The Five Dollar Savings Challenge

Last year, I was motivated by my friends who participated in the Five Dollar Challenge the year before, whom shared the amount they managed to save throughout the year, some of them even managed to save up to a 4 figure amount.

So I decided to give it a try too.  I did not manage to save much, just around $350 for the year of 2018.  Reason being, sometimes I forget to withdraw money for my expenses so I ended up using some of the $5 on hand... 🤭

I decided to challenge myself again this year & hopefully achieve better result! 😜

I shared about my #5dollarchallenge on my FB and it arouse quite an interest and friends start asking how it works.  

I did it by saving up all the $5 bill when breaking notes and counted the total amount save during end of the year. However,  there are actually other forms of Five Dollar Challenge which you may be keen.

Another one is saving $5 a day, so at the end of the year, you will get 365 days x $5 = $1825 or 366 days x $5 = $1830

The most up level Five Dollar Challenge is to save $5 and increase your savings by $5 each week progressively.  And the end of the year, you will be surprised to manage to save near to $7K! 

Alternatively, you can start with the biggest amount first and reduce the savings by $5 each progressive week as some believe that it is harder to save more during year end as it is nearer to festive season and sale season...  Also with the initial higher savings amount, one may be more motivated to keep with the savings challenge.

Oh well, I'm not really the discipline type when comes to cash savings, so the first form of challenge definitely works better for me.  If you are the more discipline type, you can try the latter Five Dollar Challenge and likelihood you will save more for the year!  

Reaching out to your financial goals can be done in many ways, even if you do not have big money, you can slowly build up your nest by many small ways, one of which is through savings, e.g. the Five Dollar Challenge.  Share with me how much you managed to save if you do happened to participate with the five dollar challenge last year!


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