Are you looking to save money, get ahead and live a better life? Learning different creative savings methods is an awesome way to get on track with your financial goals.
In this article, I’ll go over some of my favorite ways to be creative with saving money, including a detailed breakdown of how each method words and some sample templates you can print off to track your savings.
By participating in creative savings and frugal living strategies, achieve your financial goals this year and increase your future net worth!
Read on to learn more about creative savings.
Creative Savings – Why is Saving Money Important?
Saving money is important for a variety of reasons. Firstly, it’s incredibly important to have an emergency savings account. Life happens and sometimes, things go wrong. Maybe your laptop screen suddenly broke while you were abroad (happened to me!) or your car suddenly won’t start up. There are many things to save for that could cost us a lot of money if we don’t plan ahead.
While you can rely on a credit card or line of credit to get you through these emergencies, they carry very high interest rates – especially credit cards. If you’re paying interest on top of the amount you paid to get something fixed or repaired, you’ll end up spending a lot more money. This will not only set you back further financially, but it can cause a lot of stress!
Aside from the importance of saving money for emergencies, who doesn’t enjoy treating themselves? Again, you might be able to put any expense on a credit card like a vacation or some clothes, but it’s a lot better to pay for things in cash. You won’t be paying extra interest and your credit score won’t take a hit. Additionally, it’s a lot more emotionally rewarding to treat yourself after having saved up for it over a period of time.
Saving money isn’t the most exciting topic. Personal finance in general can be scary or taboo to talk about – however, there are a variety of fun and creative ways to save money so you can stress less and enjoy life! Once you’ve gotten started with saving and see at least one benefit of saving money in your life, you won’t ever want to go back to your old ways!
What Are The Most Creative Ways to Save Money?
There are no right or wrong answers to this question. Different people have different ideas, and some methods might work better for some people more than others. Below, I’ll explain some creative savings methods including what they are, how to get started and some handy tips on how to keep on track with your savings. Let’s learn how creative savings strategies can be rewarding and fun!
Creative Savings – Printable 52 Week Money Challenge
Are you looking for a way to keep track of your savings progress on a weekly basis? We all have busy lives and need some help with being held accountable with our goals. The printable 52 week money challenge is a fantastic way to keep track of how well you’re doing with you finances!
With the printable 52 week money challenge, you choose an amount of money you’re going to commit to saving each week for 1 entire year. After you’ve decided on how much money you are going to dedicate to saving each week, select from a wide variety of templates to help you achieve your goal.
Choose a goal you want to save towards in the next year. Are you funding your dream trip to South America? Are you saving for your daughter’s university fund? It’s nearly impossible to achieve anything without a specific goal in mind, so know exactly why you’re participating in the printable 52 week money challenge.
Printable 52 Week Money Challenge Templates
There are different types of templates, ranging from ones where you have a goal of saving a specific amount of money in 1 year, or others where you save $1 less each week. Choose a template that best suits your goals and one you think you’ll enjoy doing the most.
If you aren’t enjoying using a specific printable savings challenge template, you can always switch to another one!
Here are two examples of some fun savings tracker templates with two different approaches to the printable 52 week money challenge. There are hundreds more templates online, but this should help inspire you.
With this template, you increase the amount saved by $1 every week.
With this template, instead of saving a little more each week, save the same amount every week. $500 might be an overwhelming amount for most, so you can modify the template to make it whatever amount you want, or you can find similar templates with lower amounts.
You can find examples of printable 52 week money challenge templates on Pinterest here.
How Do I Participate in the 52 Week Money Challenge?
Print the template and stick it on your fridge. Each week, intentionally save the money, either by putting cash in a jar or transferring the money to a separate bank account. In my experience, I don’t recommend putting the savings in the same account with other funds, such as your chequing account. Why? It’s a lot harder to visualize your savings and a lot easier to spend the money.
If you put the money in a jar, place the jar in a spot in your home where you can see it, such as on your fridge, on your office desk, or on your kitchen table. Saving money in a jar will motivate you towards your goal, as you’ll see it on a daily basis. What’s more motivating than seeing the jar slowly filling up with money and thinking about what you’re going to spend it on?!
Visualize Your Goals
Another great way to motivate you to keep with the 52 week money challenge? Print a picture of whatever goal you are saving towards. If your ultimate goal is to take that $3000 or $4000 and go to Europe for a couple weeks, print a picture or collage of the places you want to go once you’ve saved. You can also make a collage using Pinterest or PowerPoint. Stick the picture to your fridge and keep it as a daily reminder of what you’re working towards!
