15 Money-Saving Challenges for Retirees to Try

Saving money doesn’t have to feel like a chore. You can turn it into a challenge and even invite your friends and family to participate. After all, we all could stand to save a dollar or two in this economy! So, if you’re a retiree on a quest to save money, we’re glad you’re here. Keep reading to learn more about how you can give your wallet a break. Here are FIFTEEN money-saving challenges for you to try today.

1. 52-Week Challenge

Want an extra $1,000 in savings? Then you should try out the 52-week challenge! Simply set aside a dollar each week and put it in savings. Then, the next week, put two dollars in savings. The third week, put three dollars in savings, and so forth, and so on. By the end of 52 weeks, you’ll have saved a grand total of $1,378. That’s $1,378 that can go toward medical expenses, bills, or even a fun vacation with your family! So, if you want a simple challenge that can change your life in a big way, look no further than this one.

2. The Pantry Challenge

How many of us buy cans of food and let them sit on our pantry shelves until they expire? Unfortunately, far too many of us are guilty. But good habits can be broken, and there’s no better way to break this particular one than with The Pantry Challenge! Simply make an inventory of all the items in your pantry and use them to create a meal. Check off each item as you go. The caveat? You can’t go grocery shopping while you’re participating in the challenge. This is a great way to reduce food waste and get creative. And, since the average cost of groceries for a family of four is $1,047 to $1,576 per month, you’ll probably end up saving even more than you think!

3. No-Spend Weekend Challenge

For a lot of us, the weekend is the time to kick back, relax…and open our wallets. Some of us might enjoy shopping on Saturdays. Or we might go out to eat after church on Sundays. If you fall into either of those categories, allow me to introduce you to a perfect challenge: The No-Spend Weekend Challenge. As the name suggests, participants in this challenge must try to go the entire weekend without spending so much as a dime. While you may not like the idea of refraining from a little weekend shopping, you’ll certainly like the extra money in your wallet.

4. Kick the Bad Habit Challenge

We all have our vices. For some people, it’s coffee. Others may struggle to give up cigarettes while others can’t stop drinking soda. Whatever the case, it’s time to kick all your bad habits to the curb! Pick one bad habit you’d like to break. Calculate how much you spend on coffee, soda, cigarettes, or other vices. For thirty days, deposit the money usually reserved for your vices into your savings instead. By the end of the month, you’ll not only have more money in the bank but you’ll also be healthier, too! Now, that is the very definition of a win-win.

5. Sale Items Only

We all love a good sale, but the Sale Items Only Challenge takes that notion to the next level. For at least one month, resolve to only purchase items that have a sale tag. Sure, you’ll still be spending money, but you won’t be spending as much as you would if you bought items at their full price. If you end up enjoying this challenge, then extend it longer than a month! After all, sales tags often result in savings.

6. Cash Only Challenge

A lot of us whip out our debit and credit cards to pay for things. Unless you religiously scrutinize and document every transaction, you may not be aware of how much you’re actually spending. Or you may make unnecessary purchases. A good way to remedy this? Participate in the Cash Only Challenge! For one month, only pay with cash instead of your cards. Make sure you still keep track of all your purchases!

7. Water-Only Challenge

Most of us would prefer to drink soda, coffee, tea, or just about any other beverage over plain old water. However, water costs far less the flavored alternatives. That’s exactly why the Water-Only Challenge is a great way to save money! Whether you choose to drink only water for a week or a month, we guarantee you’ll save a few dollars. Bonus points: You’ll have healthier skin, lubricated joints, and lower blood pressure.

8. No Eating Out

We all love eating out. The food, the ambiance, and the wide range of options all lend themselves to a wonderful experience. Sadly, eating out isn’t cheap. And while it’s nice to kick back and let someone else prepare your meal every once in a while, the costs of dining out can add up fast. Fortunately, there’s a solution: the No Eating Out Challenge. Simply dedicate a month to only eating home-cooked meals. You can even make this a semi-regular challenge that you do every few months. While you might miss your favorite restaurants, we think the extra dollars in your bank account will more than make up for their absence.

9. DIY Challenge

All the crafty, creative folks reading this will absolutely love the DIY Challenge. If there’s an item in your household like soap, air freshener, or makeup wipes, you can always DIY a thrifty alternative. Countless tutorials and articles may help you take on a few more DIY projects. While choosing to make your own hand soap or makeup wipes may not seem like it amounts to big savings, you’re still saving money. Plus, you get to flex your creative muscles in the process!

10. Subscription Cancellation Challenge

A lot of us are subscribed to different services. From streaming platforms to online shopping memberships, we’re all subscribed to at least something. Paying for multiple services each month might not seem like that big of a deal, but those costs add up fast. The Subscription Cancellation Challenge can help you cut down on your subscriptions and spending in one fell swoop. Go through all the services you’re currently subscribed to and calculate how much you’re actually spending. Then make like a hairdresser and cut, cut, cut! Try to dwindle that number down to one or two monthly subscriptions. You’ll save tons in the end.

11. No-Spend Challenge

Yep. You read that right. There is such a thing as a No-Spend Challenge, and it’s exactly what you’d think—with a slight twist. You can still buy necessities, like groceries. However, non-necessities are off the table. No more takeout meals, no more new shoes, and no trips to the hair salon. It’s a difficult challenge, especially with so many online shopping outlets at our fingertips. However, it’s also a great way to cut back on your spending! Even participating in the No-Spend Challenge for just a week will help out your wallet.

12. $1 Bill Challenge

This challenge is simple and made for the long haul. Every time you get a new $1 bill, simply stash it away in an envelope. Make a note of when you actually begin the challenge. Then, one year later, count how many one-dollar bills you have. It may not sound like much, but any savings are better than no savings at all. So, if you’re looking for a challenge that’s perfect for beginners, you may want to start with this one.

13. Weather Savings Challenge

This challenge is unique and easy! Every Wednesday, check your local forecast. Pick the highest temperature and deposit that amount into your bank account. Some days, you may put in only $13. Summers might make you fork over as much as $103! Whether you live in sunny California or rainy Washington State, you’ll save money every week with this challenge. Plus, you’ll have a lot of fun doing it.

14. Spare Change Challenge

Have you ever flipped over your couch cushions and found some change beneath them? Well, then you already have what it takes to participate in the Spare Change Challenge. At the beginning of the year (or whenever you start this challenge), round up all your spare change and store it in a piggy bank and jar. Do this every time you come across loose change. Then, at the end of the year, see how much you’ve saved. It’s not only easy, but it’s a great way to save money!

15. Money Throwdown

If you’re naturally competitive, then you’ll want to stick around and find out more about the Money Throwdown Challenge. All you need is a friend and a competitive spirit. See who can save the most money in a month. Not only will you get to enjoy some friendly competition with a friend or loved one, but you’ll both benefit from the savings. It’s definitely not a zero-sum game! Everyone is a winner with the Money Throwdown. So, call up your most competitive friend, set the terms, and let the games begin.

Looking for more?

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