There has been a recent buzz about the $5 Challenge, and I was wondering how successful it is. But how could I find out the truth if I don’t practically see the feasibility of it. So, I did some research and finally came up with this concept.
As per www.oberlo.in an American spends about $5000 per month on an average. Considering that and the fact that we love spending in cash (About 30% on an average), it is safe to assume that we spend $1500 a month in cash.
That would account for almost $50 cash payments every day. So, no matter if you go to Starbucks for your morning coffee or pay the local newspaper vendor in cash, you end up having $5 in cash bills every day in your pocket.
So, every day, when you come back home just put that $5 Bill aside in a box.
Now with this simple illustration, I find that you can save up to $600 annually.
$600 saving is enough to buy an I-Phone, at least I would like to buy one.
Sounds Easy? Doesn’t it?
