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Mum’s ‘£5 challenge’ is called the ‘must follow’ money saving trick of 2021 – and it could net you £5k in a YEAR

A MUM’S simple £5 challenge has been hailed as a “must follow” money-saving trick for 2021 – and it could net you thousands by the end of the year.

The hack requires you to put aside any £5 notes you receive during the year. 

Getty Images - Getty
A mum has shared how she always puts aside £5 whenever she gets a note – and it leads to big savings by the end of the year[/caption]

The Australian mum explained on Facebook: “The challenge is every time you receive a $5 (or £5) note put it away, if you break a note and get $5 (£5) then you put it away.”

Numerous people responded saying they had saved “thousands” using the hack.

Others suggested that people save the money digitally on a banking app instead – and transfer £5 to a separate account if they get given the note. 

Others found it easier to round online purchases up and drop the money into a savings account.

Getty Images - Getty
Numerous people responded saying they had saved ‘thousands’ using the £5 hack[/caption]

It’s not the only money-saving hack proving popular for 2021. 

A savvy mum has revealed her envelope hack that helped her save £5,050 in just half a year. 

She took part in the viral Envelope Challenge, which requires you to first get your hands on a set of 100 envelopes. 

You need to label up the envelopes from £1 to £100, and the aim is to fill them in 25 weeks, which equates to half a year. 

A savvy mum has revealed how she managed to save £5,050 in half a year with the 2020 Envelope Challenge
A savvy mum has revealed how she managed to save £5,050 in half a year with the Envelope Challenge

The mum shared how you draw four envelopes at random a week, and whatever figure you draw, you have to deposit that amount of cash inside. 

So if you drew the £2, £19, £35, and £50 ones, you’d have to add each amount inside that week. 

Of course, you will have to be able and willing to put in a sum that could be anywhere from £10 to £394 – which could be a bit of a stretch if you were unlucky enough to pull higher envelopes all in one week. 

However, if you tend to splash cash instead of saving it, this could be just the trick you need to put some serious money aside. 

You need to draw four envelopes a week, and add the amount written on the front inside
With the Envelope Challenge, you need to draw four envelopes a week, and add the amount written on the front inside

And it could be a game-changer for those looking to save to buy a house or a car, as by the 25th week, you will have £5,050 ready in the envelopes for you to collect. 

If four envelopes is a bit of a financial stretch, another option is to pull just two envelopes from the batch each week, and spread the challenge over the next year to reach the same amount.

Meanwhile, we shared how to save £5,200 and pay for next year’s holiday with the 52-week money saving challenge.

Alternatively, save £1,500 in 12 months with the 365 day challenge.

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