Keep in mind that there are no minimums to how much money you need to save. The choice is up to you! It’s a good idea to start with a realistic goal that you’ll be able to reach. For example, if you’ve never been one who saves more than $200 per month, it’s unfair and unrealistic that you’ll suddenly be able to save $500 per month, an entire $300 more than you were previously saving. An extra $100 might be a more realistic goal. Don’t burn yourself out. Saving money should be a fun and enjoyable challenge!
Creative Savings – How Effective is the 52 Week Money Challenge?
Your success in participating in the 52 week money challenge will depend on if you choose a realistic goal, how disciplined you are and how much you reward yourself through the year.
While it’s an exciting prospect to save $6000 a year after having saved next to nothing the previous year, this simply isn’t a realistic goal, nor is it fair to you. Why is it important to set realistic goals? Setting realistic goals and expectations will motivate you to achieve what you’ve set out to do.
You want to enjoy the process of saving money and working towards a goal. It’s no fun to simply save as much as possible and miss out on fun events throughout the year. That’s why it’s important to treat yourself while you work towards your goals!
Throughout the course of the year, set aside a bit of extra cash to treat yourself and celebrate your progress so far. Each month, take an extra $20 or $50 out of your savings for this. Why not go to movies or treat your family to ice cream on a Friday night? Don’t blow your entire budget though! A little indulgence is fine every once in a while, but don’t overdo it.
If done consistently and with intent, the 52 week money challenge is an amazing way to participate in creative savings strategies while enjoying the journey towards achieving your goals.
Penny Savings Challenge – A Top Creative Savings Strategy
Similar to the 52 week money challenge, the penny savings challenge is another enjoyable way to save money. If you’re struggling to save money, the penny savings challenge can help you get started. Even a small amount saved can help you create good habits for life.
The penny savings challenge is a great alternative to the 52 week money challenge. Why?
- The daily amount you need to set aside is already determined
- The amount is smaller and may be more achievable for those just learning how to save money
- This strategy is great for smaller financial goals
How Does the Penny Savings Challenge Work?
To participate in the penny savings challenge, set aside a small amount of money each day over the course of 365 days. On the first day, save one penny. On the second day, set aside two pennies. Each day, add one penny to your jar. Over the course of the year, you’ll have saved over $600!
Choose from a variety of Pinterest templates. Print one and stick it on your fridge. Every day, check or shade the box once you’ve contributed your daily amount.
Here is an example of a template you can find on Pinterest.
Find more templates here.
Now that you’ve chosen your template, decide on how to save money in your ‘jar.’ Your ‘jar’ can either be a physical money jar or piggy bank on your fridge, kitchen table or desk, or it can be a separate bank account. Just like the 52 week money challenge, be sure to keep a separate place for the penny savings challenge!
If you’re located in a country like Canada that has discontinued using pennies, you can contribute your savings on a weekly basis instead . Keep track on a daily basis and transfer/put the money in your bank account or jar at the end of the month or week. All that matters is that you’re consistent!
How Much Do You Save with the Penny Challenge?
If you stick with the penny savings challenge daily, over the course of the year, you can make an entire $667.95! You won’t become rich with the penny savings challenge. However, this challenge is a great way to contribute to an emergency account or pay for extra expenses. With proper planning, you’ll easily be able to pay for a weekend trip away or some new clothes.
The penny savings challenge is a great way to get started with saving money. It’s easy to get started, you do not need to save much per year, and most off all, it’s fun!
Zero-Based Budgeting Templates
Zero-based budgeting templates are a fun and creative savings strategy to keep track of your finances and enjoy saving.
What is Zero Based Budgeting?
Before we dive into zero-based budgeting templates and why they’re a great creative savings method, what is zero-based budgeting? While this phrase might sound complicated and off-putting, it’s actually a lot simpler than it seems. Zero based budgeting simply means that each dollar you make each month has a purpose – whether it’s saved, spent or invested. Essentially, every single dollar has a job to do. Your money is being put towards both short and long-term goals.
Getting Started with Zero Based Budgeting
Typically, one might make a spreadsheet template where they put their monthly income on the top. In the expenses section, they will allocate a certain amount of money towards each category. Below is an example of a zero-based budget:
This person’s monthly income is $4000. In their expenses, every single dollar goes somewhere, adding up to the $4000 they made that month:
- $1600 – rent
- $100 – utilities
- $300 – groceries
- $1000 – miscellaneous expenses
- $1000 – saving and investing
- Total = $4000
At the end of the month, there are zero dollars after saving and investing – hence, the ‘zero-based budget’. This person did not have zero dollars left at the end of the month. Instead, this person intentionally set aside $1000 towards their saving and investment accounts.
