More from The Penny Hoarder: Ditch Overpriced Car Insurance Now — Save $500 Today Despite the name, a no-spend challenge doesn’t mean you sit on your hands and spend no money whatsoever.

One effective one we’ve done is the 52-Week Money Savings Challenge. “Teaching kids, particularly teens, about money is crucial because many will begin jobs and earn paychecks,” says René ...

A family saving challenge isn’t just about money - it’s about instilling lifelong habits. Kids learn the value of delayed gratification and financial planning in a hands-on, memorable way.