You’ll never think of a $5 bill the same way again after this 30 day money saving challenge!
This challenge is a great (and easy!) money saving technique to jump start your savings.
Here’s the deal: for the next month, every time you get a $5 bill as change, you can’t spend it.
Instead, that five-spot goes straight into your savings. No apps to download, no complicated spreadsheets to maintain, and no daily calculations.
Just good old-fashioned cash saving with a modern twist.
What makes this challenge so appealing is its simplicity. Unlike other savings challenges that require you to remember complex rules or save increasing amounts each day, this one flows naturally with your regular spending habits.
Buy a coffee with a $20 bill? That $5 in change goes into your stash. Grab lunch with a $50? You might just score another five for your collection.
The beauty of choosing $5 bills is that they’re large enough to build savings, but not so much money that you’ll feel the pinch like you would saving $10s or $20s.
It’s the sweet spot of saving – meaningful enough to add up, but not so much that you’ll abandon the challenge mid-month.
Making It Work
To get started, all you need is a jar, envelope, or even a dedicated pocket in your wallet. Pro tip: choose something you can easily access but won’t be tempted to raid.
Some savers even decorate their containers to make them more official and fun.
If you aren’t a cash budgeter, that’s ok. You can still participate in this challenge, you’ll just need to be a little more creative.
One way this can be done is by creating spending rules.
For example, any time you spend money that the total ends in a 5, transfer $5 dollars to savings. Or every time you spend less than $10, $5 gets transferred into savings.
This is totally customizable, and you can do whatever works for you.
The best path toward progress is just to get started!
Want to simplify tracking your savings? Drop your email below to have this tracker sent straight to your inbox!
The Results
Some folks who’ve tried this challenge report saving anywhere from $100 to $500 in just one month. The amount varies based on your spending and how often you make purchases.
At the end of the 30 days, you’ll likely be surprised by how much you’ve gathered without feeling a huge impact on your budget. This is part of the genius of this challenge – it teaches you that small, consistent actions can lead to significant results.
Remember, this isn’t about depriving yourself or making dramatic lifestyle changes. It’s about building a saving habit in a way that feels more like a game than a chore. So why not give it a shot? Your future self (and your growing savings account) will thank you.