One great aspect of zero based budgeting templates is that they are customizable to your needs. You can create your own categories based on what fixed expenses (rent, utilities) and variable expenses (groceries, clothing, investing/saving etc.) you might have.
To help you get started, allocate a percentage towards each category. In the example above, rent would be 40% of this person’s expenses ($1600 rent / $4000 monthly income). Customize the categories according to your current fixed expenses. For variable expenses like investing, choose an achievable number. If you aren’t ready to commit to a larger number like 30% in the 30 30 30 method (covered later in this article), start with just 10%. It’s better to start small and slowly increase your goal. Don’t burn yourself out!
How Do I Get Started with Zero-Based Budgeting?
Zero-based budgeting templates are a fun and enjoyable way to keep track of the money you’re making and how it’s being put to use. Spreadsheets are a good start, but templates are the way to go if you’re looking for a fun way to keep on track with your goals!
Choose from a variety of templates available on Pinterest. Check out some examples here.
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30 30 30 10 Method
What is the 30 30 30 10 method? It might sound like complicated, but it’s really not! The 30 30 30 10 method is a budgeting strategy that allocates a certain percentage of your income towards specific budget items. 90% of your income goes towards necessary purchases, saving and investing, while the remaining 10% goes towards fun and entertainment.
30 30 30 10 Method Breakdown
Here is the recommended way you should break down your money according to 30 30 30 10:
- 30% towards your rent or mortgage payment
- 30% for utilities, groceries and gas
- 30% towards saving and investing
- 10% for fun purchases like entertainment, clothing and travel
With the 30 30 30 method, you can adjust the categories based on your own needs. While the 30 30 30 method is recommended for the general population, if you live in a larger city in an expensive country, your rent might be closer to 35% or 40% of your monthly income. Adjust the categories accordingly.
For example, if your rent is approximately 35% of your monthly income, allocate the additional 5% towards saving and investing.
If are just starting out with investing and know that 30% is too lofty of a goal for you to sustain, dial the number down to 20% and add an extra 10% to the entertainment category. As you become more disciplined and develop the monthly habit of allocating your income towards different categories, you can slowly add another 1, 2 or 5% to your savings.
No Spend Month – Another Effective Creative Savings Strategy
Aside from the strategies listed above, a no spend month is a fantastic way to save money in the short-term.
How Does a No Spend Month Work?
The no spend month is as simple as it sounds: don’t spend money on unnecessary purchases for an entire month. Does this mean that you’ll cut out spending altogether? Definitely not! You still need to pay for essentials: food, gas and utilities. The no spend month is a simple way of cutting out spending on anything you don’t need to survive.
One way to avoid spending the money you would normally on unnecessary purchases? Determine the cost of each item you spend money on that you normally don’t. This includes coffee, takeout and clothing you don’t need. Each day, set aside the money you would normally spend and put it in a jar. Alternatively, transfer a weekly amount to a separate bank account.
If you decide to participate in the no spend month, try to choose a time where you won’t have a lot of one-off purchases. For example, avoid times like the Christmas season. There are so many temptations to spend money unnecessarily. Choose a month when you know you will be less tempted by holiday distractions!
To keep motivated, write down your thoughts in a daily journal. Every day, you can write down how you felt that day – did you feel happy that you saved money on that $5 Starbucks latte, or frustrated? Why are you saving? What do you want to do with that extra money? A daily journal will help you track your emotions and keep motivated to work towards larger savings goals.
Why Is a No Spend Month a Great Idea? Creative Savings
While this method isn’t the best long-term way to save money, it’s a great way to save in the short-term. You can take the money you’ve saved and enjoy it for a weekend getaway, trip to the movies or a trip to the mall for some new shoes!
Once you’ve successfully completed the no spend month, make a note to treat yourself to something small, like a chocolate bar, lunch or manicure! Be sure to include it in your monthly budget so you keep on track with saving! As an alternative to spending money, set aside some time to appreciate the simple pleasures of each day. For example, instead of making coffee to go and rushing out the door, take some extra time out of your morning to make a cup of coffee and sit on the back deck. The simple pleasures of life can help you slow down and appreciate the day-to-day – plus, you’ll be less focused on spending money!
While it’s generally unsustainable to completely cut out spending on unnecessary purchases, a no-spend month is a great way to work towards longer-term goals. Once you’ve successfully completed a no spend month, you’ll be inspired to try new creative savings methods.
