Take the 5 in 5 Challenge (I Did, & Here’s What Happened)

Are you ready for a new challenge? To stretch outside of your comfort zone and pocket some real cash? Let’s do it!

What is the 5 in 5 challenge?

I love the longer challenges on the site for building long-term savings habits. But a shorter challenge can jumpstart your decisions and double your cash in half the time.

This challenge is AMAZING for fast results!

How does the 5 in 5 Challenge Work?

1. First, you have 5 days to come up with the money.

2. Second, pick a number that has a 5 in it for the amount you’ll save. I chose $500 as my goal, but you could do $50, $5,000 etc. Then, decide what you’ll use this extra money for! Maybe it’s for vacation. Or maybe it’s financial security in an emergency fund.

Things pop up and life gets in the way. If you need 7 days, or 10, no biggie. The point is that you’re pushed for a short period of time to save in new, creative ways!

3. Next, jot down ways to come up with the money quickly. (Keep reading for ideas.) The great thing about this challenge is that it will get you thinking about BIGGER, more impactful actions. Saving $2 with a coupon isn’t going to cut it in the 5 in 5 challenge.

4. Get to work! You’re on a short time limit, so time is of the essence. If you can’t start the challenge immediately, then schedule it on your calendar for as soon as possible.

5. Track your progress with the free printable below!

I Took the Challenge

Next, I took the challenge too. Here’s what worked and what didn’t for my 5 days. Use what I learned to make your challenge even better.

What worked:

• I had a family garage sale over the weekend of my 5 in 5 challenge. I didn’t declutter as much as I probably should have, but made $135

• I unsubscribed from Amazon subscriptions we were getting bombarded with (hello five protein powders in the pantry!): $100

• We canceled Netflix for the summer $15.49

• I downgraded a $79 recurring business charge to $29 (smaller plan): savings of $50 per month.

• I began putting digital products at the bottom of my business emails: $28 extra revenue during the challenge

Did I hit my goal? Nope.

I made $328.49 in my 5 days. (I’m kicking myself about not selling bigger items at the garage sale.)

BUT almost everything I changed benefits me long term (not just in the 5 days of the challenge). If I add up the recurring total for a year, it’s

• No Netflix (x 3 months) $46.47
• Business charge difference (x12 months) $600
• Revenue from mentioning digital products (x52 weeks) $1456

My total is actually $2337.47. When I view it like that, I’m a happy camper from just 5 days of work and brainstorming.

Things I did that didn’t work:

• We put a dresser up on Facebook Marketplace. It hasn’t gotten a lot of interest, but we’ll sell it eventually.

• I Increased prices of 4 digital products on my other site (I haven’t touched these prices since I started the shop four years ago). This didn’t help me reach my goal (I did it on the last day of the challenge). But it’s another great long-term action that needed to happen. So, I’m glad the challenge pushed me to do it.

• I let my readers know that the sale prices on products were going up. As far as I can tell, this didn’t produce any buyers for the lower price. (But it was low effort too)

What I could have done differently:

• I’d still like to do a deeper audit of our household expenses. I’m guessing there are one or two things I could still pick out to cut.

• I should have put a few digital products on sale during the challenge.

• I’d like to try to negotiate a business expense or two. I’m reading an interesting book called Ask for It, and it’s made me realize that I assume things are a certain price much of the time.

• I should have put more household items for sale on Facebook Marketplace. There are at least two things I can think of that could have been sold.

Other Ideas to Make It Happen

If you’re ready to start your own challenge, here are more ways to come up with $50, $500, or $5,000 in 5 days!

• Sell high-value items you aren’t using (like that fancy hand mixer that hasn’t been used in a year)
• Ask your employer for a raise
• Work a few extra hours for a week
• Raise your client rates
• Rent out a spare room, storage space, or car
• Buy, fix up, and resell furniture (or lawnmowers, or whatever you enjoy)
• Do an expense audit and free yourself of those subscriptions draining your monthly budget
• Give up an expensive vice for 5 days – like alcohol or eating out
• Create a product or mini-course to sell
• If you have a lot of kids stuff you no longer need, take them to a consignment store
• Participate in a focus group or market research study
• Pick up a few odd jobs, like pet-sitting, babysitting, or lawncare

Also, check out:

• How to Make $500 Fast

Tips For Your 5 in 5 Challenge

1. Gather accountability. Tell a few friends or family. Or try the commitment card to help you follow through. Gathering support can make all the difference when it comes to doing a challenge like this.

2. Set a fun reward for when you hit your target goal.

3. Grab the free tracker below!

Free 5 in 5 Challenge Printable Tracker

Use the following template to track your progress throughout the challenge. It will help you stay motivated as you take on your big goal!

Now, join me. Take the challenge with me! Then, let me know how it went for you in the comments. I’d love to hear!

What’s Next?

Love challenges? Don’t miss these 15 Short Money Challenges that supercharge your savings.

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