How To Do A 6 Month Savings Challenge!

Are you looking to jumpstart your savings? Does saving money feel too hard or even too boring at times? You can turn saving into a game and complete a 6 month savings challenge!

6 Month saving challenge

By completing a 6 month money challenge, you’ll end up with a pot of money, form new money habits along the way, and be inspired to keep on saving. I can attest to this as I’ve personally used this challenge multiple times to bulk up my emergency savings as well as save for my other goals.

Ready to get started? Read on to learn how to successfully complete a 6 month savings challenge!

What is a 6 month saving challenge and why should you do one?

First things first – what exactly is a 6 month savings challenge? There are many ways to complete one, which we’ll go into more detail about below.

But the main idea is that you save a little bit of money every week for the entire six months. And by the end of the challenge, you will have saved up thousands – yes, thousands – of dollars!

Second, you might be wondering, “Why should you try this challenge?” There are many different types of money savings challenges out there, such as the 52-week money challenge and the spare change challenge. Why this one?

Well, for anyone who is serious about saving, there is nothing better than a 6 month saving challenge. Here are some reasons to try one for yourself:

1. Helps you reach a specific financial goal quickly

Do you have specific financial goals you’re working toward? The challenge is especially great for someone who already has a financial goal in mind, like saving for an epic summer vacation or paying off credit card debt.

It’s a great way to kick off your savings and reach your financial goal, especially if you’ve had trouble saving for the future in the past.

And as I mentioned earlier, this challenge has been incredibly helpful in helping me meet my own goals!

2. Proves to yourself that you can save

A positive, growth-oriented mindset is one of the most powerful financial tools you can leverage. One reason why you might not have unleashed the power of mindset when it comes to your finances? You haven’t yet seen the evidence that you can actually successfully save.

When you complete a challenge, that negative mindset will all begin to change. You will prove to yourself that you really can save. It will increase your confidence and inspire you to try even more things!

3. A 6 month money challenge makes saving fun!

This reason is quite simple – participating in a challenge is fun! It’s fun to track your weekly savings, see it add up, and figure out what you need to do to ensure you meet your weekly savings goals.

Sometimes, it really does help to put a little bit of fun and play back into something that can feel as serious as personal finance. Adults don’t have as much fun as we should, to begin with. There’s no reason why you can’t treat saving like a game, with the prize being a ton of money!

4. Sets you up with good savings habits that reach beyond the 6 month savings timeframe

The most impactful benefit of participating in this challenge is what will happen after it’s over. Sure, over the course of the challenge, you’ll save thousands of coins. That will put you all that much closer to reaching your financial goals.

But the real, lasting benefits of the challenge are the saving and spending habits you’ll have created. If you stick to something for six whole months, you’re likely to integrate that habit into your life without having to even think about it. You will have turned yourself into a money-saving master!

Two ways to do the 6 month money challenge

The idea behind the challenge is to save a specific amount of money every week for the entire period. You can do this any way you want.

Whether you save $5 a week or $500, you will still end up on top at the end of the challenge! You can even save more on the first week of the year and less on the second week as long as it all adds up to your desired amount. 

But it helps to have more guidance than that. So, here are two ways to complete the challenge that will save you either $2,000 or $5,000!

Option 1: Save $2,106

Saving this way is an excellent option for those looking to ease into saving while still accumulating over $2,000 in savings in just six months. Here’s how to do this version of the challenge:

During the first week, you save $6.

Then, every week after that, you contribute $6 more to your savings account than you did the previous week (i.e., on week two, you save $12 in week three, $18 in week four, $24, and so on).

By the end of the challenge (week twenty-six), you will contribute $156.

And, by the end, your savings will amount to $2,106! You can use money savings charts to help you keep track.

Option 2: Save $5,018

Want to save even more? If you’re really serious about saving in a short amount of time, try out this version.

It will help you save over $5,000 in just six months! It’s hard work, but it is worth it to see that number in your savings account:

Every week, you save the same amount – $193. It’s really that simple and straightforward!

Alternatively, you could contribute twice that amount ($386) every other week. Doing so is a smart option for those who want to do a biweekly budget. Whenever your paycheck hits, you can automatically deposit $386 into your savings.

By the end of this version of the challenge, your savings will total $5,018!

How to successfully complete your 6 month savings challenge

Setting the goal to save a certain amount of money or do a 6 month savings challenge is one thing. But that’s just the first step, and, quite frankly, that’s the easiest part.

The hardest part is actually saving the money and following through with the challenge when it feels impossible.

That’s where these tips on how to successfully complete your 6 month saving challenge should come in handy:

1. Set up a savings account

First of all, you’re going to need somewhere to stash all of the cash you’re saving. While you could save it under your mattress or in a dresser drawer, you’ll be way more likely to keep up the momentum if you deposit your money in a dedicated savings account.

If you already have an emergency fund, that’s a great place to put this extra money. If you don’t, set up a savings account, preferably an interest bearing account.

