In this post, we will talk about the top 5 summer savings challenges for parents (and kids!). Summer is here, and while the sunshine and longer days are fantastic, we all know how quickly expenses can add up with the kids at home.
But don’t worry, I’ve got some awesome summer savings challenges that will not only help you stash away some cash but also turn saving into a fun family activity.
Ready to dive in and make this summer a financially savvy one? Let’s get started! You can find fun summer savings challenges for the whole family to try, below!
5 Summer Savings Challenges for Parents
Top 5 summer savings challenges for parents!
1. Summer Envelopes Challenge
Let’s kick off our summer savings with a fun twist on a classic method: the envelope challenge! This is a great way to save money incrementally, and it’s perfect for any budget.
For those who are serious about saving, try this intense version. Label 92 envelopes with numbers from 1 to 92. Each day, pick an envelope at random and put in the corresponding amount of money.
By the end of the summer, you’ll have saved an impressive $4,186! It’s a great challenge for those looking to make a significant impact on their savings.
For a more budget-friendly option, number your envelopes from 1 to 92. In the first week, place $1 in envelopes numbered 1 through 7.
In the second week, place $2 in envelopes numbered 8 through 14, and so on. Increase the amount each week until, in the final week, you’re putting $13 in each envelope.
By summer’s end, you’ll have saved $637! This version is perfect for those who want to save without feeling the pinch too much.
2. The Round-Up Challenge
Gone are the days of physical change jars, thanks to debit cards and tap-to-pay. But did you know many banks offer a round-up feature?
Every time you make a purchase, the amount is rounded up to the next dollar, and the difference is transferred to your savings account. If your bank doesn’t offer a round-up feature, check out different apps that may be able to help you.
3. No-Spend Challenge
One of my favorite ways to save money is through a no-spend challenge. It’s a fantastic way to curb unnecessary spending and really see how much you can save when you focus on only the essentials.
Stop all non-essential spending for a month and see how much you are able to save in just 30 days. Compare your typical spending habits to your no-spend month spending habits to get a sense of how well you did.
4. Credit Card Time-Out
Impulse purchases can be a budget killer. That’s why I love using my banking app’s feature to lock my credit card used for online shopping.
This small hurdle helps curb unnecessary spending. Try keeping your credit card in “time-out” for the summer to help with your savings goals!
5. Zero Food Waste Challenge
Get creative in the kitchen and reduce food waste by planning meals carefully and using leftovers inventively. Have a weekly “leftover night” where you turn leftovers into new dishes.
5 Summer Saving Challenges for Kids
Next, are the top 5 summer saving challenges for kids! I love these!
1. Coin-Saving Challenge
Teach your kids the importance of saving with a simple coin-saving challenge. Have them collect coins they earn or find throughout the summer in a jar. Whether they’re saving for a new toy, a gift, or a personal goal, this challenge makes saving fun and rewarding.
2. Lemonade Stand
Encourage your kids to set up a lemonade stand or small business selling crafts. This is a fantastic way to teach them about costs, profits, and the importance of saving a portion of their earnings.
3. The Money-Matching Challenge
For one month, have your kids save any money they earn from chores or small jobs. At the end of the month, match their total savings. This doubles their earnings and introduces them to the concept of investing.
4. The No-Spend Weekend Challenge
Plan exciting, money-free weekends to show kids that fun doesn’t have to come with a price tag. From game nights and treasure hunts to sports and beach trips, there are plenty of free activities to enjoy as a family.
5. The Dinner-Budget Challenge
Put your kids in charge of planning, budgeting, and cooking a family dinner. Give them a set budget and help them shop for ingredients. This teaches them about budgeting, meal planning, and the value of money.
What To Do With Your Savings From Your Summer Challenges
For Parents
Congratulations! You’ve successfully navigated the summer savings challenges and have a nice chunk of money set aside. Now comes the exciting part: deciding what to do with your hard-earned savings. Here are some smart and impactful ways to use your savings that can benefit your family:
Emergency Fund
One of the most important uses for your savings is to build or bolster an emergency fund. This financial cushion provides peace of mind and security in case of unexpected expenses like medical bills, car repairs, or even job loss.
Financial experts typically recommend having three to six months’ worth of living expenses saved in an easily accessible account.
Debt Repayment
If you have high-interest debt, such as credit card balances or personal loans, using your savings to pay down this debt can be a wise decision. Paying off debt not only reduces the amount of interest you’ll pay over time but also improves your financial health and credit score.
Investments
Consider investing your savings to help it grow over time. There are several investment options available depending on your financial goals and risk tolerance:
- Stocks and bonds – Investing in the stock market can provide higher returns over the long term, though it comes with higher risks. Bonds, on the other hand, offer more stable returns and lower risk.
- Mutual funds – These are professionally managed investment funds that pool money from many investors to purchase a diversified portfolio of stocks, bonds, or other securities.
- UGMA/UTMA accounts – These custodial accounts allow you to save and invest money on behalf of a minor, which they can use once they reach adulthood.
- 529 plans – If you’re saving for your children’s education, consider investing in a 529 plan. These education savings plans offer tax advantages and can be used to cover future education costs.
Home Improvements
Consider investing your money into home improvement projects that can increase the value of your home or improve its energy efficiency.
This could include updating your kitchen, adding a fresh coat of paint, replacing old windows with energy-efficient ones, or even landscaping your yard.
These improvements can make your home more enjoyable to live in and potentially save you money on utility bills in the long run.
Travel Fund
Have a trip coming up? By planning ahead and saving for travel, you can avoid going into debt for your vacation and make the experience more enjoyable and stress-free.
Whether it’s a weekend getaway or a trip to a dream destination, having a dedicated travel fund ensures you can create lasting memories without financial worries.
For Kids
Saving money is a valuable skill for kids to learn, and summer savings challenges are a great way to get them started. Now that your kids have saved up some money, it’s time to help them decide how to use their savings wisely. Here are some fantastic ways for kids to use their savings:
- Hobby supplies – Encourage your kids to invest in supplies for a hobby they love. Whether it’s art supplies, sports equipment, or musical instruments, using their savings to support their interests can be incredibly rewarding.
- Special outing – Plan a special outing or activity using their savings. This could be a trip to an amusement park, a day at the zoo, or a visit to a museum.
- New toy or game – Letting your kids buy a new toy, video game, or board game they’ve been eyeing is a great way to reward their saving efforts.
- Tickets to an event – Use the savings to buy tickets to a concert, sports event, or theater show. It’s a fantastic way to spend their money on something memorable.
- Savings account – Help your kids open a savings account at a bank to start learning about banking and the importance of saving for the future. This can be an excellent way to teach them about interest and how their money can grow over time.
As summer ends, take a moment to appreciate the efforts you’ve made to save money and instill good financial habits in your children.
Challenging yourself in this way isn’t always easy, but it’s incredibly rewarding. By teaching your kids the importance of saving, you’re equipping them with essential life skills that will help them navigate their financial futures with confidence.
Keep embracing these challenges, and watch your family thrive financially. How do you and your family save money during the summer months? Let me know in the comments below!
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