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December PMS Challenge '06
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Queenie
Posts: 8,793 Forumite
This is our "Pin Money Savings Challenge" - a very old style way of money 'saving'. The old adage: "Take care of the pennies and the pounds will take care of themselves" is as true today as ever it's been and so has the old style idea of "Pin Money" (tucking away pennies to buy the odd luxury - in reality, that pin money literally saved the day when families lived payday to payday or the breadwinner was made redundant!)
Once you've set up your budgets (here's Martins article on the basics of budgeting for those who may not have done so yet) you'll know where you're at with your income/outgoings.
Some of you will already have earmarked amounts to tackle your debt problems (if you have them. Here is Martins article on Problem Debts) and some of you may even have set up regular savings.(Martins article on Starting Saving)
There's a danger that those "savings" are being swallowed up elsewhere and never really knowing just how beneficial those nips and tucks have been in reality or benefitting from them. This is pin money and we should know how much we're accumilating; We should be able to tap into that money and benefit from it; we've earned it by making cost cutting choices!
First, choose a goal. Think about what you want to save for. Maybe it's something relatively small that would actually help you to save more money in the future.
For example: I used some Tesco vouchers in January which saved me £28 on my monthly shopping bill - at the till I got that £28 via cashback and then I bought a breadmaker in another shop which was on sale. The breadmaker is saving me money as I don't go to the shops as often to pick up a loaf and end up tempted into buying extra's while I'm there plus it saves on petrol through less trips.
Maybe you wish for something larger - a family holiday? A dishwasher? A newer car? These items may take longer to save up for, but they are still attainable.
Where is your pin money coming from? A variety of ways ...
Coupons/Vouchers: You can't bank on coupons when you draw up your household budget, so view them as bonus'.
If you normally spent £50 per week on groceries and that week you have coupons which reduce your bill by x amount, that x amount becomes your pin money savings. Put the same value of the coupons into your pin money.
Bogof's: If it's on your usual shopping list and you are able to get it on bogof - put the cash value of the saving into your pin money.
Freebies: I've put some of these into my gift box store; I can't bank on freebies to provide my gift needs (gift purchases are accounted for in my budget planning already) so they are also bonus' - so, the cash equivalent can go to your pin money.
The monthly food challenge:
Take a look through the Storecupboard Challenge and/or the Monthly Grocery Challenge. If you find your food bill reducing, put that extra into your pin money.
Tips from here: Cleaning: E.g. Vinegar as a fabric softener; if you stop buying fabric softener, work out the saving (you'll need to deduct the cost of the vinegar you are replacing it with) and put that amount into your pin money.
Make it from Scratch: Look through the recipe collection and see if you can make it/bake it cheaper.
Research your purchases! - before you buy anything have a look through the Shop but Don't Dropand Quick Grabbit While You Canforums to see if you can get it cheaper (utilise the "search" facility within those forums too). If all else fails, try posting in I Wanna Buy-It, Do-It forum, someone else may know of the best deal on what you're looking for.
At the end of each month, empty out your pin money and transfer that to a savings account (this way it can now begin to earn a bit of interest = more pin money! )
The start of the next month, you will know how much you've shaved off your basic grocery bill (this applies to the food/fabric softener example, not those unbankable freebies/bogof's/coupons) so begin by putting that into your pin money.
Each month we can post what we have saved money on and added to our pin money.
Some of you have already absorbed these savings into your budget and recalculated accordingly, that's ok, this challenge still applies because any new ideas/tips that you pick up can now be utilised for your pin money.
Clarification of Virtual Savings
Once you've set up your budgets (here's Martins article on the basics of budgeting for those who may not have done so yet) you'll know where you're at with your income/outgoings.
Some of you will already have earmarked amounts to tackle your debt problems (if you have them. Here is Martins article on Problem Debts) and some of you may even have set up regular savings.(Martins article on Starting Saving)
There's a danger that those "savings" are being swallowed up elsewhere and never really knowing just how beneficial those nips and tucks have been in reality or benefitting from them. This is pin money and we should know how much we're accumilating; We should be able to tap into that money and benefit from it; we've earned it by making cost cutting choices!
First, choose a goal. Think about what you want to save for. Maybe it's something relatively small that would actually help you to save more money in the future.
For example: I used some Tesco vouchers in January which saved me £28 on my monthly shopping bill - at the till I got that £28 via cashback and then I bought a breadmaker in another shop which was on sale. The breadmaker is saving me money as I don't go to the shops as often to pick up a loaf and end up tempted into buying extra's while I'm there plus it saves on petrol through less trips.
Maybe you wish for something larger - a family holiday? A dishwasher? A newer car? These items may take longer to save up for, but they are still attainable.
Where is your pin money coming from? A variety of ways ...
Coupons/Vouchers: You can't bank on coupons when you draw up your household budget, so view them as bonus'.
If you normally spent £50 per week on groceries and that week you have coupons which reduce your bill by x amount, that x amount becomes your pin money savings. Put the same value of the coupons into your pin money.
Bogof's: If it's on your usual shopping list and you are able to get it on bogof - put the cash value of the saving into your pin money.
Freebies: I've put some of these into my gift box store; I can't bank on freebies to provide my gift needs (gift purchases are accounted for in my budget planning already) so they are also bonus' - so, the cash equivalent can go to your pin money.
The monthly food challenge:
Take a look through the Storecupboard Challenge and/or the Monthly Grocery Challenge. If you find your food bill reducing, put that extra into your pin money.
Tips from here: Cleaning: E.g. Vinegar as a fabric softener; if you stop buying fabric softener, work out the saving (you'll need to deduct the cost of the vinegar you are replacing it with) and put that amount into your pin money.
