When an Australian mom posted a TikTok video on how to save $5,000 in just 25 weeks, her hard-to-believe financial hack went viral. Now, the “Money Challenge” is inspiring people to up their savings game.
Her method employs a clever strategy. On the sheet of paper, Becky writes numbers from 1 to 100, then tapes the paper to the tin can.
Then, over the course of 25 weeks, she deposits amounts between $1 and $100, crossing out the corresponding number on the piece of paper by placing a star sticker over it.
Anyone who does this through to the end of 25 weeks, crossing out every number, will end up with $5,050 inside the tin can. Simple. You can deposit any time you like, but to complete the challenge in 25 weeks would mean depositing four times a week on average.
TikTok users were impressed with the method, and many said they couldn’t wait to try it themselves.
“This is amazing,” one woman wrote. “I'm so glad to see it.”
“Love this!” said another.
This savings device is similar to another viral method that uses envelopes to amass a large amount of money in a short time.
The “Envelope Challenge” involves using a box of 100 envelopes and writing numbers from 1 to 100 on each envelope. Then, you fill each one with the amount written on the outside, "miraculously" ending up with the same amount of money at the end of the challenge.
Of course, the challenge presumes participants have enough change to spare in the first place—not everyone does in these crazy times. But it’s also possible you have a lot more than you realize that simply slips through your fingers into oblivion for lack of having such money-saving savvy.
“Here’s to saving,” Becky captioned.