Accountability Coach
While most of the saving strategies listed above can be done alone, no person is an island. These saving strategies and challenges are best done with someone else who can keep you accountable for your actions. It’s even better if they can share the same journey with you and work towards similar goals!
Choose a trusted family member or friend to serve as your accountability coach.
When you read the term ‘accountability coach,’ what comes to mind? Personally, I envision an online therapist or coach-like mentor who I’m paying good amounts of money to listen to my joys and sorrows and log them in a journal.
While it’s easy to go and find an accountability coach online – whether it be for personal financial or something else; it’s sometimes best to confide in someone you know. A trusted family member or friend can be one of the best people to help keep you accountable and achieve your goals!
What is an Accountability Coach?
By formal definition, an accountability coach is a trained professional who keeps their client(s) on track with their goals and motivates them to work towards them in a timely manner, in line with the goals they originally set.
This person (the mentor) might meet with their mentee on a weekly or monthly basis to go over progress. The mentor will ask the mentee what is going well, what they are struggling with, and how they can help them stay on track and continue staying accountable.
There are several pros to hiring an accountability coach, including:
- Years of professional experience
- An unbiased opinion of you since they do not know you personally, like a family member
- A vested interest in helping you since you are paying them
However, hiring an accountability coach does come with its cons as well, including:
- They don’t know you personally so cannot relate to your life experiences in a wholistic manner eg. understanding your motivations behind doing certain things
- A disinterest or inability (lack of capacity) to participate in financial accountability challenges with you
- A limited amount of time to help you – once their hour is up, they are done since you paid them for this time
Therefore, it may be a better idea to seek a less formal option – an accountability coach in the form of a family member or friend!
Why a Family Member or Friend as Accountability Coach?
Other than the obvious reason that their time doesn’t cost any money, they know you personally. If someone knows you well, they’ll be able to relate to you a lot better and might understand the reason behind certain decisions. For example, if you had trouble sticking to the 52 week money challenge in April and your family member knew you were busy with work, they will already know that. No need to explain – they can empathize with you!
Additionally, family members can participate in money challenges with you. You can become an accountability coach for each other!
How Do Coaches Keep Each Other Accountable?
There are a few different ways to keep you and your accountability coach responsive to each other and on track with your goals.
- Journals – each accountability coach should keep a journal, logging their daily progress on whichever challenge they are working on. Journal entries can include what went well, what needs to be improved, how the participant is feeling, how much money was/wasn’t saved and how close they are to reaching their goal (% or $ wise).
- Weekly Meetings – schedule a time that works for both of you. Take 30 minutes to 1 hour of your time each week to go over your progress and any issues you faced.
- Group Rewards – at the end of a certain goal that one or both of you reach (such as a certain amount of $ raised or certain % towards your goal), treat yourself to something indulgent but not too expensive. Why not take a trip to the museum and go out for a nice lunch? Lunch typically costs a lot less than dinner. Another great financial tip: some major cities offer free admission on certain days of the week or during certain hours of the day to increase visitors. Take advantage of any deals or specials available in your city! Creative savings ideas are everywhere.
- Group Savings Jar – contribute a certain $ amount towards a jar. At the end of the month or halfway to reaching your goal (eg. 26 weeks into the 52 week money challenge), cash out for a night out on the town or order some fancy takeout! Creative savings and having fun are so important.
Combine one or more of the creative savings strategies mentioned above with the accountability coach method, and you’ll be on the fast-track to meeting your financial goals this year!
Conclusion: Creative Savings – Fun Ways to Make Life Easier
The importance of saving money cannot be understated. Thankfully, there are so many different ways to enjoy saving money, including printing templates, keeping a money jar at home and having an accountability partner. Enjoy finding different creative savings methods so you can get ahead and enjoy life.
Don’t be hard on yourself if you get off track with things – life happens, and there are temptations everywhere! Be sure to stick to a schedule, have an accountability coach and treat yourself!
Keep disciplined and continue finding enjoyable ways to make and save money.
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Janita is a frugal living expert and owner of Frugal Fun Finance. With over five years of personal experience finding and trying out the best ways to make and save more money, she's eager to share her knowledge. Janita's strategies have helped her save thousands of dollars for funding investments and traveling to over 20 countries.
Janita completed training in personal finance at The University of Western Ontario and McGill University, two prestigious Canadian universities. Her expertise has been shared on GoBankingRates, Yahoo Finance, and NASDAQ.com.
