6 money saving challenges you can start this month

Starting a money saving challenge breaks a large financial goal into daily habits that feel manageable. The six here are a weekly round up, a no spend weekend, a pantry week, a spare change jar, paying yourself first and one in, one out for subscriptions. Pick the one that fits your household routine.

1. The weekly round up challenge

This method turns the odd pence in your bank account into a growing savings pot. Log into your banking on a Friday afternoon and look at your balance. If the balance sits on an uneven amount, transfer the odd pence into a separate account to leave a neat whole pound. You can also round down to the nearest tenner and move the remainder instead.

Rounding down your balance manually keeps you aware of exactly what you have left to spend. It suits people who check their accounts often and like to keep their finances tidy. The amounts feel too small to miss but they build a useful buffer by the end of the month.

If you hit a week where your bank balance sits lower than expected, you can simply skip the transfer. The challenge relies on consistency rather than high numbers. Finding small amounts over twelve months can build a useful balance without putting pressure on your daily spending.

2. The no spend weekend

A no-spend weekend means keeping your wallet firmly shut from Friday night until Monday morning. You pay for absolute essentials like a pre-planned bus fare or your regular household bills, but you pause all casual spending. That means avoiding the pub, the local café and the online sales.

The break makes you rethink your leisure time and spot everyday money saving ideas in your local area. You might visit a free museum, walk in the park or finally organise the garage. It suits families whose Saturdays usually involve a paid day out.

Preparation makes a spending freeze much easier to stick to. Fill the car with petrol and buy your Friday night dinner ingredients before the weekend begins. That removes the immediate need to visit a shop. If an emergency forces you to buy something on a Saturday, pay for the required item and return to spending nothing for the rest of the weekend.

3. The pantry challenge

Many kitchens hide several meals worth of tinned food, pasta and frozen vegetables. For one week a month, commit to buying only fresh milk and bread. You build your daily meals entirely around the ingredients already sitting in your cupboards and freezer.

Skipping your usual weekly supermarket shop can leave more money in your account. It also reduces food waste and frees up storage space. This routine suits anyone who tends to overbuy ingredients and struggles with how to budget money for groceries. Plan your meals on a Sunday so you use up older items first.

Meals get more inventive as the week goes on. A tin of beans, some frozen spinach and leftover pasta can become a hearty soup. A quick list of everything at the back of the cupboard on day one makes each meal easier to plan.

4. The spare change jar

This challenge saves the coins that cash spending leaves behind. If you withdraw a set amount of cash for your weekly expenses, a change jar captures what remains. Empty your pockets and purse every evening and drop every coin into a large glass jar or tin.

Watching the pile of coins grow gives you a clear visual measure of your progress. It helps you save without thinking about percentages or bank transfers. Once the jar fills up, bag the coins and take them to your bank to pay into your savings, checking first that it accepts bagged coins. Kept going for a year, it can make a small fund for a winter break.

Many families use cards for almost everything, which makes physical change rare. If you want to try this method, take out a small amount of cash on a Monday specifically for your small daily purchases. Paying with a note for a morning coffee usually means you get coins back.

5. The pay yourself first challenge

Treat your savings account as your most important monthly bill. On payday, move a fixed sum into your savings before you buy groceries or pay the council tax. Start with a small amount you know you can afford.

Setting the money aside immediately removes the temptation to spend it. Waiting until the end of the month often means nothing remains to save. This approach suits people who want a reliable routine without needing to track every penny they spend. When you are just starting to save money, setting up a standing order for payday can help the habit stick.

If a difficult month means you cannot afford the usual transfer, lower the amount rather than stopping completely. Moving a smaller sum keeps the routine alive.

6. The one in, one out challenge for subscriptions

Digital subscriptions drain your bank balance quietly. This challenge asks you to cancel an existing regular payment before you sign up for a new one. If you want to watch a new television series on a different streaming service, you must cancel your existing film platform first.

Applying a strict limit stops you paying for four different services while only using one. Begin by writing down every direct debit and recurring card payment you make. If you spot a membership you no longer use, cancel it immediately.

This rule forces you to decide which memberships actually add value to your household. You can apply the same principle to gym classes, magazine deliveries and beauty boxes. Over a few months, this simple money saving planner helps keep your fixed outgoing costs steady.

Where to keep the money you save

A separate easy access savings account is the simplest home for the money. Look for one that pays interest and still lets you reach the cash when the car needs repairing. Moving your money into a dedicated account also stops you spending it on the daily school run.

If you get Universal Credit, a government scheme adds a bonus. Gov.uk says Help to Save lets certain people on Universal Credit save between £1 and £50 each calendar month, with a bonus of 50p for every £1 saved over 4 years.

For standard savings accounts, many people pay no tax on the interest they earn. Gov.uk says the Personal Savings Allowance lets basic rate taxpayers earn £1,000 of savings interest tax free each tax year, higher rate £500 and additional rate nothing.

Safety matters just as much as a good return. The FSCS protects eligible deposits up to £120,000 per person per firm, a limit that applies from December 2025. Keeping your total balance under this limit with any single firm means your eligible deposits are covered if that firm fails.

How to restart after a missed week

A sudden expense like a broken washing machine will sooner or later interrupt your saving. You might need to dip into your new savings pot or skip a week of rounding up your balance. A single missed week makes little difference over a full year.

Accept the setback and leave that week blank. Do not try to double your savings target the following week to catch up. Pushing too hard can leave you short of cash for everyday essentials. Return to your chosen method on your next payday.

Use a missed week as a chance to review your methods. Sometimes a specific challenge feels too restrictive for your lifestyle. If the no-spend weekend causes arguments, switch to the spare change jar instead.