I decided to save $5,000 for my kitchen makeover this year, and to make it more exciting, I turned it into a challenge! I love saving money—though that wasn’t always the case. Over time, I’ve learned the value of having a financial cushion, and now I genuinely enjoy finding creative ways to grow my savings.
If you’ve already conquered the $1,000 savings challenge, why not take it up a notch and aim for $5,000? Let’s make saving fun and rewarding!
What would you do with $5000?
Table of Contents
Would you go on an unforgettable vacation? Start a business? Pay off a big debt? Finally renovate your kitchen? Or maybe put it toward your kids’ college fund?
The possibilities are endless!
No matter what your goal is, having a specific reason for saving will keep you motivated and push you to stick with the challenge.
This post may contain affiliate links. I may earn from qualifying purchases at NO extra cost to you.
Save $5000 Challenges ( Free Printables!)
1. 52-Week Challenge
There are many variations of the 52-week savings challenge, but this version is specifically designed to help you save $5,000 in one year.
You’ll start by saving $51 in the first week and gradually increase the amount by $2 each week until Week 26. Then, at Week 37, you’ll scale back to $95 and resume increasing your savings by $2 per week through Week 51. Finally, in Week 52, you’ll save $49—bringing your total savings to exactly $5,000 in 52 weeks!
If you love this challenge, download this free Savings Challenge Printable below to track your progress!
2. 100-Day Challenge
What if you want to save $5000 in three months instead of a year? This 100-Day Challenge is perfect for you! This challenge has more structure and is easier to follow. Simply save $50 daily, and you should save $5000 in 100 days!
Since this goal allows you to save $5000 in 100 days, it is perfect for short-term goals. Maybe you have a vacation coming up, or it’s the last quarter of the year, and you’re saving money for the holidays. Just save $50 per day – no need for complex calculations!
Here’s a sample table to help you visualize how the challenge works.
| Day | Amount | Total Saved |
| 1 | $50 | $50 |
| 2 | $50 | $100 |
| 3 | $50 | $150 |
| 100 | $50 | $5000 |
You can download this beautiful $5,000 savings tracker by signing up in the form below. Simply check off each box as you save to track your progress!
3. Biweekly Challenge ($192.31 per pay period for 26 periods)
If you receive a biweekly paycheck, this biweekly savings challenge should help you save $5000 in one year. This is how it works: save $192.31 (or maybe round that up to $193) twice a month, and that’s it – you’ll have $5000 after 26 pay periods!
Here’s a sample table for this challenge:
| Pay Period | Amount | Total Saved |
| 1 | $192.31 | $192.31 |
| 2 | $192.31 | $384.62 |
| 3 | $192.31 | $576.93 |
| 26 | $192.31 | $5000 |
4. 6-Month Challenge ($834 per month)
For people who get paid monthly or sit down with their budgets once a month, the 6-month challenge is the way to go. With this challenge, you save $843 per month; at the end of six months, you’ll save $5,004!
You only need to save this specific amount (no increments), so don’t worry about remembering how much to save. Commit yourself to saving $843 a month, and you should have $5000 waiting for you in your savings account.
Check out this table to visualize how this 6-months savings challenge works:
| Month | Amount | Total Saved |
| 1 | $834 | $834 |
| 2 | $834 | $1668 |
| 3 | $834 | $2502 |
| 6 | $834 | $5000 |
5. Spare Change & No-Spend Challenge
Do you want to save money but are not fond of structures? Try the spare change and no-spend challenge and save $5000!
Unlike all the other money-saving challenges mentioned above, the spare change and no-spend challenge lets you save any amount at any time (but it’s always good to have a target date in mind).
For the spare change challenge, you collect all your loose change each day and put them into your savings jar. For digital transactions, take your spare change and use apps like Acorns or Stash to save them. Each week, transfer the money you’ve saved into your savings account.
The No-Spend Challenge is a way to save money by restricting you from spending money on unnecessary things for a specific period (a weekend, a couple of days, or a month). You can still buy food, fuel your car, and pay your bills, but you don’t spend on extra and fancy things. You shouldn’t shop for new clothes, eat out, or go on leisurely trips during this time. It’s essential to prepare for this challenge to resist the urge to spend out of impulse.
Some people make an exemption, though. You may still be able to do these things if you have coupons, deals, or points that could cover the amount you spend on these things, which means you still didn’t spend money.
