Counting up all your expenses: rising rent, inflation on groceries, and the mental strain of financial catch-up; life gets expensive, and it does not stop. Saving money can feel like a chore, and it can also feel punishing with the sheer number of bills. Monthly savings challenges are great for gamifying your savings goals, but the real question is: do they actually work?
They can. And not just in theory. When built around your lifestyle, a monthly savings challenge provides you with structure, momentum, and a sense of control—without requiring a complete overhaul of your life.
That's where this guide comes in.
You're Not Bad With Money-You Just Haven't Had a System That Works for You
Most people know they should save. But most saving advice is either overwhelming or unrealistic. Some good ideas, like the 50/30/20 rule, sound ideal, as we know that we should be saving. But life can be uncanny. You can forget about an additional payment or a birthday gift that you needed to budget for. Or you can forget inflation on groceries.
Monthly savings challenges offer something different: flexibility. They break savings into smaller, themed chunks you can stick to. And when it's tied to a purpose, like building credit or creating an emergency fund, it becomes a habit worth keeping.
What Is a Monthly Savings Challenge?
At its core, a monthly savings challenge is a goal-based plan where you set a specific savings amount or theme for each month. Some months might be specific- like "no-spend weekends", while others can be for savings specific amounts. Either way, the goal is to build good habits to make gradual progress towards your goals. You don't have to be perfect; you just have to build good progress towards your savings goals.
Why Monthly Challenges Are Trending Now
People are seeking more control over their finances without feeling restricted. The rise of short-term challenges on TikTok (such as the $100 envelope challenge or "Low-Spend September") shows an interesting concept: saving money is becoming social, measurable, and, dare we say, fun.
Apps like Qapital, Acorns, and Ally's buckets feature make it easier than ever to automate and track savings toward challenges. And people are sharing their progress online for support and accountability.
However, even if you don't want to post about it, the structure of a monthly challenge helps keep you from getting lost in the chaos of everyday spending.
A 12-Month Savings Plan That Doesn't Burn You Out
Built for a longer-term commitment, this 12-month savings plan is easy to get into and helps build traction towards your bigger goals.
- January - Round-Up Month
- Automatically round up purchases to the next dollar and save the difference. Apps like Acorns or your bank's tools can make this effortless.
- February - Subtract to Save
- Audit your subscriptions. Cancel one or two, even temporarily, and direct that money to a savings pot.
- March - No-Spend Weekends
- Choose two weekends this month not to spend any money. Get creative with what's already in your fridge or closet.
- April - 100 Envelope Lite
- Instead of 100, use 30 envelopes labeled $1 to $30. Shuffle them and draw one daily to determine your saving amount.
- May - Spare Change Jar
- Go analog-collect coins and low bills for 31 days. It adds up fast, especially if you pay with cash regularly.
- June - Add-a-Dollar
- Week 1 = $1/day, Week 2 = $2/day, and so on. Max out at what's realistic. Reset in July.
- July - Coffee-Shop Swap
- Brew at home instead of buying out. Save the difference and tally up at the end of the month.
- August - Cash-Only Challenge
- Set a strict weekly budget for groceries, gas, or takeout. Use cash only to keep yourself accountable.
- September - Guess Your Bills
- Try to estimate your utility or food spending, then compare it to the actual amount. Save the difference if you came under.
- October - Low-Spend Month
- Spend only on essentials for 30 days. Freeze takeout, extras, and impulse buys.
- November - $5 Fridays
- Every Friday, stash away a $5 bill-or more if possible. If you get paid biweekly, save double on payday.
- December - Reflect & Roll Over
- Review your total savings. Roll what you've built into your savings account or credit builder account. Reward yourself without wiping it out.
Small Wins Create Big Shifts
What's powerful about this approach is that it's built around small victories. You don't have to put away hundreds every month to feel progress. Even $20-$50/month provides a safety net—and when combined with something like Cheers, it works harder for you.
Each challenge becomes a stepping stone, not a hurdle. If you fall behind or miss a month? No shame. Just keep going.
Build Credit While You Save-No Extra Work Required
This is where the right tool can make your savings challenge even more valuable. When you set up a Cheers Credit Builder account, your monthly contributions don't just sit idle. They're reported to all three credit bureaus, helping you establish payment history and improve your credit profile over time.
Cheers doesn't charge membership or admin fees-just a low 1% monthly APR. The money you put in is returned to you at the end of your loan term, minus interest. It's saving with a built-in credit boost, and it aligns perfectly with a monthly savings challenge mindset.
Cheers is not a bank- deposit accounts are held by Sunrise Bank, Member FDIC.
What to Do Right Now
You don't need to wait until the first of the month. Start where you are. Choose one of the lighter months (like "Round-Up" or "$5 Fridays") and ease in.
Then:
- Pick your savings "home." Use a savings account, cash envelope, or your Cheers Credit Builder plan.
- Decide whether you want to go public or private; both options work.
- Write down or track your progress in a notebook or use an app.
- Celebrate each month's finish line. That momentum matters.
Final Thought
While monthly savings challenges are great ideas to save, it does not guarantee that you will hit all your goals. Providing a framework gives your money a plan, eases stress, and builds your confidence towards your savings goals- and that's real power. Start your savings challenge today and build your credit with Cheers while you're at it.
