Six savings challenges to try to boost your finances in the new year

• Savings challenges are everywhere online, but not all of them work the same way—or for everyone.

• Experts say the best challenges are the ones that fit your lifestyle and help turn saving into a habit, not a short-term stunt.

• Starting small and staying consistent can add up to hundreds—or even thousands—of dollars by the end of the year.

If your New Year’s resolution includes saving more money, you’re not alone. 

From “no-spend months” to viral envelope systems and creative cash-stuffing challenges, TikTok and Instagram are overflowing with tips that promise to make saving feel easier, faster, and even fun.

But do these savings challenges actually work in real life, or are they just another trend that looks good on your feed? And more importantly — how do you know which ones are worth your time if you’re trying to build lasting financial habits – not just chase a short-term win?

To find out, experts at GIGACalculator analyzed the most popular savings challenges gaining traction online. Personal finance expert Lisa Stanley, co-founder of the green money site Good With Money and creator of the sustainable money app Zero, weighed in on which trends can genuinely help consumers save — and which ones may fall short once the novelty wears off. 

The trends

Here’s a look at six of the most popular savings challenges going around the internet: 

1. 100-Envelope Challenge/cash stuffing: Label envelopes 1-100, then select a random envelope at a given frequency (e.g., twice a week) to start cash stuffing. For example, every two weeks, you’ll pick a random envelope and place the corresponding cash amount inside (the envelope labeled 20 will lead to a $20 deposit, and so on). 

2. 52-Week Challenge: The 52-week challenge, designed to run through the whole year, is a classic and widely used savings method. It starts by saving $1 in week one, then increasing your savings by $1 each week. By week 52, you’ll have saved a total of $1,700.

3. 365-Day 2¢ Challenge: In this challenge, you start with saving just $0.02 on day one, and add another two cents each day. By day 365, you’ll have saved $1,335. 

4. No Spend Challenge: This trend is one of the most variable and consumers can adjust it to fit their needs and goals. To participate, you cut out all non-essential spending for a set period of time. The amount saved varies depending on your usual spending habits. 

5. Giving Up a Vice Challenge: This challenge asks you to identify one vice you can live without and deposit the money you would have spent straight into savings. For example, a $5 coffee five times a week equals $25 weekly, totalling $1,300 saved annually.

6. 20-Week Saving Challenge: This is ideal for a short-term savings goal. You save $3 in week one, then increase your savings by $3 each week. By week 20, you’ll have accumulated $780.

Get started

Stanley said that her best piece of advice for consumers to start their savings journey is to just get started.

“For those thinking about saving, the best thing to do is don’t think, just do,” she said. “Pick even just one of those savings challenges and stick with it – consistency is key! If you can make saving a habit, you’ll soon find you don’t even realize you’re doing it, and you can look forward to a good pot of money put aside come the end of the year.

“The biggest challenge about saving is not to think about it. By starting small, as many of these challenges suggest, saving will become as habitual as the daily coffee. And, at the end of the year, you’ll have a lot more to show for it!”