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Money Saving Challenge Teaches Children

As a parent, grandparent or guardian, it is imperative that we save money and it is also imperative to teach our children the importance of saving money at a young age, so when they are older, they will continue to put money on the side for their future. It may also give them the idea to save their birthday money, etc for the bigger things they may want later on. I believe kids will find the following 52 week Money Saving Challenge easy to follow.

Money Saving Challenge

In 2016, my husband and I started doing the challenge with our granddaughter. We taught her how to put it in her piggy bank, now when she’s here, she asks if she has any money for her bank.:) My sister (her great aunt) is doing the same thing at her house. LOL It’s fun, but I want to start saving for her education that I know she will need help with, as well as our retirement, an emergency fund and money for us to have fun!

When is the best time to start a money challenge?

Most people try to start a new money challenge at the beginning of the new year. They usually tie this idea with their new year’s resolutions and the optimism around the beginning of a new year. However, you can start a money challenge at any time.

365 Day Penny Savings Challenge

Here’s a super easy way to save at least $667.95 this year starting with just a penny (the 365 day money saving challenge)! OR if you would like to go bigger, you can save up to $1,287 this year starting with $1 (the 52 week money saving challenge).

With the 365 day challenge, you start with 1¢ on January 1st, the trick is to increase your penny amount each day by a penny.  By Friday January 5th, you should have 15¢ in your jar or piggy bank. Here’s how the 365 Day Penny Savings Challenge works:

  • Find a fun jar (or repurpose a jar).
  • Add a penny to correspond to each day of the year. Day 1= $0.01, Day 2, $0.02, by Day 100 (April 10th in non Leap Years) you will add $1.00 to your jar.
  • I highly suggest using pennies. This way you will watch your jar fill rapidly!  It’s so much fun to watch it build up and don’t forget to use a coin machine at the end to sum up the savings.
  • By the 365th day, your jar will be worth $667.95! (By your 44th week, Nov 1- you will have $475, just in time for Christmas gifts!)

I highly suggest getting your kids involved with this one, imagine their little faces when they have their own money to spend for Christmas! Yes this would mean doing at least 2 jars for your kids, but it would be worth it!

52 Week Money Challenge

Here’s how the 52 Week Money Savings Challenge with Dollars works:

Money Saving Challenge

To start this money saving challenge, you would need to START with $1.00 on payday. The trick is to increase your dollar amount each week by a $1. If you get paid every 2 weeks, you can still do the challenge, just double up on paydays (start with $3 instead of $1 and follow the chart with your paydays) and on week 4, January 26th, you should have $10 in your jar or piggy bank.

You can also do these plans in reverse order meaning you would start at day 365 or week 52. I will be doing 2 52 week challenge, 1 penny, 1 dime and 1 quarter 365 day challenge.

For Christmas savings, my last amount in would be week 46 which would probably give me a total of about $1081. Black Friday is on November 23, 2018!

What do you want to save up for?

Why not share the chart and get the entire family and or friends involved! Just right click the photo and save, or print.

Happy Savings!

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13 thoughts on “Money Saving Challenge Teaches Children

  1. Great idea to teach kids to save, I am trying to get my two grand kids to do that too bu there are far too many things they would like in the meantime and as there Mom is single they feel the need to spend their money instead of hers so they do not save as much as they would like.

  2. I think this is an excellent idea. I keep finding that more and more kids and adults no nothing about saving.

  3. This is really great! We try to teach our Kiddies to save but this would make it a bit more fun and interactive on their part. Thanks so much for sharing!

  4. It’s nice to read posts like this. I love the idea of saving for our little ones. Indeed a great way to prepare for the future and also teaching them to the value of money.

  5. I love this and had to pin it to save for next year. My daughter is a great little saver and quite frugal for 6. Her teen brother is the exact opposite sadly!

  6. I love this idea and just right-clicked on the first chart. I will definitely start this will my kids – we always have tons of spare change around. Great post – thanks!

  7. It’s never too late to start learning about money. That’s good that she’s learning that saving up little by little adds up over time.

  8. This is such a great way to teach kids the value and concept of budgeting. I don’t have kids of my own yet, but I may steal a page out of your book when it’s time!

    1. Hey Sarah,
      My granddaughter is not even 3 years old and she is learning the difference of a penny, nickle, quarter and dime. Need to start teaching them early now a days. 🙂 My little granddaughter went shopping yesterday and she picked out what she wanted brought it to her mommy and asked her to pay for it lol She’s so cute when she does stuff like that.

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