Money Knack's Monthly Money-Saving Challenges for Lasting Savings Success

Welcome to Money Knack's monthly money-saving challenges. These aren't just quick fixes for temporary savings - they're about developing habits for long-term financial health. Each challenge is straightforward and effective, showing you how to save money now while teaching skills that pay off down the line.

Whether you're a big spender or a savvy saver, these challenges are useful for everyone, helping to improve your financial habits one month at a time.

The Key to Successful Money-Saving Challenges

Before starting the monthly money-saving challenges, take some time to define and understand your financial goals. Whether you are building an emergency fund, paying down debt, or saving for a specific purchase, knowing what you are working toward will keep you focused and make the process more rewarding.

Having concrete goals gives you a clear target to aim for and allows you to measure the success of each challenge. Your goals will also serve as a source of motivation, helping you stay focused and committed to completing the challenges.

Read more: How to Set Your Financial Goals

Commit to only what you can realistically handle, and adjust the challenges to fit your lifestyle. The aim is to create a sustainable change, so don't push yourself into an overly ambitious challenge right away. Starting with something too big can lead to frustration, slip-ups, or even splurging at the end as a way to make up for the perceived sacrifice.

If you are a chronic spender, a month-long challenge might feel overwhelming. Instead, start small by committing to a week. Gradually building up will make the process more manageable and set you up for success.

Don't rely on mental math to track the money you save during the challenge. Keep a clear record of your progress and use your savings to either directly contribute to your financial goals such as an emergency fund, paying down debt, or retirement savings, or set up a separate account to make your success purposeful and measurable.

The goal is to avoid vagueness in how much you've saved and where it's going by keeping your savings distinct from everyday spending and redirecting them toward your goals.

How the No-Spend Monthly Challenges Work

The Money Knack's monthly money-saving challenges are pretty simple, yet you will soon see that they offer more than immediate cost-cutting. The challenge is to stop spending on something you usually buy that has merely become a habit and offers little benefit to your wallet or health, and instead, redirect that money towards something that will truly benefit you.

For example, let's look at the "No-Beer Challenge." Say you typically spend $25 a week on a 12-pack of beer, which adds up to about $100 a month. In the challenge month, you skip buying beer altogether. The $100 you would have spent on beer goes to something useful, like your emergency fund or paying off your credit cards. It's all about cutting out an expense and saving that cash for something important.

Finding out how much money you spend on something is a key part of the challenge because we often don't realize how much we're actually using up. To figure this out, look at your receipts and bank statements or how much you usually spend. If your spending changes a lot, check your spending for a few months and work out an average. Seeing the actual numbers can be eye-opening and might be the push you need to embrace a challenge and commit to it.

The Money Knack's money challenges do more than just prevent you from spending for a short period - they encourage you to take stock of your financial priorities by setting and actively working on your goals. These challenges also help you recognize the true extent of your non-essential spending, urging you to consider what might be more beneficial for your future self. This realization can lead to positive and lasting changes in your spending habits, helping you focus on what truly matters for your long-term financial well-being.

A Challenge for Each Month

Go with the suggested lineup, or feel free to switch things up. If a particular challenge doesn't suit you, replace it with another from the list. You are also welcome to mix different challenges to match your preferences.

And if you find a challenge that works well for you, it's perfectly okay to do it more than once. The key is to find what helps you save effectively and stick with it.

Let us know how much you saved by completing a no-spend challenge - tag us on social media and use the hashtag #MoneyKnackSavingChallenge. We love seeing your success stories!

January: No-Alcohol Challenge
February: No Online Shopping Challenge
March: No Takeout and No Snack Challenge
April: No-Cost Lifestyle Challenge
May: No-Subscription Challenge
June: Flexible No-Buy List Challenge
July: No-Impulse-Buying Challenge
August: No Dining Out Challenge
September: The Needs-Only Spending Challenge

January: No-Alcohol Challenge

Welcome to the first of our Money Knack monthly challenges: The No-Alcohol Challenge. This challenge is a great way to kickstart your savings journey and make a significant impact on your finances.

Begin by figuring out how much you usually spend on alcohol each month. Check your receipts, and bank statements, or just estimate based on your habits. Whether it's a few beers after work, a bottle of wine for dinner, or weekend outings - get a total estimate for the month.

Finding the exact figures can be an eye-opener, as you may not have fully realized the amount you spend on alcohol. This newfound awareness can be a powerful incentive to take on the challenge and highlight the potential savings you could redirect toward your financial goals.

Challenge yourself to either completely cut out alcohol purchases or cut back as you see fit. Then, take the amount you would have otherwise spent on alcohol and add it to your savings.