Bonus points if you automate your finances and set up an automatic transfer from your checking account each week. You won’t even have to think about the challenge as you complete it!

2. Live below your means

Where is all of this extra money to put toward your savings going to come from, you might want to know? There are a few ways you can save quickly, including living below your means and cutting back on your monthly expenses.

By curbing your expenses and living frugally, you’ll find yourself with extra money. Instead of splurging, dedicate yourself to savings success during this challenge. You’ll likely have plenty of money to fill up your savings account.

3. Combine it with a no-spend or low-spend challenge

Love a challenge? Why not double up? Another great way to save more money, fast, during the challenge period is to combine the 6 month money challenge with a no spend challenge or a low-buy year.

During these challenges, you choose to spend little to no money on anything that isn’t essential. What is essential is up to you, but generally, people cut out things like clothes shopping and eating out.

It’s basically impossible not to save money during one of these challenges, so they surely will help accelerate your savings if you do one in combination with a 6 month savings challenge.

4. Set a goal and keep that goal top of mind

When you begin the challenge, find your why. What is your reason?

Do you want to save for college? For a new wardrobe? For a down payment on a house?

Whatever your reason, decide on it and what you are going to put your money toward.

Then, make sure to remind yourself of that goal throughout the challenge. You will probably be sacrificing to complete the challenge. And when you are giving up things you like to do or buy, you’ll need a reminder of why you’re making those sacrifices.

Try keeping a sticky note with your goal written on it or save a reminder about it on your phone. Then, you’ll keep your goal at the top of your mind when the going gets tough.

5. Make more money

If cutting back on your expenditure isn’t enough to meet your savings goals, it’s time to increase your salary.

There are several ways to do this, such as:

 Start a side hustle

Choose something that doesn’t have any start-up costs, such as freelancing, graphic design, tutoring, or pet sitting, to maximize your savings amount.

Sell your old stuff

There’s money hidden in your house where you least expect it. All you need to know is where to look to make money from home. Start in your closet to dig out the clothes you never wear before raiding your bedside drawers for unused, forgotten gift cards.

Rent your spare room or driveway

Renting is an excellent way to earn cash fast, especially if you live near public transport links. List your parking space or spare room on reputable sites and start earning pennies.

For example, you can list your parking spot on or your room for rent on

6. Shop smarter

Who wouldn’t want to slash their shopping bill and save money? Well, now you can with these tips.

  • Choose generic brands
  • Only buy what you need
  • Avoid impulse purchases
  • Substitute meat for vegetables
  • Don’t shop hungry
  • Be mindful of products at eye level on the shelves – they are put there to tempt you!

Smart shopping doesn’t have to stop at the grocery store. Next time you need to buy somebody a gift, consider making something meaningful to give rather than opting for shop-bought. 

7. Check utility provider deals

Utilities can take up a large part of your monthly expenses. When trying to save money, it’s a smart move to review your current package and try to negotiate a lower price or find a better deal elsewhere.

Contact your current provider first to see what they can offer, then use online comparison sites to compare deals elsewhere. You may find that your supplier gives you a better package to keep you as a customer.

Be mindful when switching suppliers of any cancellation or early termination fees that would impact the amount of money you save overall. But trying to lower your electric bill and other utilities is worth it.

8. Review your debts

High-interest debt can badly damage your savings potential. If you’re serious about saving, you need to tackle debt first.

Start by paying off credit cards fast that you pay the most interest on. Once you’ve cleared the balance, focus on the next card and so on.

Next time you get tempted to use your credit card, reach for your debit card or use cash instead.

9. Alter your mindset

Our mindset has a lot to answer for. It can affect your health, the decisions you make in life, and even the way you handle money.

If you have negative feelings towards your finances, it’s important that you improve your money mindset before taking on a savings challenge so you have the best chance of succeeding.

Using positive affirmations and letting go of past financial mistakes are just two ways that you can mentally prepare yourself for the task of saving money. Believing in yourself is also a powerful technique that should be practiced daily when setting yourself a target.

10. Don’t quit even if you slip up during the challenge

So you missed a week…or two or three. Or you were only able to save a fraction of what you intended to save. Whatever you do, don’t quit!

Being too much of a perfectionist can cause you to procrastinate on tasks or give up when it would be better to simply move forward and save as much as possible.

Even if you don’t complete the challenge “perfectly,” you will still come out a winner at the end of the six months.

Imagine if you only end up saving half of what you intended to save. That’s still going to be a thousand dollars (or more) than you would have saved if you hadn’t even begun the challenge!

And don’t forget, you’ll reap all the other benefits of participating in the challenge, too, like setting up good saving habits going forward.

Expert tip: Ask a friend to join you

Need help keeping motivated to meet your goal? Ask a friend to join you in a 6 month savings challenge. It’s one of the most effective ways to ensure you get there (and have fun doing it!). Together, you can come up with frugal ways to go out and have great entertainment without blowing your budget.

Another top tip is to do your frugal grocery shopping together with friends and buy in bulk. Not only will this save you money on groceries that you purchase, but also gas if you car share to the store. You may even find that you save more money than if you were doing a savings challenge alone!

