New year, new financial goals—why not make your goals a group effort? Collaborative money challenges are exciting ways to stay motivated and work toward your savings or debt-payoff resolutions. Here are some challenges to try out with friends or family!
Reverse Spending
Each person selects an expense to cut out or alternate with a less costly or free option. Share progress at the end of the month and celebrate how much was saved!
Encourage younger savers to "reverse" by trading a treat or toy for something free, like an outdoor adventure or library visit.
Budget Bingo
Create bingo cards with squares like “Pack lunch for a week,” “Save $20 on utilities,” or “Find a free activity.” The first to get five in a row wins bragging rights—or a fun, frugal prize!
Children can make their own bingo cards with simpler goals like “Skip snacks at checkout” or “Find loose change at home.”
Daily Swap
For one week of each month, swap a regular expense for a cheaper option (e.g., brew coffee at home or save on gas expenses by using public transportation, if possible).
Kids can swap activities: screen time for a puzzle or playtime with friends instead of pricey outings.
Shared Savings Pot
Each person sets aside a random amount (e.g., $1.23, $4.56) and adds it to a shared savings pot whenever possible. Watch it grow fast! At the end of the month, use it for a group treat or donate it to charity.
Teach kids to stash coins they find or dash to help organize family savings jars.
Why Group Money Challenges Win
Built-In Support: Cheering each other on makes sticking to goals easier.
Collective Creativity: Group problem-solving leads to new ideas for saving.
Family Fun: Teaching kids about money becomes an engaging family activity.
Ready to make 2025 your most financially savvy year yet? Rally your group and start today!
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