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It’s the savings tips guaranteed to net you thousands, with one Aussie mum sharing her amazing success story.
Dubbed the $5 challenge, it requires people to stash away their change. If you break a note and receive a $5 note, then you put it away until the end of the year.
“It’s amazing how they add up. Saved $1500,” wrote the user on Facebook group Mums Who Budget & Save.
Another woman started the challenge late last year but still managed to put away thousands.
“I started this in Sept and ended up with $1600. Can’t wait to see what a full year will bring! Also encouraged my partner who started in November and probably has near a grand and counting already, we also save our coins too. These money saving tips are the best,” she said.
The original post was liked over 6000 times, with one woman amazed she managed to do it during a year of COVID-19 lockdowns and restrictions.
“That is amazing considering COVID caused a no cash epidemic,” she said.
Many users shared how they had previously smashed the challenge. One woman had great success in 2019 when COVID-19 restrictions didn’t bite on socialising and shopping.
“Because we could shop and go out etc I saved $2665 and also put all my $2 coins in a 600ml coke bottle, and that was $946,” she shared.
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One mum used the savings to treat her family to a holiday.
“The $5 challenge is a great idea isn’t it. We did it last year and saved $3300 and used that money and took our family (six people) on a nice little getaway holiday at the end of the year then this year my partner,” she wrote. “I did it again and due to COVID and not being able to do cash for a period of time saved $1675 but still was able to do another family getaway trip somewhere different but as well as the $5 challenge we did the 52-week challenge also and both individually saved $1400 each doing that one which went straight into savings.”
Dozens of users were enthusiastic to get on board in 2021.
“Challenge accepted. Wonder if I’ll have enough for a holiday,” one user posted.
“Definitely gonna try and do this. I need a car so gonna see how much I save in two years,” wrote another.
For those that have ditched cash and use cards only, one mum suggested rounding up purchases and putting the difference in a dedicated savings account.
“I have an ING account and can set it up to automatically do this. No thinking required,” revealed one user.
For those looking to test their savings prowess, another woman shared a hack on how to put away $5050 for the year.
On the Australian Facebook page Simple Savers, she outlined how she uses a sheet of paper to write the numbers one to 100. The mum chooses two numbers each week and deposits the corresponding amount – $1 for number one, $12 for number 12, $67 for number 67, etc. After 50 weeks, you should have saved $5050.
RELATED: How to undo the financial damage of 2020
First she will pay off a loan and then start again to fund a holiday, she said of her plans for the money.
“My biggest tip is, don’t be too hard on yourself. Sometimes life gets in the way and if that week or fortnight you can’t contribute, it’s OK, you’ll make it up another time,’ the user said.
Almost 300 people liked the post, with nearly 80 jumping on it to comment.
“Like this idea but I keep thinking I would start with large amounts first. That way it gets easier, not harder,” wrote one lady.
“I’m doing this and it’s great. I’ve already save up to $350. Still got more to go but it’s a fab system,” another user said.
Others likened it to another savings hack, nicknamed the viral envelope challenge. For it, there are envelopes labelled 1 to 100. Two envelopes are drawn a week and the corresponding amount of money has to be put inside to be saved, adding up to $5050 for the year.
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