Every year there is a resurgence of money challenges, fitness challenges, and other things to motivate you to better certain aspects of your life. After the 52-Week Money Challenge came out and helped a large number of people save more than $1,300 in a year, people began looking for more ways to challenge themselves to save. Enter: The $5 bill money challenge.
What is the $5 Bill Money Challenge?
The $5 bill money challenge is a bit more simple than the 365-Day challenge or any of the 52-week challenges. This challenge deals with the change you receive when shopping. Any time you pay in cash and receive a $5 bill back in change, you put that $5 into savings.
Unlike other money challenges, the $5 bill money challenge doesn’t have any set format for week-to-week savings. If your total comes to $11 at Walmart and you hand the cashier a $20 bill, you’ll likely get a five to add to your savings jar (or piggy bank).
But because it doesn’t have any set guidelines, it does make it harder to decipher how much you can actually save with this challenge. So, how much have other people saved?
How Much Can You Save?
The amount of money people has been able to save with the $5 bill money challenge varies. If you don’t spend much cash, it will be hard to accrue $5 bills. Also, if you are having money troubles $5 bills can be difficult not to dip into.
All in all, if you have the mindset that you are going to stash every $5 bill you receive away, it can wrack up to some serious savings. One woman saved $40,000 by stashing away her fives. Others have been able to save hundreds in a fairly short period of time.
How to Track the $5 Money Challenge?
What has made so many other money challenges so great is that most of them have some sort of tracking system. The 52-week money challenge, for instance, has a chart that allows you to log how much you saved each week of the year. So, how do you go about tracking the $5 bill challenge?
First, you can put all of the $5 bills in a piggy bank or jar. Once a week, remove the $5 bills and count them. Record the amount of money you were able to save that week and record it in this spreadsheet. Then put that cash into a separate savings account.
If you’re not comfortable having cash around the house or don’t use cash very often, you can also simply transfer $5 into savings every time you spend a set amount of cash. For example, for every $40 you spend you put $5 into savings.
Have you tried this money challenge or any other? What were your results?