$5 Savings Challenge

One of the simplest ways to save money is to collect your spare change. It seems kind of trivial at first, small potatoes in the grand scheme of things, but it can add up quickly. I have fond memories of racing to my uncle’s couch in his “man cave” to search for loose change to add to my piggy bank (which I still do, 20 years later). Recently, I’ve seen a new idea pop up all over the internet that expedites the saving process a bit without sacrificing much: the $5 Savings Challenge.

Here’s how it works:

  1. Thinking about making a purchase with cash at the store? Peek in your wallet to see how much you’re working with.
  2. See a $5 bill? Don’t spend it, save it! If it means you have to pass up a bag of M&Ms while you’re grabbing your milk and eggs for the week, so be it… you most likely don’t really need them.

I’m not sure about everyone else, but I avoid carrying cash because I have a bad habit of spending it on unnecessary things – candy bars in the check-out aisle, a quick stop at Starbucks, a pair of earrings on sale, you name it! The $5 Savings Challenge has really helped me keep that habit in check. I started to save all of the $5 bills I’ve come across shortly before the winter holidays, and I’ve already saved about $45 without even noticing. Feel free to change the dollar amount too, whether it’s $1 or even $20 bills, whatever works for you. It’s a great way to add a little more cash to your stash in addition to what you’ve already planned on saving, which will help you reach your savings goals even faster!

Take the $5 Savings Challenge and let us know if it works for you. We’d love to hear your savings stories!