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 20 June 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Savings Account

    5.35% p.a. (for $0 to $250,000)

    4.75% p.a.(for $0 to $1,000,000)

    Yes up to $250,000

    Bonus variable rate is available for the first four months.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 Mozo Experts Choice Award winner.

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  • PremiumSaver

    5.45% p.a. (for $0 to $250,001)

    1.50% p.a.(for $0 and over)

    Yes up to $250,000

    Increase balance by $200 by the end of each month

    Reward yourself with a higher rate for your good savings habits. Rabobanks’s PremiumSaver is simple - receive the maximum rate when you grow your balance by at least $200 each month (T&Cs apply). Plus, your savings help our Aussie farmers produce the food we love to enjoy.

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  • Mozo Expert Choice Badge
    Savings Maximiser

    5.50% p.a. (for $0 to $100,000)

    0.55% p.a.(for $0 and over)

    Yes up to $250,000

    For customers who have an Orange Everyday account, deposit $1000 into a personal ING account, make 5 eligible transactions and grow their nominated Savings Maximiser account each month.

    Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

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  • Reward Saver Account

    5.25% p.a. (for $0 to $1,000,000)

    0% p.a.(for $0 and over)

    Yes up to $250,000

    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.

    Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.

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  • Bonus Saver Account

    5.00% 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.

    Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.

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^See information about the Mozo Experts Choice Savings Account Awards

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