Saving money doesn’t need to feel like a daunting task. With a bit of creativity, there are plenty of ways to have fun alongside mates or dates while positively impacting your finances.
Below, we've highlighted a few challenges to help boost your savings. Some of these might inspire you to set aside money or limit spending, while others may get you thinking about lifestyle choices that can help you grow your savings.
1) Roll the dice
Looking for a fresh twist on date night? Try rolling two dice and multiplying the numbers to set your spending limit – anywhere from $1 to $36. This approach will not only challenge your creativity, but also open the door to a whole host of new experiences.
Whether you decide to check out a free community event or cook up a storm at home, you’ll become well practiced at making memories without overspending.
2) Reduce energy usage to increase savings
Reducing your utility bills is as good for your savings as it is for the environment.
By switching off lights, unplugging devices and coming up with creative ways to minimise electricity, gas or water usage, you may find that small changes make for significant savings.
Try setting yourself a specific reduction goal – say 10 or 20% per quarter – and pop the difference in a savings account. It will add up over the course of a year.
3) Build a footy fund
Channel the excitement of game day into a savings plan by putting away a dollar (or any amount) for every point your team scores.
Take the AFL as an example. Richmond, the lowest-scoring team of the 2024 season, managed to score 1505 points. At one dollar per point, that’s $1,505 in savings. You can apply the same idea to your code of choice, be it the NRL or A-League. Keep in mind that goals are hard to come by in soccer, so you may want to up the challenge to $10 per goal.
You'll not only get all the enjoyment of following your team, you’ll also be setting yourself up for a goal of your own.
4) Step and save
Looking to improve both your physical and financial health? A step and save challenge could be right for you.
The idea is simple: track your steps using your phone or smartwatch. At the end of the week, work out your average step count and transfer 1% of that figure to your savings. If you average 10,000 steps per day, you'll transfer $100 a week. 12,000 steps? That's $120.
The best part? You may find yourself exploring new parts of your neighbourhood, connecting with nature and even making a friend or two along the way. Every step and cent counts!
5) Embrace local adventures on public transport
Why spend a fortune on travel when there’s so much to explore where you are?
Many Australian cities – Brisbane, Melbourne and Sydney included – offer capped weekend public transport fares.
In 2024, Queensland’s Translink reduced many fares to just 50 cents per journey – every day of the week.*
By hopping on a bus, train, tram or ferry, you can satisfy your sense of adventure without spending big on petrol, tolls and parking. Challenge yourself to explore somewhere new every month. You may be surprised by what you discover and how much you can save compared with driving.
6) Trade up to a more cashless economy
You can cut your expenses and pocket the savings by bartering goods and services with friends and neighbours.
For example, instead of paying for babysitters, you could set up a babysitting exchange with local parents.
Similarly, if you have citrus trees and your mate has a vegie patch, why not share your seasonal surplus?
Keen to pick up new skills, like painting or surfing? Reach out to friends and family who can teach you the basics. They’ll enjoying helping you get started. You won’t have to worry about spending big on gear if it turns out the activity is not really for you. And once your mates have taught you something new, you can return the favour.
7) Make the most of your savings every day
Once you’ve had a go at these challenges, don’t forget to challenge yourself to make the most of your savings. Suncorp Bank's Growth Saver Account and Term Deposits may be good options. They have no monthly account keeping fees, competitive rates and they’re easy to open online.
Published 24 January 2025
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