6 saving challenges you must try in 2022

girl sitting on a bench looking into the distance thinking about how to save money

Whether it's for an emergency fund, a home deposit or an upcoming vacation, saving money doesn’t have to be a boring task. There are many saving challenges you can try to reach your goal in an exciting manner.

Here are some challenges you should try in 2022:

1. The number challenge

Start by deciding how many days you want to do 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.

2. 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 $1,378!

3. Weather Wednesday challenge

Just like the name says, 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.

4. Round up money challenge

When you buy something, round up the amount to the next dollar and then transfer the difference to your savings. Even though you’ll only be transferring cents each transaction, if you make the habit of always doing this with each purchase your savings account will slowly grow. Before you know it there’ll be a couple of hundred dollars in there!

5. $5 saving challenge

Every time you have a $5 note, save it. If you don’t frequently use cash then every time you see your everyday account balance end in a 5, transfer $5 to your savings.

6. The heavy piggy bank challenge

Bring back your childhood piggy bank and fill it up with all the loose change you accumulate throughout the year (or several years). 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.

Savings account comparisons on Mozo - last updated 18 May 2022

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    Boost Saver with Go Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.00% p.a. (for $0 to $250,000)
    0.05% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate of 1.00%. Deposit $2,000 each month and make 5 eligible payments from your Go Account. If you are between 18 and 25 deposit $1,000.

    Enjoy a high interest savings account bundled with an everyday spending account. No monthly fees. And new customers can get a welcome bonus of 20,000 bonus Virgin Money Points (ends 31/05/22. Offer criteria & T&Cs apply).

    Details
  • Mozo Expert Choice Badge
    Bonus Saver Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.10% p.a. (for $0 to $250,000)
    0.05% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.

    Winner of a Mozo Experts Choice Award 2021 in the Regular Saver category. No monthly account fees and no minimum balance requirements.

    Details
  • Mozo Expert Choice Badge
    Boost Saver with Go Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.35% p.a. (for $0 to $250,000)
    0.05% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate of 1.35%. Deposit $2,000 each month, make 5 eligible payments from your Go Account and enable the Lock Saver feature. If you are between 18 and 25 deposit $1,000. 32 days notice for withdrawal and T&C's apply.

    Enjoy a high interest savings account bundled with an everyday spending account. No monthly fees. And new customers can get a welcome bonus of 20,000 bonus Virgin Money Points (ends 10/4/22. Offer criteria & T&Cs apply).

    Details
  • Grow Saver
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.35% p.a. (for $0 and over)
    0.05% p.a.(for $0 and over)
    Yes up to $250,000

    Make at least 1 deposit per month and no more than 1 withdrawal, including internal transfers or external payments.

    Pay no monthly fees. Set up in-app savings goals. Benefit with joint account options.

    Details
  • Online Saver
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.35% p.a. (for $0 to $500,000)
    0.60% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.

    Details

^See information about the Mozo Experts Choice Savings Account Awards

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