Looking to boost your holiday budget or emergency fund? Try the $5 bill challenge. Simply save every $5 bill you receive – loose change can turn into hundreds with minimal effort. No strict rules on how much or how long to save, just make saving fun and manageable.

The $5 challenge is a simple way to kickstart saving money. Set aside every $5 bill you receive, regardless of the source. No need for complex budgeting tools, just a fun way to build up your savings. Commit for a month, a year, or until you reach a specific goal.

Pros of the $5 bill challenge include its low effort, nonrestrictive nature, and effectiveness for cash carriers. Cons include inconsistent savings, lack of interest on cash, and potential ineffectiveness for those who rarely use cash. Adjustments can be made for non-cash carriers to still benefit from the challenge.

While the $5 bill challenge may not suit everyone, it can be a fun and stress-free way to save money. Pairing it with a more structured savings plan can help you reach your financial goals faster. Consider using tools like round-up programs offered by banks to automate your savings efforts.

Read more at Yahoo Finance: A low-effort way to grow your savings