Manager Tips: Challenge Your Team to Save

Keeping finances under control can be a challenge — especially when expenses increase unexpectedly. These changes can lead to financial stress, which may negatively affect an employee’s performance, their ability to focus at work, and their productivity. Helping your employees improve their financial well-being can reduce stress levels and enable them to thrive both personally and professionally.

There are many simple things we can all do to reduce our spending (and our stress), and it’s more fun to take these steps together than on our own. That’s why we’ve created a one-week challenge you can do with your team to get everyone in the financial well-being mindset.

Each day of the week, encourage your team to join you in one of these well-being moments to reduce your monthly expenses and show your wallet some love.

Day 1: Start a savings jar

Ask your team members to find their own jar or vase and, for each day of the challenge week, add all their spare coins. At the end of the week, have everyone count the money in their jar and see who has saved the most during the week.

Day 2: Plan a free night out

Have each member of your team research free activities in your area, such as museum nights, concerts or festivals. Check with local parks or recreation facilities for more ideas. Have employees share what they’ve found or compile a list and email it out to the team.

Day 3: Cancel a subscription you don’t need

Whether it’s a magazine, an app or a monthly delivery, challenge employees to find a subscription they aren’t using or could easily live without and cancel it. Or set a reminder the day before a free trial is up to make sure you aren’t charged for the ongoing subscription. Share which subscription you cancelled and remind them they can always resubscribe later if they change their mind.

Day 4: No-spend day

Challenge employees to spend no money — whether by cash or card — on this day. Mortgages, utility bills and other direct debits don’t count. Focus on discretionary expenses, like clothes, beauty treatments, groceries, eating out, gas and snacks, and see how many of you can make it an entire day without spending.

Day 5: Make a virtual meeting a virtual lunch

Ask each person to prepare a lunch and bring it to your virtual meeting. Employees will have a chance to interact with colleagues in a more relaxed format and save money by creating a lunch at home. Have each employee share something they’ve learned this week or a tip for cutting expenses even more.