If you don't drink alcohol, no worries - you can substitute this challenge with any of the other challenges or replace alcohol with something else you might spend regularly on, like coffee, smoking, vaping, or any other habit you're looking to change.

February: No Online Shopping Challenge

Challenge yourself to a month of steering clear of online shopping - unless it's for necessities (This is the perfect opportunity to revisit what counts as a necessity versus a want).

Forget about Amazon, eBay, and other marketplaces for the month, and make a conscious promise to avoid clicking on any ads. Delete all shopping apps and unsubscribe from marketing emails that are designed to tempt you with sales and limited-time offers.

This challenge will not only help you save money but also break the habit of impulsive online spending.

March: No Takeout and No Snack Challenge

Challenge yourself to a month of cooking at home and skipping takeout, restaurant meals, and overpriced snacks. Plan ahead by preparing lunches for work and making your meals at home, even when meeting friends. For snacks, buy in bulk at the supermarket instead of relying on vending machines or convenience stores, where prices are significantly higher.

Cooking can feel like a chore and is one of the biggest reasons people turn to takeout. Start with simple recipes that require just a few ingredients and minimal effort. Try bulk meal preparation, making enough to portion out and freeze for future meals, so you can simply reheat them when needed.

April: No-Cost Lifestyle Challenge

This month, take on the challenge of avoiding expenses on activities like dining out, grabbing drinks at bars, visiting movie theaters, attending concerts or shows, or taking weekend trips. Instead of spending money on tickets or outings, discover ways to enjoy your time without spending money.

Explore museums or art galleries that offer free entry, community events or festivals that offer free entertainment, host a board game night or movie night at home with friends, or pack a homemade lunch and explore your city - visit neighborhoods or hidden corners you've never been to and see your surroundings with fresh eyes. Wander through local parks or nature trails to reconnect with nature.

Or use the time to focus on personal growth or community connection. Take a free online course to learn something new, or volunteer your time to help others. Volunteer opportunities can be a great way to meet new people and sometimes provide free meals or other perks.

By the end of the month, you may find that these experiences bring just as much joy and fulfillment as the ones that cost money, while keeping your wallet and sense of adventure full.

May: No-Subscription Challenge

This month, cancel any non-essential subscriptions (streaming services, magazines, or monthly boxes) and reassess what you truly need and use regularly.

Subscriptions are easy to sign up for and even easier to forget, but their costs can add up quickly. Use this break to save money and evaluate if you truly miss them. At the end of the month, decide which subscriptions are worth bringing back and which ones were just money leaks.

You can always resubscribe to services you truly value. This challenge is about intentional spending and ensuring your subscriptions are worth the cost.

June: Flexible No-Buy List Challenge

This month, take a break from the more demanding challenges with a simpler one. Identify categories of things you find yourself buying too often and would like to cut back on, and create your own no-buy list. Commit to avoiding purchases from that list for the entire month.

Examples of items could include candles, jewelry, decor pieces, or those random things you keep adding to your Amazon cart. The goal is to focus on mindful spending and give yourself a chance to reassess these purchases.

July: No-Impulse-Buying Challenge

This month, challenge yourself to break the habit of impulse buying. Before making a purchase, pause to consider whether it’s a true need or simply a want. Set a waiting period for all non-essential purchases - either until the end of the month or at least a week. If you still want the item after waiting, you can reconsider buying it.

This challenge helps you develop mindful spending habits and ensures that your purchases are intentional rather than impulsive.

August: No Dining Out Challenge

This challenge is similar to the No-Cost Lifestyle Challenge but less restrictive, focusing specifically on avoiding dining out at restaurants or indulging in costly meals and drinks.

Dining out is often about more than just eating - for many, it's an important social activity and a meaningful experience. Rather than cutting out these moments entirely, replace them with inexpensive alternatives. Host a potluck with friends, enjoy a picnic at the park, or organize a game night at home. You can still share the same sense of connection and fun without the expense of dining out.

September: The Needs-Only Spending Challenge

This may be the toughest challenge yet! For the entire month, commit to spending only on your needs - no wants allowed. You will need to stick to a strict budget, separate needs from wants, and follow your list of essentials. Spend only on essentials like food, meal allowances, regular bills, household necessities, gas, public transportation, and whatever necessities apply to your situation.

To prepare, learn the basics of budgeting here and get tips on creating a list of necessities in "The Difference Between Needs and Wants." This challenge is an opportunity to rethink your spending priorities and build stronger financial discipline.

Keep an eye on this page for upcoming no-spend challenges, or subscribe to our newsletter to receive updates. Subscribe.