5 Money Saving Challenges for Couples to Try Together

If you and your partner want to boost your savings while having fun together, consider taking on a money-saving challenge designed specifically for couples. These challenges can help you work towards shared financial goals while strengthening your bond. Here are five money-saving challenges for couples to try:

1. The Daily Spending Couple’s Saving Challenge

This challenge involves tracking your daily spending and making it a friendly competition. Here’s how it works:

• Download a free couple’s spending tracker (available online).
• Both partners track their daily expenses.
• Exclude necessities from the tracking (agree on what constitutes a “necessity” beforehand).
• At the end of the month, determine who spent less and declare a winner.
• Consider setting a small prize or reward for the monthly winner.

This challenge encourages responsible spending and helps you save more as a couple.

2. Couple’s Incentivized Savings Challenge

Adapted from Rosemarie’s incentivized savings challenge, this challenge involves setting a couple’s savings goal and assigning spending categories to each partner. Here’s how to do it:

• Set a savings goal that benefits both partners (e.g., paying off debt, saving for a vacation).
• Divide household spending categories between you and your partner (e.g., groceries, insurance).
• Create rules for incentives: The partner responsible for a category gets to keep 20% of the savings when spending less than the budgeted amount, with the remaining 80% going toward the joint savings goal.

This challenge not only encourages saving but also incentivizes each partner to spend wisely within their assigned categories.

3. The Vices Couple’s Saving Challenge

Identify habits or indulgences that each partner has, which can be costly. Then, challenge each other to give up one of these vices for a set period (e.g., 30 days). For example:

• Partner A gives up drinking expensive coffee, and Partner B gives up buying expensive snacks.
• Track the savings from abstaining from these vices.
• Calculate how much money you both saved collectively.
• Use the saved money to contribute to your shared financial goals.

This challenge encourages both partners to recognize and address their spending habits resulting in mutual financial benefits.

4. Couple’s Electricity Savings Challenge

Engage in a friendly competition with other couples or friends to reduce your electricity bills. Here’s how:

• Establish a baseline month by selecting the same month from the previous year (to account for seasonal variations).
• Track and compare your electricity consumption and costs with friends or other couples.
• Calculate the percentage you saved compared to the baseline month.
• The couple that saves the highest percentage wins.

This challenge promotes energy conservation and encourages you to find creative ways to reduce electricity expenses.

5. Family Savings Goal Challenge

Involve the whole family in a savings challenge aimed at a shared financial goal. Here’s a summary of how to set it up:

• Hold a family brainstorming session to choose a savings goal that everyone can contribute to.
• Create a designated savings space where funds can accumulate.
• Research the target savings goal and set up a visual savings tracker.
• Pool money from all family members toward the goal.
• Keep track of progress and celebrate when the goal is achieved.

Family savings goals could include a special trip, a new game console, or a fun family experience.

These money-saving challenges for couples and families not only help you save money but also foster financial intimacy and teamwork. Choose one that suits your goals and enjoy the journey toward a more secure financial future together.