$5 Bill Savings Challenge
Every time a $5 bill lands in your wallet, it goes into savings. There is no fixed schedule, so the total depends on how much cash you handle. The tracker below estimates it.
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How does the $5 Bill Savings Challenge work?
The 5 dollar challenge works by setting aside every $5 bill you receive as change instead of spending it. You keep them in a jar or envelope, or deposit their value into savings, for a set period such as a year. Saving three $5 bills a week adds up to $780 over 52 weeks, and five a week reaches $1,300.
How the 5 dollar challenge works
The 5 dollar challenge has one rule: whenever you get a $5 bill, you do not spend it. It goes straight into a jar, a box or an envelope. At the end of the challenge, usually a year, you count what you have and deposit it.
Because you never know how many $5 bills you will get, the challenge feels more like a game than a budget line. There is no deposit schedule to fall behind on, which is why many people find it low pressure.
The tracker above estimates your total. Enter how many $5 bills you expect to set aside each week and how many weeks you plan to keep going. It shows the total and the average per month.
- Choose a container you cannot easily open, such as a sealed tin or a jar with a narrow slot.
- Set a length. A year is common, but three or six months works for a first try.
- Every time you receive a $5 bill in change, put it in the container the same day.
- Keep a tally so you know your total without opening the container.
- Deposit the cash at the end, or every month if the amount gets large.
How much can you save with $5 bills?
Your total depends on how often you pay with cash and get change. Someone who pays for coffee, lunch and groceries in cash could see several $5 bills a week. Someone who uses cards for almost everything might see one a month. Use your own habits to estimate.
| $5 bills per week | Per month (about) | 6 months | 1 year |
|---|---|---|---|
| 1 | $22 | $130 | $260 |
| 2 | $43 | $260 | $520 |
| 3 | $65 | $390 | $780 |
| 4 | $87 | $520 | $1,040 |
| 5 | $108 | $650 | $1,300 |
A popular variation is to save $5 every day whether or not you receive a bill. That is $35 a week and $1,825 over a 365-day year, which makes it a fixed-schedule challenge more like the 52-week money challenge.
5 dollar challenge printable chart
A printable chart turns the challenge into a visual goal. The simplest version is a grid of boxes, each worth $5. Colour one in every time you save a bill.
Choose the grid size to match your goal. The chart also works as a tally if you use a sealed container and cannot count the cash inside.
| Goal | Boxes on the chart | Suggested grid |
|---|---|---|
| $250 | 50 | 5 rows of 10 |
| $500 | 100 | 10 rows of 10 |
| $1,000 | 200 | Two 10 by 10 pages |
| $2,000 | 400 | Four 10 by 10 pages |
Writing your goal and what it is for at the top of the page, such as a trip or an emergency fund, gives you a reason to keep going on the weeks when spending the bill is tempting.
Tips that help you save
- A daily brief with practical ways to save
- Spot recurring subscriptions worth cutting
- Watch your savings show up in your net worth
What if you rarely use cash?
Many Canadians pay by card or phone for most purchases, so $5 bills can be rare. You can still run the challenge with a digital trigger in place of the paper bill.
- Round-up rule: every time you make a card purchase that ends in a certain digit, transfer $5 to savings.
- Skipped-treat rule: when you skip a coffee, snack or takeout meal, transfer $5.
- Payday rule: transfer $5 for every day in the pay period, which is $70 every two weeks.
- Weekly rule: pick a fixed number, such as three $5 transfers a week, and treat it like the bills you would have received.
- Track it as a goal. In EMOH Pay you can set a savings goal and log each $5 so the total grows alongside your budgets.
Tips for the $5 bill challenge
- Deposit regularly. A large amount of cash at home is a risk. Deposit it monthly if your jar gets heavy.
- Do not break larger bills to get fives. That turns the challenge into moving money around. Let the bills come naturally or use a fixed digital rule.
- Give it a purpose. Pick a target using the savings goal calculator so you know how long it will take.
- Pair it with an envelope system. If you already use envelope budgeting for spending, the $5 jar becomes the envelope for savings.
- Step up when you are ready. Once the habit sticks, a fixed challenge like the 100 envelope challenge can take your saving further.
How it compares with other savings challenges
The 5 dollar challenge is the most flexible option, because there is no required amount on any day. The trade-off is that the total is unpredictable. Fixed challenges, such as the 30-day challenge that saves $465 or the 52-week challenge that saves $1,378, tell you the finish line in advance.
If you like a clear target, choose a fixed challenge. If you want something easy to start today, the $5 bill challenge is hard to beat. See every option side by side in our guide to savings challenge ideas, and explore EMOH Pay's features for tracking goals, budgets and bills in one place.
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Get started free➜$5 Bill Savings Challenge: frequently asked questions
How much will I save with the 5 dollar challenge?
It depends on how many $5 bills you receive. Saving one a week adds up to $260 a year, three a week to $780 and five a week to $1,300.
How long should the $5 bill challenge last?
A year is the most common length, but any period works. Three months is a good first try to see how many bills you actually get.
Can I do the 5 dollar challenge without cash?
Yes. Set a digital rule, such as transferring $5 every time you skip a treat or a fixed number of times each week, and move the money to a savings account.
Is it safe to keep cash at home?
Small amounts are fine, but cash can be lost or stolen and earns no interest. Deposit it into a savings account regularly once the total grows.
What is the difference between the $5 bill challenge and saving $5 a day?
The bill challenge saves whatever $5 bills you happen to receive. Saving $5 a day is a fixed schedule that adds up to $1,825 over a year.
Sources and further reading
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