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Building a savings habit doesn’t have to be a struggle. It’s all about consistency, finding what works for you, and understanding that every small step adds up over time. If you’re thinking, “Yeah, easier said than done!” I feel you. When I started budgeting, I was definitely in the “how am I going to make this work?” camp. But trust me, the hustle paid off. I saved $18,000 in one year on one income. So yeah, it’s possible, and it’s not as complicated as it seems. Let’s dive into five simple ways you can start building a savings habit today.
Start with a “No-Spend Challenge” to Kickstart Your Savings
This is hands down one of my favorite strategies. If you want to build a savings habit that sticks, starting with a no-spend challenge can really set you up for success.
Here’s the thing: We all spend money every day, whether we need to or not. It’s easy to get into the habit of spending on little things—coffee, snacks, random online buys. But a no-spend challenge forces you to take a step back and really assess your needs vs. wants.
This is what you do:
- Set a time frame: start with a week, then try a month, then maybe a few months if you’re feeling bold.
- Focus only on essentials: food, bills, etc. Anything else? It’s off-limits.
- Track your progress: it feels pretty amazing to see how much you save when you stop mindlessly spending.
I did this years ago and saved about $500 in just one month and it’s still my go-to when I want to stay away from spending for a month. That was eye-opening. When you’re not spending left and right, you realize how much room there is to save. And guess what? Once you break the habit of “just grabbing this” or “getting that,” it gets easier to continue putting money away.
Grab my No Spend Challenge Workbook to help you get started. It’s got all the tools you need to track your progress, set goals, and stay on target. Plus, I’ve included a savings jar, budget sheet, weekly check-in, and spending diary to keep you accountable. Not ready to buy just yet? Get 3 free templates from the workbook down below!
Automate Your Savings (Because We All Need a Little Help)
Not everyone is a savings genius. Some days, we forget to put money aside or just get distracted by life. But here’s the trick—set it and forget it.
Set up an automatic transfer to a separate savings account. This way, you won’t have to remember to do it each time, and you won’t be tempted to spend it. I set mine up to transfer a certain percentage of my paycheck into my savings before I even have the chance to see it in my checking account.
To do this:
- Choose an amount that won’t hurt your budget (even $10 a week can make a difference).
- Set up automatic transfers with your bank to go straight into a savings account.
- Consider setting up a “rainy day” fund or an emergency savings account, so you don’t touch it unless you really need it.
Having your savings happen automatically means you’re not dependent on willpower alone. That’s a game-changer, especially when life gets hectic (and we all know it does). The money builds up over time, and you don’t even have to think about it.
Use a Savings Challenge to Make it Fun (Yes, Really)
I’ve said this before and I’ll say it again: Saving money doesn’t have to be boring. In fact, turning it into a challenge can make the whole process way more exciting, and help you stay consistent.
One of my favorites is the 52-week savings challenge. Here’s how it works: You start by saving just $1 in the first week, $2 in the second week, and so on, until you’re saving $52 in the final week of the year. By the end of the year, you’ve saved $1,378.
How to do it:
- Start small, like $1 or $2, and gradually increase your savings amount each week.
- Don’t stress if you can’t follow the exact pattern. If you miss a week, just catch up next week. The point is to stay in the habit of saving.
This challenge is so easy to track, and the payoff is satisfying. Plus, it’s fun to see how your little weekly deposits add up over time. It’s like a game, and who doesn’t love winning at a game?
Download my free 52-week savings challenge printable below to get started.
If you want even more challenges to help you stay motivated, you can grab my full collection of 72 savings challenges. With challenges for every goal, from short-term savings to long-term funds, you’ll have plenty of options to keep things fresh.
Set Small, Achievable Goals (Big Goals Can Wait)
I know you probably have a huge savings goal. Maybe it’s a vacation fund, a new home, or even a big emergency fund. But big goals can sometimes feel overwhelming, and that’s when you lose motivation.
Instead of aiming for a massive goal right out the gate, break it down into smaller, achievable chunks. This makes it easier to stay focused and gives you something to celebrate as you go.
How to do it:
- Break down your big goal into monthly or weekly targets.
- For example, if you want to save $1,000, set a smaller target of $200 a month, or even $50 a week.
- Celebrate each milestone. Hitting small goals keeps you motivated to hit the next one.
I personally saved $18,000 in one year by being super disciplined and focusing on my smaller goals. Every month, I would hit my target, and it kept me feeling like I was making real progress. When you hit those smaller targets, you build confidence and momentum for the bigger goals.
Track Your Progress (You Can’t Improve What You Don’t Measure)
Tracking your savings is crucial for staying on track. You don’t need anything fancy—just a simple tracker that shows where your money is going, how much you’ve saved, and where you need to focus more energy.
A few years back, I started using a printable budget planner and a savings tracker. Every week, I’d review my expenses and see how much I could afford to save. Some weeks were great, others not so much, but the key was staying consistent.
How to do it:
- Use a simple spreadsheet or budgeting app to track your savings.
- Create a savings goal and break it down by the month or week.
- Review your progress at least once a month to make adjustments if needed.
By tracking everything, you can see how much you’re putting away and whether it’s on track. Plus, when you’re able to visually see your savings grow, it feels pretty dang awesome.
Final thoughts: Start Building Your Savings Habit Today
There you have it—five easy ways to start building a savings habit that actually works. The key is making it part of your routine, not something you have to force. When you turn savings into a regular, automatic habit, it won’t feel like such a stretch.
Remember, I’m living proof that this works. From saving $500 in a month doing a no-spend challenge to saving $18,000 in one year on a single income, I know it can happen. It doesn’t matter if you’re starting small, what matters is that you start.
So, what’s your first step? Try the no-spend challenge this month, automate your savings, or start with a fun savings challenge like the 52-week one. Every little bit counts, and the more consistent you are, the faster those savings grow.
Ready to make saving money your new habit? Let’s do this!