Here at The Penny Hoarder, we kind of have a thing for Abe Lincoln.
His face is profiled on our favorite coin after all.
But as much as we love our pennies, we also like seeing Lincoln’s bearded mug on the front of the $5 bill. And saving $5 bills is much more lucrative than hoarding pennies.
How to Save Money With the 5 Dollar Challenge
The five dollar challenge is a simple way of saving money— one that doesn’t involve much thought or effort. You don’t have to do any math. You don’t have to cut back on spending. You don’t have to put aside an obscene amount of money each month.
All this challenge requires is for you to stash away every $5 bill you get as change. That’s it.
If you’re paying for something and the cashier hands you back a bill with Lincoln’s solemn face, don’t use it to buy coffee or a cheap lunch from the drive thru. Commit that $5 bill to your savings account.
Depending on how long you participate in the savings challenge, you could end up banking a lot of cash. Five dollar bills can add up quickly. Just putting aside two $5 bills a week will give you $520 in savings after a year. And since the amount is fairly nominal, your savings can grow without even missing your $5 bills.
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