Woman’s £5 savings challenge could mean you’ll have £1,500 by the end of 2021

Woman’s £5 savings challenge could mean you’ll have £1,500 by the end of 2021

Saving money each month isn't easy, especially after the events of 2020, but one mum's clever trick could mean you're quids in come next December.

Taking to Australian Facebook group Mums Who Budget and Save, the woman revealed her very clever trick – and admitted she got the idea from social media last year.

She confirmed that she’d saved $1,500 – which is almost £850 – by simply keeping a hold of any fivers given in change and putting them away.

She wrote on her post: "Just wanted to share, I got this idea from here last year – the $5 challenge.

"I kept every single $5 note that I received from 1/1/20 until today 31/12/20. It’s amazing how they add up! Saved $1,500."

She was putting away roughly six notes a week, which added up to the hefty sum as time went on.

Of course it's pretty straightforward for Brits to do the same, if you just use £5 notes instead.

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Those who start it at the beginning of 2021 could end up having £850 in savings by the end of the year but the savings, but for it to work well, you should start paying for things in cash where possible.

It comes after the Simple 365 money challenge claimed it can help you save an extra £1,500 a year.

To put away £1,500 in 12 months, you have to reserve a small amount of cash every day.

On Sundays, you’re required to set aside £1 and increase your daily savings by an extra quid for the following days of the week.

Add £2 on Monday, £3 on Tuesday, £4 on Wednesday and so on.

Then when you get back to Sunday again, the amount you’ll need to save resets and goes back to £1.

According to Apartment Therapy, you can save £28 by doing this over the course of a week.

While this may not seem like much, it allows you to set aside a grand total of £1,456 annually.

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