In my post last week, I mentioned just a few of the money saving challenges that are out there on the Internet.
Over the years I’ve tried quite a few of them, with varying degrees of success, but the one that appeals to me the most, is the $5 challenge.
The basic principle of this challenge is that every time you get a $5 note, you put it aside and save it, either for a specific period of time, or until you accrue a dollar figure you have set for yourself.
The appeal of this challenge is in its simplicity – there are no coins to count and have to sift through and $5 is generally an amount people can put aside, without feeling the pinch.
I started this challenge myself as my New Years resolution and 16 days into the new year, I’ve already accumulated $75 dollars, with a target of $500.
In a world of bills and debt and financial responsibility, it’s important to try and pay your debts off as quickly as possible, it’s also just as important to put aside money that you can use for whatever you desire – whether it’s saving up for Christmas presents, going on a holiday, or being able to go on a guilt free shopping trip.
So, I put it to you all, to give this challenge a go, and aim for October 13, to treat yo’ self!
Please note that everything I discuss when it comes to money and finances, is based on my own personal experiences and while this is general advice and information in nature, it does not take into account your own personal experiences and may not be suitable for you. I highly recommend speaking to a licensed Financial Planner, who will be able to give you personal advice, suitable for your own situation.