund. 

June Generate

I have decided that in June I am going to make an extra effort to hustle.

I’m aiming for selling at least 3 items that I don’t need any more on an auction site like Ebay. 

For every item that sells, I will save this exact amount into my saving fund of choice. So in May,  will be tidying my house in preparation and making some tough decisions on things that I will donate to the local charity shop and things I can sell. 

My rough rule for myself will be:

 Have I used this thing for a year?

 If not then, I will decide whether to donate or to sell.

Use Ebay's filtering tools to increase your sales: 


  1. Search on the item you want to sell. 
  2. Filter on completed and sold items. (You will get information as to  how much the items sold for and whether Buy it Now or an Auction was best).
  3. Look at the completed items and there will be a pattern on what price items tend to sell at. 
  4. Use this to guide you as you prepare your listing.
  5. If you have watchers on a Buy it Now item, you can send them a tempting offer that lasts for a limited period. (This has created quite a few sales for me!)

Eat in July

Before we have our main vacation of the year,  it’s a great time to experiment in the kitchen.

I am going to try and gently convince Mr Budget to stay in more to eat.

He is such a great chef and has amazing ideas, so this is perfect. 

Why not cook more at home?

 Maybe eat out every two weeks and make this an extra special treat.

Save the money leftover in your eat out budget cash envelope into your savings envelope.

Aim for the Stars August

This month’s savings challenge will include me and my husband aiming to do as many things for free as possible. 

Every week I will be choosing two envelopes to be taking £5 from to transfer into my savings envelopes. 

Read here for ideas on free things to do.

No spend September

As many days as possible in September, I will be trying not to spend anything from my cash budget envelopes in certain areas and really challenging myself not to spend anything at all. 

This will really force me to plan out my grocery budget, so that I include most things and don’t need to keep running to the store for extra bits and pieces. 

I will transfer any leftover cash, which should be more this month, into whichever saving envelope I feel needs a helping hand.

Own brand October

I’m sometimes the victim of brand names and paying more than I need to for this.

October, for me, will be about chopping the grocery budget by using supermarket own brands of things.

 They are so much cheaper than famous brands. 

The challenge will also include any other groceries I would normally go to another store. So as far as I can, I will not be using Tetley tea bags and paying for Aldi’s own.

 (At work, I will use supermarket brand teabags. Mr Budget insists on Tetley at home!) 

Loose Change November

Now normally I keep my loose change in my cash envelopes, but in November, I will use it differently. 

At the end of each day, I will transfer any loose change into my sinking or savings fund envelopes. This includes one pound and two pound coins, so will really challenge me to plan ahead and keep within my cash budgets. 

Delve Deep December 

For the final month of the year, I will choose a combination of four of the monthly challenges and complete a different one every week. 

In December, we are all subject to different demands on our money and time, so this month, for me, will be all about flexibility. 

Maybe one week for me it will be the Loose Change November challenge, then week 2 will consist of Aim for the stars August. 

By giving myself this breathing space, I will give myself room to save, but not at the expense of destabilising my monthly budget. 

In Conclusion

I can't believe how excited I am, having planned and shared these savings challenges with you. 

By sharing, I am committing to this plan, to squeeze even more savings out of our budget in 2020. 

By sharing with you, I want to give you the spark of idea that could help you save more this year.

Picture this for a minute: 

You - with more peace of mind next time your car breaks down. 

You - sleeping through the night like a baby, having put a saving plan in place for Christmas 2020.  

You - feeling proud after every monthly challenge - looking at your increasing savings pots. 


Right.. come and join me. What do you have to lose? 

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