Isn't That Rich Podcast

Let’s face it—saving money often feels like a task we know we should do, but it’s hard to stay consistent, especially when it seems like there’s always something more fun to spend on. That’s why we’re breaking down five creative and practical saving challenges that we talked about on the Isn’t That Rich? podcast. These challenges are designed to make saving something you can actually enjoy. They’re simple, effective, and yes—fun! Let’s jump into the details.

1. The $5 Bill Challenge

The $5 Bill Challenge is as straightforward as it sounds. Anytime you get a $5 bill, you stash it away instead of spending it. You can use a jar, an envelope, or even a shoebox—just make sure it’s somewhere out of sight so you’re not tempted to dip into it. At the end of the year, you’ll be surprised at how much you’ve saved.

Tips and Ideas:

• This challenge works best if you use cash regularly. For example, if you’re in a tipping job or prefer paying with cash, it’s easy to collect those $5 bills.
• If $5 bills feel too small—or if you don’t come across cash often—try saving $10 or $20 bills instead.
• Turn it into a family challenge! Get everyone in your household involved, and see how quickly the savings add up.

What We Love About It:
Jill shared that one of her coworkers used this challenge to pay for an entire vacation every year. Imagine looking at a pile of $5 bills and realizing you’ve saved enough for a getaway—that’s the power of small, consistent actions.

2. The 52-Week Savings Challenge

This is one of the most popular saving challenges for a reason. It’s simple, structured, and works for everyone. Here’s how it goes: in week one, you save $1. Week two, you save $2. Week three, you save $3—and so on until you’re saving $52 in the final week of the year. By the end, you’ll have $1,378 saved.

Tips and Ideas:

• Flip it: Start with $52 in week one and work your way down to $1. This is especially helpful if you want to save the larger amounts early in the year, leaving the smaller ones for the holiday season.
• Automate it: Divide $1,378 by 52 (around $26.50) and set up a weekly automatic transfer into your savings account. You won’t have to think about it, and the total will still add up.
• Use a visual tracker: Print out a chart from Pinterest, or make your own sticker chart. Seeing your progress builds momentum and keeps you motivated.

What We Love About It:
Ashley loves the structure of this challenge and how it teaches consistency. And let’s not forget—$1,378 is a great chunk of change to have saved by the end of the year. It’s perfect for holiday shopping, a vacation, or just padding your emergency fund.

3. The No-Spend Challenge

This one’s a little tougher, but it’s also a game-changer. The idea is simple: pick a timeframe—like a week, two weeks, or even a month—and commit to spending only on essentials. That means groceries, bills, and rent are okay, but skip the Starbucks runs, Amazon impulse buys, and takeout dinners.

Tips and Ideas:

• Start small: If a month feels overwhelming, try it for just a week and see how it goes.
• Track what you would have spent: Keep a list of everything you avoided buying and total it up at the end of the challenge. Then, transfer that amount into your savings account.
• Pair it with online shopping tricks: Put things in your cart but don’t hit purchase. At the end of the month, look at your cart totals and realize how much you saved by not buying anything.

What We Love About It:
Jared admits that this challenge sounds tough, but it’s amazing how much money you save just by pausing on unnecessary spending. Plus, it forces you to take a closer look at your spending habits—and that awareness is priceless.

4. The Round-Up Challenge

If you prefer something automated and easy, the Round-Up Challenge is for you. Apps like Acorns or Qapital make it simple: every time you make a purchase, the app rounds up the total to the nearest dollar and saves the difference. For example, if you spend $3.75, it rounds up to $4 and saves the extra 25 cents. Those small amounts add up over time without you even noticing.

Tips and Ideas:

• Link multiple cards: If you have both a debit card and a credit card, link them to maximize your round-ups.
• Combine it with a regular transfer: On top of the round-ups, set up an automatic transfer of $10 or $20 a week into the same account for even bigger savings.
• Use it for specific goals: Jared’s cousin uses her round-ups to fund a vacation every year. It’s a simple way to save for something exciting without feeling the pinch.

What We Love About It:
Ashley shared that she used Acorns last year and ended up with over $500 saved—money she didn’t even realize she was putting away. It’s effortless, effective, and perfect for anyone who doesn’t want to think too much about saving.

5. The Pantry Challenge

Groceries are one of the biggest expenses for most households, so this challenge is all about getting creative with what you already have. Instead of grocery shopping, commit to using up the ingredients in your pantry, fridge, and freezer. Not only will you save money, but you’ll also reduce food waste.

Tips and Ideas:

• Use recipe apps: There are apps where you can input the ingredients you have, and they’ll suggest recipes you can make. Or just ask ChatGPT for ideas—we tested it, and it works like magic!
• Do it before vacations: Jill likes to do the Pantry Challenge before trips to avoid wasting groceries that might expire while she’s away.
• Make it fun: Channel your inner Iron Chef and see what creative meals you can whip up. Bonus points for turning it into a competition with your family or roommates.

What We Love About It:
This challenge not only saves you money but also makes you more mindful of what you already have. Ashley pointed out that groceries are expensive, so skipping a week or two of shopping could easily save you $100 or more. Plus, it’s a great way to declutter your fridge and pantry.

Pick Your Challenge

Saving money doesn’t have to be overwhelming or boring. These five challenges are proof that saving can be fun, creative, and even a little competitive. Whether you’re setting aside $5 bills, skipping unnecessary shopping, or getting creative with pantry meals, there’s a challenge here for everyone.

So, which one will you try first? Let us know how it goes! And if you’re feeling extra motivated, tune in to the full episode of Isn’t That Rich? for more tips and laughs as we navigate all things money together.

Here’s to a year of saving smarter—and having fun while doing it!