Looking to boost your savings but struggling to stay motivated? Maybe you want to cut back on unnecessary expenses or finally build that emergency fund, but saving feels too difficult or—even worse—boring. The good news? Saving doesn’t have to feel like a chore! By turning it into a challenge, you can make the process fun, engaging, and rewarding. A 6-month savings challenge is the perfect way to jumpstart your savings, build better money habits, and see real progress in a short amount of time. Ready to give it a try? Let’s get started!
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 can build up a savings habit and you can 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 a fun way 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!
Customizing your 6 month savings challenge for your budget
Not everyone has the flexibility to save $5,000 or $10,000 in six months, and that’s completely okay! The specific amount of money you want to save should be realistic and sustainable based on your income, expenses, and financial situation. The key to success is finding a challenge that works for you—one that pushes you to save more without making you feel financially overwhelmed.
Below are different savings plans tailored to various income levels and financial circumstances so you can choose the one that best fits your budget and lifestyle.
1. Save $500 in six months (Beginner saver)
- Perfect for: Low-income earners, students, or those new to saving
- How to save: Save $20 per week or $40 biweekly
This is a great starting point for those who struggle to save consistently or have tight budgets. While $500 may not seem like a lot, it can kickstart an emergency fund, cover unexpected expenses, or help with holiday shopping.
Tips to make it easier:
- Use a spare change jar or round-up savings app that automatically deposits small amounts into savings.
- Cut out one small expense per week, like skipping one takeout coffee or bringing lunch from home.
- Take on a small side hustle like selling clothes, babysitting, or doing paid surveys to speed up savings.
2. Save $1,000 in six months (Steady saver)
- Perfect for: People who can comfortably set aside some money but want to build consistency
- How to save: Save $40 per week or $80 biweekly
This savings goal is ideal for those who want to build a stronger financial cushion. Saving $1,000 can help with unexpected car repairs, medical expenses, or a vacation fund.
Tips to make it easier:
- Automate savings by setting up weekly or biweekly transfers to a high-yield savings account.
- Sell unused household items or cut back on subscription services and memberships to free up extra cash.
- Try a no-spend weekend challenge to reduce impulse spending and redirect those funds into savings.
3. Save $3,000 in six months (Ambitious saver)
- Perfect for: Moderate-income earners looking to save for a bigger goal
- How to save: Save $115 per week or $230 biweekly
This level of savings is great for building a solid emergency fund, making a down payment on a car, or paying down debt. It requires more discipline and planning, but the results can be life-changing.
Tips to make it easier:
- Meal prep to save $50–$100 per week on takeout and groceries.
- Consider a temporary side hustle like dog walking, freelancing, or reselling items.
- Use a cash-only spending method for non-essentials to limit impulse purchases.
4. Save $5,000 in Six months (Serious saver)
- Perfect for: High earners or those committed to an aggressive savings goal
- How to save: Save $193 per week or $386 biweekly
This plan is ideal for major financial goals like home down payments, wedding expenses, or serious debt repayment.
Tips make it easier:
5. Save $10,000 in six months (Aggressive saver)
- Perfect for: Those with high income or extreme dedication to saving
- How to save: Save $1,667 per month, $417 per week, or $833 biweekly
This is an intense challenge but possible for those who have room in their budget or extra income streams. This amount of savings can fund a major investment, home purchase, or financial cushion.
Tips to make it easier:
- Work overtime, negotiate a raise, or take on a part-time gig to boost income.
- Drastically reduce non-essential spending—for example, cook at home instead of dining out, cancel vacations, and limit shopping.
- Leverage tax refunds or bonuses as lump-sum savings contributions.
6. Save $15,000 in six months (High-income earner or dual-income household)
- Perfect for: Dual-income households or high earners with large financial goals
- How to save: Save $2,500 per month, $625 per week, or $1,250 biweekly
For those with high earnings or extra disposable income, this plan is ideal for large-scale investing, major financial goals, or early retirement planning.
