Many people on social media are raving about a savings hack that allows them to easily save thousands of dollars every year!

Are you doing it too?

Photo from Nice PNG.​

The ‘$5 challenge’ involves putting aside every $5 note you receive into a secret stash to be opened only once a year.

“The challenge is every time you receive a $5 note, put it away. If you break a note and get $5 bills, put them away,” explained one budgeter.

“Save all of your $5 bills for an entire year, don’t count or spend any of it until the challenge is complete.”

“Some people have collected thousands of dollars with this method.”

For people who went cashless with their savings and expenses, one user on Facebook suggested that they may simply transfer ‘uneven’ funds into a separate savings account.

“For example, if you had $54.65, you put $4.65 into savings,” he added.

Many people shared that they have been doing the money-saving trick for years, and it really helps them a lot.

“Mum did that for 12 months and bought herself a great bed,” said one user, while another added: “Did it last year- just cashed $725 to the bank. Not bad considering COVID and tap ‘n go.”

“I do coins; works well too!” wrote another.

“2019 was a good year for this challenge. I put aside about $2000 in $5 notes,” one person shared.

“2020 was hard with using the contactless payment for everything. My cash envelope system took a break. I will start again this year, I think. It’s a fantastic challenge!”


Wow, saving thousands of dollars by simply putting aside spare change? Sign us up!

What about you, how do you save money? Let us know your methods in the comments down below!

 

[zanderch]

Every shopping fortnight from January 1, my holiday account begins so once a year we go to a beach holiday sometimes having enough for a beachfront rental shared with other family. And it is not just me, it is a family affair with a prize at the end.. Because money disappears it is not missed and it is amazing how much can be saved, it does not have to be 5 dollars but whenever spare money is not needed immediately .

 

[leanneh]

I just put all the change I receive into an old plastic takeaway container and bank it when it gets full. You don't realise how much change you actually get until you bank 4 or 5 hundred dollars worth. My hubby usually unl9ads his out of his pockets each evening and I add that to my container. It all adds up!

 

[Val]

Save thousands of dollars through the $5 challenge!​

Many people on social media are raving about a savings hack that allows them to easily save thousands of dollars every year!

Are you doing it too?

Photo from Nice PNG.​

The ‘$5 challenge’ involves putting aside every $5 note you receive into a secret stash to be opened only once a year.

“The challenge is every time you receive a $5 note, put it away. If you break a note and get $5 bills, put them away,” explained one budgeter.

“Save all of your $5 bills for an entire year, don’t count or spend any of it until the challenge is complete.”

“Some people have collected thousands of dollars with this method.”

For people who went cashless with their savings and expenses, one user on Facebook suggested that they may simply transfer ‘uneven’ funds into a separate savings account.

“For example, if you had $54.65, you put $4.65 into savings,” he added.

Many people shared that they have been doing the money-saving trick for years, and it really helps them a lot.

“Mum did that for 12 months and bought herself a great bed,” said one user, while another added: “Did it last year- just cashed $725 to the bank. Not bad considering COVID and tap ‘n go.”

“I do coins; works well too!” wrote another.

“2019 was a good year for this challenge. I put aside about $2000 in $5 notes,” one person shared.

“2020 was hard with using the contactless payment for everything. My cash envelope system took a break. I will start again this year, I think. It’s a fantastic challenge!”


Wow, saving thousands of dollars by simply putting aside spare change? Sign us up!

What about you, how do you save money? Let us know your methods in the comments down below!

I have done the $5 challenge, but being on a pension I can’t put all of them aside, but I have saved nearly $300. I also put all my $2 coins in a drink can and then open it up for Christmas, that really adds up.

 

[Ricci]

I would so do this if I still dealt with cash. I can't remember the last time I used real money it's all card or electronic transfer these days.

 

[Lizzy]

I would so do this if I still dealt with cash. I can't remember the last time I used real money it's all card or electronic transfer these days.

Go on line and transfer the odd amount in you transaction account over to an on line saver, I am very ocd. and round up my account each week and put it into another account, after 2 years off covid I now have enough for a cruise.

 

[Ricci]

Go on line and transfer the odd amount in you transaction account over to an on line saver, I am very ocd. and round up my account each week and put it into another account, after 2 years off covid I now have enough for a cruise.

Couldn't agree more, I knocked years off my mortgage by getting a paying in book and paying my mortgage weekly including any odd cents left on the balance. The Bank didn't like it but it is legal so they couldn't stop me. I reckon I saved about 7.5 years.

 

[LadyMoonlight]

I hate carrying change in my purse, so after shopping, I take the coins from my purse, put the $1 and $2 coins in a very large jar, and all the silver in another very large jar. I use the money to pay my electricity bills every quarter. I have been saving the money and not using it for the electricity bill for a while now. I decided to count just the gold coins a month or so ago, and had around $1300 saved. I guesstimate about $500 in silver. I will keep the jars going for as long as I can without cashing them in...there's my new computer! I will not go cashless until I am forced to. I love cash! My New Year's Resolution will be to do the $5 thing. I really like the idea because $5 is small enough not to be really missed.

 

[Singomate]

Do the same with 50cent coins