Question

I'd like to join in the $5 (£5 for me-UK) but my budget is tight. As in my budget for miscellaneous is £5 a week. Pet is £1. 25 (hamster! ) Grocery/food is £90 a week for 2 adults/2 children. So I'm feeling v discouraged. Maybe if I saved £1 coins or 20ps instead? Can I have some encouragement plse? Xx

Answer 1

I don’t do the $5 challenges or any other ones. Different journeys for different people. We aren’t there yet to save that much money, but the goal is to get there. Many of us are more of the vigorous debt side than the intense saving side. I have two automatic savings account and I save my change in a coming counter. Can’t do $5’s and other variations.  

Answer 2

Save your £’s. It’s amazing how quickly they mount up. Also does your bank do rounding up. Mine does, so every time I spend on my debit card it rounds up to the next £ and puts it into savings. I’ve saved over £400 in 6 months just doing that.  

Comments

@booster152 hey sweet!  Not sure if my bank does this, as I'm with Nationwide. I'll check! Thanks for the idea xxx

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@windmill183 mine is Lloyd’s and I know a few others do it. It’s honestly such a great and easy way to save up some pennies x

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@booster152 I’m in England too! I bank with both nationwide and Lloyds. I save £2 and £1 coins in a tin piggy bank

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@booster152 do you have to ask Lloyds to set it up?  

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@anemometry no - I set it up in my online banking

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@booster152 ok ty

Answer 3

I do change too! Fiver change here is hard as we have much lower income!  

Comments

@chockablock  xx

Answer 4

Save what you can. That’s what’s important. And if you can’t, don’t stress yourself out about it.  

Comments

@teodoro I think I need to remember this piece of advice too. Thank you! X

Answer 5

I completely get that! Also I feel like the exchange rate sometimes makes it not quite as easy to do the $/£5 challenge. I'd definitely save your coins if you can instead! Maybe do a jar of all the coins you can collect  

Answer 6

I save £2 coins ☺️

Answer 7

Thank for all the comments and suggestions.  We do have debt to pay off, n a low income so that means we r some what limited. But I didn't want to 'settle' for my own excuse of 'what's the point, if I can't do it properly? '  Trying to remind myself that every penny counts! I do collect copper and 5ps in a moneybox already. It's just slow going. Xx

Comments

@windmill183 slow going is better than no going! Keep it up  

Answer 8

I'm in the UK and doing £2 coins, my part time income and debt repayments won't allow me to do £5 either. Its more than I was saving so I figured it was all good!  

Comments

Oh and I'm also going to sweep any coins left from my envelopes into a sealed tin for Christmas x

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@tinct my budget is so low £7. 50 per week for clothing/shoes for the four of us, that I'm finding that I have to roll all my cash envelopes into the next week. Someone tell me it gets easier! Lol  

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@windmill183 I hear you! My budget doesn't allow me to put £5 into each of my sinking funds so I have to them every other. The more debt we clear the easier it MUST get! We got this  

Answer 9

I did £5 challenge jan n saved £55. Done nowt feb as not drawn cash. Tbh you dont see lot of fivers! The £2 coin may be easier. Set a max weekly amount.  

Answer 10

I started with change and now I do change and $1 when I can. Dont stress yourself. I did not do any of the savings challenges when I started out. I just paid bills and got caught up. Then I started saving.  

Answer 11

Try using chip. I have found it useful. There's referral codes around to get £10 added to your account

Comments

@tinct Kelleher is chip an app like plum?  

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@windmill183 yes