The nickel savings challenge and free printable are great for saving if you need visual motivation! Save over $3,000 in a year to use toward your emergency fund, get out of debt, or start building wealth.
What Is The 365 Nickel Savings Challenge?
For this challenge, you start with just 1 nickel and add by 1 nickel each day for a year.
Day 1= 5 cents
Day 2 = 10 cents
That’s it! At the end of the year, you will have $3,339.75 in your pocket.
Benefits of the Nickel Savings Challenge
This challenge is unique and comes with great savings benefits!
It is Very Doable
This challenge will stretch you, but it is also doable if your budget is tight. It is an excellent challenge if you have trouble saving money because the daily amounts are small and manageable.
Plus, this 52 week challenge gives you enough time for your savings to build up.
It Is Family Friendly
The nickel-saving challenge works well with families because even kids can contribute to adding coins.
You can also use it to teach kids budgeting and money management. It’s an amazing tool for showing the power of saving over time!
It Makes Saving Fun
This challenge is great if you love to see your money grow visually.
A challenge turns your “I should” statements into “I can’t believe I did that!” statements.
You Are Creating A Habit
The BEST benefit of any money challenge is that it helps you build a savings practice. This habit is a gift for years to come!
What You’ll Need
- A jar to start
Decorate it with your family to get everyone invested in this challenge!
How to Do The Nickel Savings Challenge
Nickel A Day Saving Challenge:
Note: You ADD one nickel to your total each day. (So the number of nickels will go up each day).
After 7 days you will have $1.40. While that doesn’t seem like much, remember two things:
- It grows larger and faster from there.
- Getting to that point should be painless (which means you have no reason NOT to do it!)
Free 52 Week Nickel Savings Challenge Chart
Grab your free nickel challenge chart tracker here. Then, keep reading for ways to find the extra change and what to do with your money.
“Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.” – Ayn Rand
Grab more fun ways to save money:
Ideas To Find Your Nickels, Dimes, & More
Here are 19 quick ways to find that money!
1. Dig through your couches, car, junk drawer, and under the furniture.
2. Check your jacket, coat, and jeans pockets.
3. Empty out the coin purse.
4. Have your kids contribute. Let kids and teens make money and be part of the challenge.
5. Have a garage sale or sell something on Facebook marketplace. (See also: how to make $300 fast)
6. Sell someone a gift card you are never going to use.
7. Dog sit, dog walk, or babysit.
8. Change your phone, internet, or tv plan. Save the difference in your jar.
9. Make a budget and track your spending.
10. Shop for something you need at the thrift store instead of a regular store. Save the change.
11. Make your next greeting card instead of buying it.
12. Refuse to buy something impulsively at the store.
13. Use up the food in your home before buying new food. Save what you would have spent at the store.
Related: Creative ways to save more money >>
14. Wait for a sale on something you need. Put the difference in your jar.
15. Save on gas money by walking, biking, or carpooling to where you need to go. (It’s healthier too!)
17. Do a no spend week or month challenge. Pocket the cash.
18. Use a coupon on something you would have bought anyway.
19. Use up what you have. Almost all of us have old greeting cards, gift cards, books to read, paper plates – you name it. Dig these things out and use them and stop buying stuff you don’t need.
*For more specific ways to save, check out the 30 Day Money Saving Challenge. It has a printable calendar to guide you.
What To Do With Your Nickel Challenge Money
Now, this is the fun part!
What Can You Do With Your $3,000+
- Beef up your emergency fund
- Put it towards your next vacation
- Invest it (See how to invest $500 for beginners)
- Use it (or add it to) a downpayment on a home or car
- Get out of debt (Grab free debt printables to track)
- Take care of all your holiday spending
- Build on your kids’ college savings
If you are doing the challenge to teach your kids money management, then let your family decide together how the money will be used.
Great Ways to Stay Motivated For 365 Days
The nickel challenge is for 52 weeks. That can be a long time to stay motivated. Here are great ways to keep your spirits up!
*Read books about creating a good money mindset and building wealth.
*Try a 30 day minimalist declutter challenge to find things to sell.
*Fill out a habit contract to make a strong commitment.
Fun Nickel Challenge Variations To Try
A Nickel Challenge Modification
Is it too hard to remember daily? Then add up the total you need by week or by month and save that way! For example, for week one, you will need $1.40.
It is easiest to pick a consistent day of the week (like Saturdays) to deposit your money!
Reverse Nickel Savings Challenge
You can do this challenge in exactly the same way but in reverse order. That means on the first day you will be saving $18.25. Then, go backward from there.
Save At Random For the Nickel A Day Challenge
Would you prefer spontaneity? Use the tracker to mark off whatever number you wish each day.
Double The Nickel Challenge
Are you confident that you can save more? Try doubling your amount for some of the days or adding extra when you can. For example, your challenge could look like this:
Day 1: 5 cents
Day 2: 15 cents (you had extra)
Day 3: 15 cents
Day 4: 25 cents (you had extra)
What matters most is that you are saving each day. And if you can add a bit extra when you have it, that’s icing on the cake!
Other Great Saving Challenges
These fun money challenges will also help you save:
- Penny A Day Savings Challenge Chart
- 52 week savings challenge printables
- 100 Envelope Savings Challenge
Q&As For The 52 Week Nickel Savings Challenge
What’s the most you save In A day In This Challenge?
The most you save in a day is the last day – $18.25.
How much is 5 cents a day for a year?
At the end of the year, you will have saved $3,339.75.
To Consider With The Nickel A Day Challenge
Try out this amazing nickel saving challenge and let us know how it went in the comments below!