The money you DID NOT SPEND during this challenge goes straight towards savings.
$5000 Savings Challenge Tips for Success
Saving $5000 might seem daunting, but with the right mindset and strategies, you can absolutely do it! Here are some tips to keep you on track:
- Use visuals
Tracking your progress with printables or templates can keep you motivated. Color in boxes, cross off milestones, or use a savings tracker to see how far you’ve come!
- Set a specific goal
Attaching goals to your savings gives more meaning to your “why.” Why are you saving $5000? Do you have a large purchase coming up? Are you going on vacation, or will you use it to pay a massive debt in one go? Having a clear purpose gives you more motivation to keep saving.
- Create and stick to a budget.
Having a clear budget allows you to spend what you can afford while allowing you to save money. I would include “savings” in my budget using this formula: INCOME – SAVINGS = EXPENSES. This way, I am sure I am saving before spending.
- Do It Yourself
Instead of paying someone or a business to do something, doing it yourself usually prove to be cheaper. For example, you’ll save more money making and bringing your own coffee and lunch to work, washing your car in the weekends, and even doing things at home like mowing or gardening.
- Find “Free” Things
Another way to boost your savings is to find free things. Instead of spending money at cinemas, concerts and other forms of entertainment, why not do a movie night at home? Go for a hike, visit the public library or hang out at your local park.
- Cut unnecessary subscriptions
Chances are, there are memberships, apps and subscriptions you don’t really use but they’re still costing you money. Sit down and take a long hard look at these things and cancel them if you need to. If you still want to use them but want to save money, split the cost with a friend or family member.
- Declutter your stuff
Decluttering not only makes space in your home, but also gives you the opportunity to really re-think your purchases this time. You might find clothes you have not worn with tags still on them, duplicates of items, and unused products that have been lying there for a long time. Take inventory of these items and sell those you want to get rid of to make more money.
- Automate your savings
Save on autopilot so you never forget! Use your bank’s feature to transfer money to your savings account at a specific date. Use apps like Acorns to automatically save your loose change. Automating your savings lets you save consistently so you don’t have to even hesitate or second-guess yourself when you have weak willpower.
- Make up for skipped savings
There might be times during the challenge when you have to skip saving money. Don’t feel frustrated if you have to extend the timeframe of the challenge to reach the target amount. You can also make up for skipped savings by doubling the amount in the next period. It might mean making sacrifices here and there, but it also ensures you stay on track.
- Put “unexpected” money towards savings
Whether you get a commission, bonus, cash gift, inherit money or have other types of windfall, put this money (or a good portion of it) towards savings. A substantial unexpected amount can shorten the timeframe of the challenge so you can reach your target amount a lot quicker.
- Reward yourself
Sure, it’s a challenge, but don’t be too hard on yourself. Treat yourself each time you hit a milestone (for example at every thousand-dollar mark) and give yourself a small reward.
- Get a side hustle
Need to save up some extra cash? Get a side hustle! There are tons of options out there, both online and in person. You could do anything from pet-sitting and house-cleaning to selling your own stuff or offering virtual services.
Easiest Ways to Make Money Online
- Swagbucks – Get paid to answer surveys, watch videos or shop online! Get a welcome bonus here for just signing up!
- Survey Junkie – Answer short surveys and get paid through PayPal, bank transfer or gift cards! Join Survey Junkie.
- MyPoints – Earn points to read emails, answer surveys, shop online, or play games and convert your points into cash. Get up to $10 bonus with your first purchase.
- InboxDollars – Get paid to answer surveys and more. Get $5 free for joining here.
- Buy groceries for other people and get paid for it. Become an Instacart shopper here and get paid up to $16.49 per hour!
- Branded Surveys- Get paid instantly by answering simple questions. Join now!
- Looking for a job? FlexJobs is my recommended job site for flexible, work-from-home jobs. Get an exclusive discount of up to 30 percent off with the promo code FLEXLIFE.
Final Thoughts
Saving $5000 is a huge deal and achievement. With the right approach, you can save $5000 too in a matter of three months, six months, or a year. Try one of these money-saving challenges, apply the tips I’ve mentioned above, and watch your savings grow!
Enjoyed this post? Pin this image so you can easily find your way back this post when you need it!
