How to save thousands

When I was growing up, I remember saving spare change in a giant crayon bank, which was basically a piggy bank shaped like a crayon rather than a pig. I recently found out that all of these years later, my parents continue to use that bank to set aside money. My mom told me that one year she deposited $220 worth of coins into the crayon bank, but my stepfather has now taken it to the next level — saving dollar bills as well. So I’ve decided to follow their lead with the $5 and Change Savings Challenge!

Unlike many savings challenges floating around on social media, this one doesn’t require you to start on a specific date or save a particular amount each week. All I’m suggesting is that you avoid spending the $5 bills that end up in your wallet. Instead, whenever you come across a $5 bill, put it in your piggy bank along with your spare change. I cut an opening in an old box to store my money for this challenge.

I realize that this challenge is not new. Versions of it are already really popular with people who receive cash tips as part of their compensation — servers, housekeepers, cab drivers, etc. In fact, I first heard about this simple trick when I was a 16-year-old college student waiting tables at a diner. At the end of our shift, the servers would take their stacks of $1 and $5 bills to the manager to exchange them for $20 bills, but one waitress never joined us.

That server told me she set aside $1 and $5 bills for her savings and only spent the larger bills. Pretty smart! How much can you really save using this method? Blogger Marie Franklin made a game out of saving every $5 bill about 14 years ago and says she has socked away more than $40,000 since then.

Clark.com reader Connie is another success story. She accepted this challenge two years ago and saved $600: “I primarily use my Delta American Express for expenses but also make a habit of always carrying some cash with me. However, this past year I simply refused to part with any $5 bills. Yes, I broke a whole lot of $20s when I had the exact change in my wallet, but I wanted to see how much I could set aside . ... I deposited $600 in $5 bills into my savings account on Dec. 31.”