Here at The Penny Hoarder, we kind of have a thing for Abe Lincoln.
His face is on our favorite coin after all.
And saving $5 bills is much more lucrative than hoarding pennies.
You dont have to do any math.
You dont have to cut back on spending.
You dont 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.
Commit that $5 bill to your savings account.
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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.
Think of it as your adult piggy bank!
Youll just have to do a little extra work.
When you make a purchase, think about what change you would have received if you paid in cash.
Any $5 bill you receive in change goes you guessed it straight to your savings.
Thecash envelope systemis a good budgeting method for those who use physical cash.
If you dont, heres how tohack the cash envelope systemto make it work for you.
Save all the coins you get as change.
(Piggy banks arent just for kids, you know.)
Or you could put aside all the $1 bills you receive.
Going with a smaller denomination of money doesnt automatically mean youll be saving less.
Nicole Dow is a former senior writer at The Penny Hoarder.
Senior writer Robert Bruce updated this post for 2023.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
