If you’re like millions of others in the US and around the world, you probably dream of traveling a bit more. However, for a lot of people, some of the costs of travel can get in the way.
Don’t let that hold you back from visiting all those places on your travel bucket list.
With the $5 Savings Challenge.
If you’re someone who wants to travel more, use this challenge to help build up your travel savings and start planning for your next vacation.
Here’s how to do it.
What is the $5 Savings Challenge?
If you haven’t heard about this challenge, you might be wondering what it is exactly. The good news is it’s pretty simple. The challenge is that each time you get a $5 bill, say as change, you put that into a makeshift piggy bank.
Sounds pretty easy, right?
Now the other key to this challenge is to forget about the cash once you’ve squirreled it away. If you spend too much time thinking about that cash it becomes very easy to open your piggy bank and sneak out a few bucks here and there, which is not going to help you get closer to your vacation!
How Does the $5 Savings Challenge Work?
The cool thing about this challenge is it’s really easy to get started.
Check your wallet now and see if you have a $5 bill in there already. If you do, take it out and drop it into your piggy bank. If you’re feeling like you really want to get a little bit of a jump, double it by using a $10 bill.
Another benefit of this challenge is it’s really easy to start. Sure you can use the money that’s already in your wallet to start, but it’s also very simple and quick too.
You don’t need to set up any specific bank account or do anything online. All you need is your cash and a place to put it — a box, jar, piggy bank, whatever you want.
It’s a Great Way to Save
Also, in the scheme of things, $5 doesn’t seem like very much to part with for most people. So it’s not a huge upfront commitment or something that you feel like is going to put a massive dent in your wallet.
But at the same time, all those $5 bills can really add up. And since you’re keeping all your cash on hand, you’ll be able to see it pile up. Just one $5 bill a week adds up to $260 in a year — that can equal a flight or hotel stays, pretty cool!
If you really focus and try to make the most of this challenge, try to create more $5 bills. Lots of people who swear by this method will break $10s and $20s to get more $5 bills. Then they can double or even triple their weekly savings. Once you get to $500 or $1,000 in savings, you’re looking at a great baseline of money to use on your next dream vacation.
So, are you ready to start the $5 Savings Challenge?