Why should you try the $5 challenge
For immediate release: June 18, 2019
Contact: Jewel Stone, [email protected]
How a savvy entrepreneur is saving thousands by using a simple trick
AUSTIN, TEXAS — April was a month of ahorros gigantes or big savings for 106 Central Texas female entrepreneurs. Inspired by the story of Isabel Arellano, also known as the “Five Dollar Tycoon”, they saved more than $66,000.
Arellano met with her fellow female entrepreneurs in a JUST conference on March 30th, where she shared the secret of how she managed to save $8,500 in one year by simply collecting five dollar bills.
“Sometimes people think five dollars is nothing, but five dollars is a lot in one year. It is a lot,” Arellano emphasized.
She says that having those few thousands in her pocket allowed her to grow her designer handbag business. One which she managed as a side hustle for months, until she joined the JUST family.
“I know I needed to save, but I didn’t know how to do it,” Arellano admitted.
Arellano has now turned her small venture into a full-time enterprise.
“With my first loan, I used to invest (in hand bags). At that time, I didn’t have a lot of clients, but I decided to invest. Something had to come out of it,” she said.
Her intuition was right, and her hard work worth it. Now, she wants to share her story with the hopes of inspiring other women to follow their dreams.
The savvy entrepreneur talked 106 women into saving as much money as they could for the month of April. With the help of BBVA, the participants also opened free and no-minimum bank accounts during the conference held at the Impact Hub Austin.
Yoly Davila, SVP of BBVA said, “We are excited to partner with JUST because, like our motto – Creating Opportunities – they are helping underrepresented entrepreneurs gain access to capital and a supportive community.”
H-E-B also sponsored the event as part of their commitment to diversity and inclusion. “H-E-B has been a community partner since 1905. Our founder, Mrs. Florence Butt started with a vision, $60 and a prayer. She found a banker who was kind-hearted enough to take a chance on her and the rest is history. We see JUST as that same kind-hearted organization providing the business skills to go along with the funding.” Says James Harris, H-E-B’s Director, Diversity & Inclusion and Supplier Diversity.
The event kicked off their first step into the savings challenge and the results speak for themselves. As Arellano says, “I am on my way. Little by little, accomplishing the things I have dreamt.”
Click here to watch Arellano’s story.
Why should you try the $5 challenge For immediate release : June 18, 2019 Contact : Jewel Stone, [email protected] How a savvy entrepreneur is saving thousands by using a simple
I tried the $5 challenge
Money. It is so difficult to save, but oh-so easy to spend. When preparing to move out on your own, upgrade to a new home, or just relocate, saving is so important, but the rest of our lives don’t stop being financially demanding just because we decide it’s time to save money. That’s when some one came up with the “$5 challenge”. The challenge is to save every single 5 dollar bill that you get. I know sounds pointless, right?
Actually, people have some pretty insane results. One woman saved all of her bills for 13 years and was able to pay off her home with the results. I know I personally don’t have the self-control to do this for 13 years, but I was curious to see how much I could save in a shorter amount of time. Three Months.
I told myself I was going to save my $5 bills but I would have to change my spending habits slightly in order for it to work. See, I usually don’t carry cash. But I was willing to sacrifice a slight inconvience (aka my wallet being full of something other than debit and credit cards) for the sake of my challenge. My rules were: all bills and auto drafts would remain on my cards, but all daily purchases (lunch, snacks, any shopping I would do within that time, groceries, everything) would be made with cash.
This being said a interesting aspect of the challenge presented itself. Because I held and could physically see my money, I was WAY more strict with my budget. I only had what was in my wallet. Nothing more.
About a week into my challenge I felt good. I had already saved a handful of fives and still had money to spend. I would set my bills aside when I got home for the day and be ready to go at it again the next.
Flash forward to about a month. This was the phase I called dollar bill torture! Every where I looked, left and right, there were dollar bills. I had exhausted my once abundant supply of twenties, and now there was old, crumbled, dirty dollar bills. So I cashed in my dollar bills for. (wait for it). $58. Yes, I had 58 one dollar bills on my person and it was horrible.
However, I replinish my budget for the next month with my new paycheck and marched on! The next two months went similarly to the first. Breeze through week one and two but by week three the dollars are getting annoying. Last week was dollar bill hell. I would set aside a few fives here and there, but I didn’t feel like I had set aside just a ton. I certianly wasn’t missing five dollars.
Well, the awesome news is that it wasn’t just 5 dollars. At the end of my three month long challenge, I had put aside 63 five dollar bills. Meaning I had saved a grand total of $315 without even really noticing it was not at my disposal. If I would have continued my saving for the remainder of the year, I would have set aside over a grand in five dollar bills. AGAIN, without missing it at all.
I tried the $5 challenge Money. It is so difficult to save, but oh-so easy to spend. When preparing to move out on your own, upgrade to a new home, or just relocate, saving is so important, but