Here at The Money Manual, we are constantly on the hunt for tricks to help us save more money. One of our new favorite hacks involves cash and specifically $5 dollar bills, and we suggest you add it to your money saving routine stat.
Here’s how it works:
1. Start using cash for your every day purchases. Beyond being a key component of this $5 dollar bill saving hack, setting a budget for the week and then withdrawing that amount in cash will help you limit your spending.
2. Now, every time you use cash and get a $5 bill in change, tuck that $5 bill away somewhere.
3. When you’ve gotten to have enough $5 bills, around $100, put that amount in a savings account.
4. Start investing that pool of money when you’ve saved around $1,000.
Now, you are probably thinking, huh, how is this actually going to save me money, but it’s been proven to work. One Massachusetts woman, a former Boston Globe journalist, for instance, attested to putting aside every $5 she got as change since 20015, amounting to about $35 a week. She ended up with a nest egg of $40,000. That’s damn impressive if we do say so.
Feature Image: Unsplash
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