If you’re looking for a creative and motivating way to grow your savings, trying a savings challenge might be the spark you need. Savings challenges turn what might otherwise feel like a boring routine into something engaging, trackable, and even fun. Whether you’re saving for a rainy day, a vacation, or just want to develop better money habits, here are several savings challenges suited for Malaysians and Singaporeans that you can start today.
1. The 52-Week Savings Challenge
How it works:
Start by saving RM1 or S$1 in the first week, RM2 or S$2 in the second week, and continue increasing the amount by one each week. By the end of the year, you’ll have saved RM1,378 or S$1,378.
Why it works:
It’s gradual and manageable, especially if you’re new to saving. You can also reverse the challenge by starting from RM52/S$52 and going down each week.
2. The No-Spend Challenge
How it works:
Pick a duration—such as a weekend, week, or entire month—where you commit to not spending any money beyond necessities (like groceries, bills, or transportation).
Why it works:
This helps reset impulsive spending habits and forces you to use what you already have. Many people find unexpected savings after even one week.
3. The Spare Change Round-Up Challenge
How it works:
Every time you make a purchase, round up to the nearest RM1 or S$1 and set the difference aside. For example, if your coffee costs RM4.60, you save RM0.40.
Why it works:
It’s practically effortless and works well if you use apps or e-wallets that allow micro-savings or round-ups.
4. The Daily RM5/S$5 Challenge
How it works:
Set aside RM5 or S$5 every day, no matter what. At the end of the year, you’ll have RM1,825 or S$1,825.
Why it works:
It’s a simple, fixed amount that doesn’t require complex tracking. Use cash, a jar, or automate transfers to a savings account.
5. The Weather Savings Challenge
How it works:
On days when it rains (or is extremely sunny), set aside a small amount—say RM10 or S$10. Adjust the amount based on how often the weather changes in your area.
Why it works:
It’s unpredictable and fun, and ties your savings habit to something out of your control, keeping it interesting.
6. The Pay Yourself First Challenge
How it works:
Immediately transfer a percentage (e.g., 10%) of your income into a savings account before paying any other bills or expenses each month.
Why it works:
This strategy ensures saving becomes a priority, not an afterthought.
7. The Reverse Savings Challenge
How it works:
Start by saving a large amount (e.g., RM52 or S$52) in week one, then reduce the amount by RM1/S$1 each week. This front-loads your savings while motivation is high.
Why it works:
It’s easier to save more early in the year when you’re feeling motivated, and less burdensome as the year progresses.
8. The 30-Day Financial Detox Challenge
How it works:
For 30 days, avoid any unnecessary spending. No shopping, dining out, or online splurges—only the essentials.
Why it works:
It’s a great way to reset your financial habits, reflect on your spending triggers, and save a surprising amount of money.
Savings challenges aren’t just for those who struggle with saving—they’re for anyone who wants to turn their financial goals into fun, achievable steps. Choose one that fits your lifestyle, and track your progress. Even better, involve your friends or family for added motivation and accountability.
The key is consistency. Over time, these small savings will add up and bring you closer to your financial goals.
