6 savings challenges worth trying in 2023

Whether you're saving for a deposit on a house, a much needed holiday or simply want to stash some cash for a rainy day, making the most of your coin doesn’t have to be a boring task. There are a myriad of savings challenges to help you reach your goal that can get you there in an exciting way.

Here are some challenges to help you reach your goals in 2023:

1. Round em up
   This is a great way of saving money without really noticing the difference. Everytime you make a purchase, round up the amount to the nearest dollar and transfer the change to a savings account. It might not seem like a lot of money when it’s five cents or so, but you’d be surprised at just how quickly this adds up.
2. Luck of the draw
   Start by deciding how many days you would like to make the challenge for. Let’s go with 100 days for our example. Write the numbers 1 - 100 on sheets of scrap paper and put them in a bowl. Each day draw a number and that number is how much you put in your savings account. After all 100 papers have been drawn you should have about $5,050 saved.
3. 52 week challenge
   For this year-long challenge you’ll be transferring money to your savings account based on the week you are in. If you are on week 1 of the challenge then you transfer $1 into your savings. Then on week 2 you transfer $2, and you continue to do so until you get to week 52 where you put $52 in your account. By the end of the year you will have saved a whopping $1,378!
4. Gold coin collection
   Every time you have a gold coin, save it. If you don’t frequently use cash then every time you see your everyday account balance end in a 1 or 2, transfer it to a savings account. By the end of 2023, you’d be surprised at just how quickly it tallies up.
5. Weather Wednesday challenge
   Just like the name suggests, this challenge is based on the temperature for a Wednesday. So when you wake up on a Wednesday morning you should check the temperature and transfer money to your savings based on the number. If you wake up on a cool 20 degree Wednesday then all you have to do is transfer $20.
6. The heavy piggy
   Bring back your childhood piggy bank and fill it up with all the loose change you accumulate throughout the year. After the piggy has become heavy enough to be considered an exercise weight, go to your nearest bank branch and watch your piggy shed some kilos into your savings. This particular saving challenge might be quite fun for kids.

What are some of the best savings accounts?

If you want the best of the best, check out our Mozo Expert Choice Award winners for Saving Accounts. More than 248 savings products were analysed and compared by a panel of judges to showcase which offered great value to Australian borrowers.

Ready to start saving? Check out our savings account comparison table below to get started on your new saving challenge.