$5 Challenge

What is the $5 Bill Money Challenge?

The challenge deals with the change you receive when shopping. Anytime you use cash and receive a $5 Bill back, you put that $5 bill in the savings box. A savings box can include a milk gallon, a saving jar, a piggy bank, a shoebox, or a plastic envelope ceil. Long as it's a safe place where you won't be able to easily access the money.

How to track the $5 challenge?

Every two weeks, count them. Record the amount of money you were able to save during that period on a spreadsheet. Check in to the group monthly to share savings updates.

What you'll receive?

- Facebook support group

- Access to monthly training New York Life Insurance and coaching from Ms. Ebony J 

- A chance to win a prize at the end. (Prize revealed in May)

After saving $500  in $5 during the pandemic I was empowered to keep saving. I thought it would be a good idea to team up with David Mueller of New York Life  insurance to provide finical Monthly sessions about awareness of budgeting , how to save, real estate, Roth accounts, investing, wills and trusts, etc

Now you may be wondering, why $5? When we set unrealistic savings goals, sometimes we don't stick to them. Unlike other money challenges, this challenge doesn't have a set format for week-to-week savings. Some challenges, have you saving $20-40 a week or $100 a day, which is great for some people but not always achievable for others.

If you not comfortable having cash around your house and don't carry cash often. You can transfer $5 into savings every time you spend a set amount of cash.

For example, for every $50 you spend you put $5 into savings.

Let's save! Are you ready to join the $5 challenge?