Mum’s £5 savings challenge could net you £1,500 by the end of 2021

Now that’s a lot of fivers (Picture: Facebook)

Saving works best when you don’t feel it, and can squirrel away money without depriving yourself.

There are heaps of different savings challenges out there, but this one might be the simplest yet.

A mum on the Facebook group Mums Who Budget and Save posted the top tip, and it’s garnered overwhelming support – despite only being up for less than a day.

On the Australian group, she showed how she’d saved $1,500 through simply keeping a hold of any fivers given in change and putting them away.

Writing in the caption she said: ‘Just wanted to share, I got this idea from here last year -The $5 challenge.

‘I kept every single $5 note that I received from 1/1/20 until today 31/12/20. It’s amazing how they add up! Saved $1,500.’

The mum was putting away roughly six notes a week, which added up to the hefty sum as time went on.

Of course, if you were doing it here in the UK, you’d simply opt for £5 notes rather than $5 ones, but the savings are the same (or more if you’re counting it by the exchange rate).

For this to work well, you should start paying for things in cash where possible.

Many money saving experts advise taking your ‘spending money’ out in cash at the start of the month and placing it in envelopes to group the money for different uses – such as food, going out, etc.

That way, you can tangibly see exactly what you have, and avoid the temptation to spend more on your card.

Couple this technique with the £5 savings challenge, and you could end up very financially healthy for the year ahead.

Do you have a savings challenge or tip you’d love to share?

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