Tips to make it easier:
- Downsize major expenses (rent, utilities, transportation) to free up cash.
- If saving as a couple, have each person contribute a set percentage of their salary.
10 Steps for a successful 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 neighbor.com or your room for rent on roommates.com
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 and negotiate your bills
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 a consistent saving habit 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.
Common challenges with saving money and how to overcome them
Even with the best intentions, saving money for six months straight can be difficult. Unexpected expenses, fluctuating income, and everyday temptations can make it challenging to stay on track. However, identifying potential roadblocks in advance and having a plan to overcome them will set you up for success.
Below are some of the most common challenges people face during a 6-month savings challenge, along with practical solutions to keep you moving forward.
“I don’t make enough to save every week.”
Many people believe they can’t afford to save, but the truth is that every little bit adds up. Even if you can’t set aside large amounts, the key is to start small and build the habit over time. Here’s what to do:
- Save what you can: Even setting aside $5–$10 per week is progress. Small amounts still add up over time.
- Cut non-essentials: Look for areas where you can trim your budget, like dining out less, skipping impulse purchases, or canceling unused subscriptions.
- Look for extra income: Consider side gigs, selling unwanted items, or taking online surveys to boost your savings.
- Use cash-back apps: Any cash rewards or rebates can be redirected into your savings fund.
By consistently saving even small amounts, you’ll develop the habit and be able to increase your contributions as your financial situation improves.
“I always forget to transfer money into savings.”
Forgetting to save is a common challenge, especially when life gets busy. If you rely on manually transferring money, it’s easy to skip a week or two, which can quickly derail your progress. Here are some tips:
- Automate your savings: Set up an automatic transfer from your checking account to your savings account every payday.
- Link savings to your paycheck: If possible, have a portion of your paycheck directly deposited into your savings account before you even see it.
- Set reminders: Use calendar alerts or a budgeting app to remind yourself to make manual transfers if automation isn’t an option.
By removing the need for willpower, automation ensures you stay consistent with your savings challenge.
“Unexpected expenses keep throwing me off track.”
Life happens—car repairs, medical bills, home maintenance, and other emergencies can quickly wipe out savings and make it harder to stick to your challenge. If you’re constantly using your savings to cover emergencies, it can feel like you’re making no progress. Here are some tips:
- Start with a small emergency fund: Before diving into your savings challenge, set aside at least $500–$1,000 as a safety net.
- Adjust your goal temporarily: If an unexpected expense comes up, scale back your savings for that month rather than stopping completely.
- Cut unnecessary expenses: If an emergency arises, find temporary spending cuts (such as skipping entertainment or takeout) to stay on track.
- Use sinking funds: If you know certain expenses (like car maintenance or holiday shopping) are coming, plan ahead by saving separately for them with a sinking fund.
Having a backup plan in place will prevent emergencies from derailing your progress completely.
“I’m tempted to spend the money instead of saving it.“
If you see your savings balance growing, it can be tempting to dip into it for non-essential purchases. Whether it’s a shopping sale, a weekend trip, or an impulse buy, it’s easy to justify spending money you’ve already set aside.
- Use a separate, harder-to-access account: Keep your savings in an account that’s not linked to your checking account or requires extra steps to withdraw.
- Name your savings goal: Label your account something like “Vacation Fund” or “Emergency Savings” to remind yourself why you’re saving.
- Remove easy access: If your savings account is with the same bank as your checking account, consider moving it to a high-yield savings account with a different institution.
- Have an accountability partner: Ask a friend or family member to check in on your progress and help you stay focused.
- Remind yourself of your end goal: Keep a vision board, list, or note on your phone with your savings goal so you stay motivated.
Avoiding impulse spending is all about creating barriers between you and your savings, making it less convenient to spend the money on non-essentials
Commonly asked questions about doing a 6 month savings challenge
Can I really 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 $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.
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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!
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