$5 Challenge

Started by Tonya B.
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Chris R.

All is well so far this year. I am reading about everyone's savings efforts and wanted to suggest a manageable one; try saving $2 a day for each day of the month…..end of January you will have $62; Feb $56, etc., in December you will have $730.

I will try to accomplish this.

M

Mariam H.

Hi Everyone,
I hope our year is off to a good start and we are enjoying putting our goals in place for this year. Well, I started my $2 a day challenge and so far so good. Looking at it, it does not sound like much, but if you cannot find anything in your purse or pocket but $2 worth of change for the day…..it is worth it.

R

Robin B.

I won $5 here and it went straight into savings. Won't rely on that though. I took 1 eating out meal off a week and set up and auto transfer into savings instead of spending it. Seems like it's not worth it, but after a few weeks and months, it's a nice feeling to have a little nest egg.

M

Mariam H.

Try transferring $20 a week into savings on Sunday and that will add up to $1000 at the end of the year. I know January is over, but play catch-up by adding an extra $2, challenge yourself to achieve this goal by the end of the year and it could be your first $1000 in a 3-month emergency fund with the goal of saving 6-months eventually. There are so many creative ways to save money.

D

De Laine R.

I’ve gotten where I set up automatic transfers each month to save $5 weekly. I love that it’s taken care of, I never see it, or miss it. I should have been doing this a long time ago.

M

Mariam H.

Great start De Laine, I am also doing a $5 challenge to save every $5 bill I get my hands on. My plan is to add that money to my household emergency fund to have for unplanned emergency. I can't wait until the end of March so I can see how far I have gotten this year since I have decided to celebrate milestones every 3-months. I recently found a Starbucks gift card someone gave me in a Christmas grab bag at work (pre-pandemic) and I'm saving it to buy a treat at the end of my first three months. HAPPY SAVING!!!!

B

Bridgett T.

Good morning all! I have been doing the $5 a week challenge since the end of December and beginning of this new year. I have my bank account set to automatic transfer to my Savings account each Thursday so I can get the points every week on here. $5 a week may not seem like much, but I'm sure am happy to be saving regardless and besides the real savings is happening in my son's account for college so I can handle $5 for myself right now.

M

Mariam H.

We are all making progress. Erica if your bank does not link try doing an online savings account and set up automatic transfer. Do your homework and determine which will best suit you. I started with Ally over10 years ago and have seen them improve services and resources over the years to the point that they now offer check deposit using your phone. If you don't know where to start try NerdWallet they have great resources for banks and other financial tools. Happy Saving!

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