A mum’s clever £5 challenge has been named the “must follow” money saving trick for 2021.

If you follow the rules then you could save thousands by the end of the year.

All you have to do to follow the rules is to put aside every £5 note you get given.

The Australian mum explained on Facebook : “The challenge is every time you receive a $5 (or £5) note put it away, if you break a note and get $5 (£5) then you put it away.”

Lots of people replied that they had saved “thousands” using the technique.

Have you saved money in the last year? Tell us how in the comments...

Save thousands in 2021

Others suggested that people could transfer £5 into their savings using a banking app when they’re given a fiver in case they don’t want to keep a big chunk of cash in the house.

While others preferred to round their online purchases up to the nearest five and drop the extra into a savings account.

Some online banking apps, like Monzo, have a setting which allows this to happen automatically.

Every time you are given a £5 note, put it aside

If you do like the keep the physical cash at home then a terramundi or sealed money box can be helpful – you have to either smash them or cut them open to take out your cash.

Which stops you from spending from the collection.

Now, if £5 a pop seems expensive to you remember you can always change the amount depending on your needs.

Instead of £5 put away every £2 or £1 coin you are given instead!

Now, that’s not the only money saving trick being shared around in 2021.

You could save £1456 this year using an alternative challenge.

The idea states that you should put aside £1 on Sundays, £2 on Mondays and £3 on Tuesdays and so on until you’re saving £7 on a Saturday.

That’s a weekly total of £28 which will give you yearly savings of £1,456!

Good luck!