It is the perfect time of year to start something fresh. This year, why not focus on your financial situation? With inflation through the roof and many Americans feeling concerned about the economy, it makes sense to take control of what you can. And the thing you can control is your family finances.
Whether you are considering a complete financial overhaul or just want to save up for something fun, start the year with a $1,000 savings challenge. This challenge will look different for every financial situation, but there are many reasons to start saving.

Three of my favorite motivations to save are:
- It’s a significant first step to taking control of your finances. If you are living paycheck to paycheck, you are not alone. When things are tight, there is often no money available to cover emergencies. Many financial experts consider saving $1,000 the best first step to an economic overhaul. Once you have money to mitigate any unexpected expenses, you can begin paying off debt and building wealth.
- You can set a goal and save up for something fun. A splurge is always more fun when you have the money to spend guilt-free. Rather than throwing something on a credit card, plan ahead! Whether you are saving for a vacation, a luxury item, or braces for your kid, $1,000 is a great head start to your next big purchase.
- Your money can work for you if you start investing. If you feel like you are in a good spot financially and want to start investing, saving $1,000 will give you a significant chunk of change to open an IRA, buy index funds, or take a chance on the stock market.
Wherever you stand financially, you can tailor this challenge to help you meet your next goal.
A money-saving challenge printable will make this fun. Watch your savings grow, and you’ll feel great about your decision to take control of your financial future.
How To Save $1,000
Are you ready to get going? Your approach to saving will vary depending on your household income and how much room you have in your budget. Many people plan to save over the course of a year, while others can manage to squirrel away $1,000 in a month. But there are a few strategies that will help you be successful with your plan.
- Keep It Safe. Out of sight, out of mind. Save the money separately from the money you spend daily. This will help you forget about it so the money won’t tempt you to spend it.
Open a savings account or save cash in an envelope. Regardless of where you save it, it is always best to save somewhere other than your checking account. - Set a Goal. How fast do you want to save your money? If you plan to save over the course of a year, you need to save about $84 a month. If you want to save it in 30 days, you need to set aside $34 a day. Little chunks of cash can add up to a lot, so you might be surprised at how much you can save by finding a few extra dollars to designate for savings.
- Be Realistic. Take a realistic view of your current situation and devise a plan that is challenging but manageable. It can feel discouraging to dip into the savings you worked so hard for just to pay your regular bills. Instead, carve out money you know you can live without or work to bring in extra cash you can set aside.
- Find the Money. Where is the money going to come from? This is where you get to be creative. You either need to cut expenses or find new sources of income.
- Cut Spending. As cliche as it sounds, cutting out your daily coffee shop stop can help you save a nice chunk of cash. However, there are plenty of other ways to achieve the goal, too. Cut back on your discretionary spending, make more homemade meals instead of ordering takeout, or choose store-brand instead of name-brand groceries. Small changes can make a big impact.
- Make More Money. If you don’t feel like you can cut back anymore, it’s time to look at new ways to make extra cash. Take a side gig, set up a booth at a local craft fair, or sell things you no longer use around your house.
- Track Your Progress. The most fun part of the project is watching your money grow. Download a printable money-saving chart so you can see your progress visually. Hang it up somewhere to remind you of your commitment to growing your savings this year.
Saving $1,000 is just the first step, but it’s a huge accomplishment. You’ll be amazed at your newfound confidence as you navigate your family budget. That $1,000 represents your decision to prioritize your finances in the new year, self-discipline, and the hard work it took to put it there. Way to go!
Infographic
Are you ready to start saving? Your savings strategy depends on your income and budget flexibility. Some save over the year, while others set aside $1,000 in a month. Explore this infographic for effective savings strategies.