If your pals love a competition, set up a friendly challenge to see who can save the most over a period of time.

How can I save $10,000 with a 6 months challenge?

The good news is it’s totally achievable to save $10,000 in 6 months with a solid 6 month saving plan, some self-restraint, and the right mindset.

To achieve your goal, you will need to save approximately $1,666 per month or $385 every week. But smart saving is all about adjusting your plan to meet your individual circumstances, income, and expenses.

For example, if you have a tax bill that is due during your savings challenge, lower the amount you put away in that month and put more into your savings fund another month when you have fewer outgoings. Remember to work it out to the nearest dollar so you are left with the exact $10,000 at the end of your challenge.

As $10,000 is a large sum, the best way to make good progress is to earn extra money that you can put into your savings. If you already have a full-time job, you could do some night shift jobs for pennies that can be dedicated to your target rather than used to pay monthly expenses.

Or if you work part-time, why not see if you can temporarily increase your hours?

Trying out vision board ideas is also a great way to stay motivated when saving a large amount. Use your favorite colors and images that mean something to you and boost your chances of success.

So, whether you need to pay an unexpected bill, go traveling or buy a new car, don’t reach for a credit card. Instead, save $10,000 in just 6 months with these money-saving tips.

How can I save money quickly in 6 months?

If you need to get your hands on money quickly, there are certain things you can do to meet your 6 month savings goal fast.

Meal prep

Groceries are by far one of the largest monthly expenses for households, making budget meal prep a great place to start when you need to reduce your outgoings.

Buying ingredients in bulk and batch cooking allows you to save time and money. How? Some consumable items such as rice, pasta, and tinned goods are cheaper in larger quantities.

Portioning food also means that you can easily get it out of the fridge or freezer and cook it when you want it. No more late nights cooking after a long day at work or wasting food that had spoiled before you had a chance to eat it.

Cut out unnecessary recurring expenses

Any transaction that appears monthly on your bank statement is known as a recurring expense. While most types of regular payments will include non-negotiable transactions such as a mortgage or a rent split, or loan repayments, there are some that could be reduced or canceled altogether.

Unnecessary payments could be gym memberships, subscription services, or even a buy now, pay later plan that you’re still paying off.

Make a list of all your recurring expenses and cancel or pause the ones you can to see how much you could save.

Slash your cell phone bill

Do you know how much of your allocated cell phone data, minutes, and texts you actually use? If you don’t use the full amount, it’s likely that you’re overpaying for what you need.

A simple way to save money fast is to consider changing your cell phone package and only pay for what you use.

How can I save $5,000 in 6 months, biweekly?

When trying to save $5,000 in 6 months biweekly, consistency is key. A biweekly budget and saving makes your goals more manageable and keeps you focused on putting money aside rather than spending it.

First, you need to work out how many biweekly milestones you need in your savings plan. So, if you want to save $5,000 in 6 months, there are 13 payments of $385 that will need to be deposited into your separate account. (Since there are about 26 weeks in 6 months.)

Or, if you prefer, you can make staggered payments so that you pay more on the first payment milestone of the month and less on the second.

Four ways to save money biweekly

Now you know exactly how much you need to save, it’s time to figure out how you’re going to do it. Here are some ways that you can easily free up some money.

Adjust your budget

A good budget is flexible, which means that when you want to increase the amount you save, you can easily see areas where you can cut back.

Cancel subscriptions

Some people have monthly subscription costs eating up their spare cash without even knowing it. Take a look at your bank statement and do a search on every transaction over a full month. It will highlight any outgoings that you’re unaware of and allow you to cancel them to use the money elsewhere.

Pause eating out

Eating out is a great way to socialize and have fun with friends and family, but it can get expensive if you do it regularly. A simple way to save some of your hard-earned cash is to pause or cut back on your restaurant trips.

Instead, choose to cook at home and invite your friends over for a dinner party.

Use discounts

Coupons are a fantastic way to save money on everyday items such as groceries or toiletries. You may only be saving pennies in the short term, but this soon adds up to a much more substantial part of your monthly budget. Check out the best coupon websites to help you save.

If biweekly saving doesn’t quite work for you, try making weekly deposits to your bank account, piggy bank, or savings jar if you prefer (remember to cash it in safely). You’ll end up with the right savings amount but in smaller chunks. This method is perfect for people who get paid weekly or bi-weekly.

If you enjoyed learning about the 6 month savings challenge, you’ll like these other ideas!

A lot of good can happen during a 6 month savings challenge!

A 6 month money challenge is called a challenge for a reason – because it certainly isn’t easy. You’ll need to save a lot smarter than the 52-week money-saving challenge, but if you’ve read this far, it probably means you’re up for it.

Just think, in six months, you’ll be that much closer to reaching your financial goals if you start this challenge today! Or you can try out another type of challenge, like the no new clothes challenge or 30-day challenges for something different!

Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Scroll to Top