Family Savings Challenge Ideas: Save Together, Grow Together

Family Savings Challenge Ideas: Save Together, Grow Together

Building a strong financial foundation is an important life skill, and what better way to learn than together as a family? Family savings challenges are a fun and engaging way to instill valuable financial habits in everyone, from young children to teenagers and even grandparents. They promote teamwork, goal setting, and the joy of achieving something together.

This post is packed with creative family savings challenge ideas that cater to different age groups and interests. So, put on your thinking caps, gather your family, and get ready to watch your savings grow!

Challenges for Younger Children (5-10 years old):

  • The Penny Jar Challenge: Decorate a jar and label it with your family savings goal. Encourage your child to drop in loose change they find throughout the week. This is a simple yet effective way to introduce them to the concept of saving.
  • The “No Spend” Weekend Challenge: Choose a weekend where the family agrees not to spend any money on unnecessary things like eating out or impulse purchases. Plan fun, free activities like board games, movie nights at home, or a nature walk. Discuss the saved money and brainstorm ideas on what to do with it.
  • The “Savings Story” Challenge: Assign chores or tasks to your child with a small monetary reward attached. Encourage them to track their earnings in a creative way, like drawing pictures or writing a story about how they earned the money. When it comes time to save, let them decorate the piggy bank or envelope where the money goes.

Challenges for Tweens and Teens (11-18 years old):

  • The “Restaurant Reduction” Challenge: Track how much your family spends on eating out in a month. Challenge yourselves to reduce that amount by a certain percentage the next month. Use the saved money for a family outing or contribute it towards a bigger family savings goal.
  • The “52-Week Challenge” : This classic challenge involves saving a specific amount each week for a year. You can start with a small amount like $1 in week one and increase it by $1 every week. This way, you’ll be saving more as the year progresses.
  • The “Unplug to Save” Challenge: Challenge yourselves to spend less time on electronics and more time on activities that don’t cost money. Assign a value to each unplugged hour and put it towards your family savings goal. This is a great way to promote healthy habits and family bonding.

Challenges for the Whole Family:

  • The “Coin Sort and Save” Challenge: Choose a designated amount of time (e.g., 30 minutes) for a family coin sorting extravaganza! Gather all your loose change, sort it by denomination, and roll it up. This is a fun activity that gets everyone involved and helps you visualize the amount you’ve saved.
  • The “Meal Planning Challenge” : Plan your meals for the week and stick to a grocery budget. Challenge yourselves to find creative ways to use leftovers and avoid impulse purchases at the store. Track the difference between your planned budget and your actual spending. The saved money goes into your family savings!
  • The “Family Garage Sale Challenge”: Declutter your home together and organize a family garage sale. Encourage everyone to contribute items they no longer need. The earnings from the sale can go towards a family vacation, a home improvement project, or any other shared goal.


  • Set Achievable Goals: Discuss your family’s financial goals together and choose a challenge that aligns with those goals. Start with smaller, achievable challenges before tackling more ambitious ones.
  • Make it Fun!: Incorporate games, rewards, or a visual tracker (like a chart or a jar that fills up) to keep everyone engaged. Celebrate milestones along the way.
  • Track Your Progress: Keep a visible chart or jar where everyone can see the savings grow. This will create a sense of accomplishment and motivate everyone to stay on track.
  • Discuss and Learn: Use the challenges as a springboard for open conversations about money, budgeting, and financial planning.
  • Focus on the Journey: The most important takeaway is building positive financial habits as a family. Don’t get discouraged if there are setbacks. Just refocus and keep moving forward.

By incorporating family savings challenges into your routine, you’ll be laying the groundwork for a financially secure future for your entire family. You’ll also be creating lasting memories and fostering teamwork and goal-setting skills that will benefit your children throughout their lives. So, get creative, have fun, and watch your savings grow together!

For more information: Savings Challenge Ideas

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