This $ 5 dollar bill saving challenge can help you kickstart your vacation fund or nest egg!
Putting money aside can be a hard habit to develop and maintain especially when your funds are limited. Taking your $5 dollar bills and putting them to the side is a simple way to save money for your future.
Stash Your Cash
Putting money into a savings account can have long term benefits on your wealth and lifestyle. Rather than taking lump sums from your checking account and disrupting your day to day expenses you can try this easy trick to hack your savings. The 5 dollar bill saving challenge requires you to hold on to every $5 bill you get in hand. This strategy makes saving fun and somewhat spontaneous cause there’s no way to predict when you’ll get one and how many you’ll have in the end.
Pros & Cons
If you use cash consistently then there is a lot of upside potential for you to save a lot of money in a short amount of time. The downside, however, is brutal if you live a primarily cashless lifestyle. One other issue to consider is that this strategy overall is unpredictable and will not give a clear gauge of your financial future.
Learn more about saving here.
Long Term Technique
If you want to practice this strategy long term and are looking to increase your chances you can extend the savings to larger denominations of bills. For instance, saving $5’s and $10’s can lead to an exponential increase on your gains long term. Also keep in mind that larger bills may be more scarce in terms of circulation; you might have a hard time coming across $100’s
Tackle your expenses for more saving with this personal budget template.