Make it from Scratch: Look through the recipe collection and see if you can make it/bake it cheaper.
Research your purchases! - before you buy anything have a look through the Shop but Don't Dropand Quick Grabbit While You Canforums to see if you can get it cheaper (utilise the "search" facility within those forums too). If all else fails, try posting in I Wanna Buy-It, Do-It forum, someone else may know of the best deal on what you're looking for.
At the end of each month, empty out your pin money and transfer that to a savings account (this way it can now begin to earn a bit of interest = more pin money! )
The start of the next month, you will know how much you've shaved off your basic grocery bill (this applies to the food/fabric softener example, not those unbankable freebies/bogof's/coupons) so begin by putting that into your pin money.
Each month we can post what we have saved money on and added to our pin money.
What if things are soooooo tight that every saving you make each week can't be put away because it's needed elsewhere?
Not a problem, you can still keep a record but instead of cash this will be your "virtual" savings. It will be very encouraging to see how much you are "saving" by making small changes, even if you can't put away the actual cash.
Some of you have already absorbed these savings into your budget and recalculated accordingly, that's ok, this challenge still applies because any new ideas/tips that you pick up can now be utilised for your pin money.
Clarification of Virtual Savings
Let me give you an example:
Suppose I've worked out my budget and menu plan for the week and one of the items, I know, will cost me, say, £1.99. Off I go with my list. When I'm at the store, I find a pack of something else, reduced to £1.99 instead of the usual £2.99. So, I snap it up!
I have made a saving of £1 
However, I didn't *have* £2.99 in the first place; therefore I would never have bought it. I could *only* buy it, because it was the same price that I had available to spend. (The original £1.99). In reality, I haven't saved any hard cash. But that doesn't mean I haven't saved. That is where *virtual* savings come into play.
By simply snapping up a bargain and not spending anymore than I usually do, I've bought something a little better that I couldn't normally afford.
I don't want to lose sight of the fact that I've saved that £1 by being more shopping savvy.
So, I record it as a *virtual* saving ...
... not *real hard cash* but a saving nonetheless.
The term, *virtual* saving, is a bit like "virtual reality" LOL
It can be quite demoralising if, week after week, some of our MSE'er are really working at pinching those pennies and squeezing those pounds - this way, at the end of the year, they can still see that - hey, it's working!
Now, should I find my budgeted £1.99 item reduced to 99p THEN I have £1 in cold hard cash that can be put away into the pin money savings.
I hope that makes it a bit clearer. If not, don't hesitate to ask any more questions.
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PMS Pot: £57.53 Pigsback Pot: £23.00
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PMS Pot: £57.53 Pigsback Pot: £23.00
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Comments
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Welcome to all those taking part in the December PMS Challenge '06
This must be one of the hardest months to find any savings at all!!! But, do persevere and share how you've nipped and tucked those pennies and pounds. There are still bargains out there, even in cash gobbling December. Make sure you are getting maximum points from loyalty cards and snapping up those 3 for 2's on offer (Boots and M&S spring to mind) and of course, those BOGOF's.
Best of British ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
PMS Pot: £57.53 Pigsback Pot: £23.00
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Thank you for posting this Queenie. I used to record my virtual savings but got out of the habbit. Virtual and actual savings is a real habbit now that I've been on MSE for so long.
I'm going to start recording my savings for December again to make sure I'm doing my best.
By the way, yesterday I got a coupon for a free mini shampoo (choose from a three different ranges) - it cost £1.59 to purchase (if I'd bought it) and will be going in one of the DD's Christmas stockings. (It came off the Boots points machine if anyone is interested).Enjoying an MSE OS life0 -
I got that one too apple Trevor whatshisname
All the best, apple, good to see you around again
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PMS Pot: £57.53 Pigsback Pot: £23.00
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i'm in again.
i'll keep a low target of £10 again cos then i feel fabwhen i beat it.
I'm hoping to go to boots tomorrow, so thanks for the tip. I forget to look on the machine usually.
Michelle0 -
me too thanks for that will look tomorrow:xmastree:Is loving life right now,yes I am a soppy fool who believes in the simple things in life :xmastree:0
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Managed around £30-£40 this month, so will just wait and see. Attempting not to spend anything much. Petrol is a must, but everything else can go on the back burner
Growing pot is now approaching £350 mark:TComping, Clicking & Saving for Change0 -
Hi ve a HUGE complaint - THIS SITE IS TOOOOOOOO ADDICTIVE. sat down to have a quick peek - just while I finish offmy coffee- and here I am TWO WHOLE HOURS LATER , STILL `PEEKING'
I'M GOING NOW OR NOWT`LL GET DONE
kassiopea0 -
I am in again this month and it will be my first full month. I am not going to set a target as I'll be happy whatever I get as it's December and xmas :eek:
I will try recording virtual and actual this month as well MFiT Member No 85
:money: Martin says NO :money:0 -
Hi everyone
Just a reminder that I'll be unsticking this thread some time late today - by which time it'll be the featured challenge in our Monthly Challenges sticky.
You can find the challenges via the link in my signature any time you see it or...
..you can use the Monthly Challenges link in the Blue Bar at the top of every page which looks something like this:-
Hi, I'm a Board Guide on the Old Style and the Consumer Rights boards which means I'm a volunteer to help the boards run smoothly and can move and merge posts there. Board guides are not moderators and don't read every post. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com. It is not part of my role to deal with reportable posts. Any views are mine and are not the official line of MoneySavingExpert.Never ascribe to malice that which is adequately explained by incompetence.DTFAC: Y.T.D = £5.20 Apr £0.50
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Hubby says if the challenge is 'PMS' then I'd win hands down.
I don't know what he is on about!;)Ebay~ A wretched hive of scum and villainy.
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