May '06 - PMS Challenge

Queenie

Welcome to the May PMS Challenge ...

Queenie wrote:

Pin Money Savings Challenge Details
(PMS Challenge)

This is our "Pin Money 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 Drop and Quick Grabbit While You Can forums 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.

Good luck everyone! :wave:

melancholly

and there was me thinking this was OS ways to reduce PMS!!!

count me in on the real PMS challenge - i'll add this in to my £2 coin saving jar

ageandjo

I thought that too......:rolleyes: Perhaps we should have one coz I could sure do with pms help:mad: :mad: :mad: :mad: :eek:

Queenie

ageandjo wrote:

I thought that too......:rolleyes: Perhaps we should have one coz I could sure do with pms help:mad: :mad: :mad: :mad: :eek:

Oooh, you poor thing!! I think many of us can empathise!

A website you might find of interest:- National Association for Premenstral Syndrome the only downside to that website is that for most of the information, you need to join, standard fee £20 (it's a registered charity) but they do have a free online news bulletin that you can sign up for via email and a free printable diary chart to keep track of your symptoms/cycle and also a chance to take part in their research. They are currently running an offer that anyone who joins will also receive a free pack of Agnus Casta (worth £7.99) I'm not affiliated in any way with NAPS!!

savingpennies

I'm in again. Did really well last month (new month for me starts pay day 28th). Increasing my goal amount to £40. I must admit I find this a great way to save. You don't realise how much the odd voucher or bogof can mount up.

jaybee

I was £15 under budget last month - goodness knows how as we had visitors over Easter :eek: .

May should be okay although I shall have to stock up on stuff for OH as I shall be away 'dog and house-sitting' soon. He doesn't know where the kitchen is so I have to spell it out for him. I'll not be too far away so I can check up on him from time to time but I really like to keep this as 'my' time in a luxury house with a lovely doggie who loves me. I can live quite happily on yoghurt and a banana with the occasional bowl of cornflakes but himself needs cooked meals. I keep getting plaintive 'phone calls asking ' what am I supposed to be eating tonight?'

Sorry to rant - it's a sore point at the moment!!!!:rotfl:

cha97michelle

Count me in again. I've had a fantastic month this month from collecting vouchers and saving money from BOOTS bargains. I cashed in all of my credit card points for B and Q vouchers and spent them all. :T I got myself some garden things and a new rotary washing line.

I smashed my april target, so i am going to err on cautious but more ambitious than usual and say £50.

Might have to change where the savings will go, as my kitten has required £160 worth of vet fees after being mauled by a fox? or small dog? I'm so happy i have been saving all of this for the past few months and didn't have to find it from the budget.

Good luck everyone,

Michelle

Queenie

savingpennies - :T :T Well done!! Yes, it does soon add up and that is what makes this such an eyeopener! Very well done indeed.

jaybee - perhaps, if you do a freezer inventory before you go and then write him out a meal plan for the days you are away, it will save him calling you because he'll know *exactly* what he should be defrosting/reheating/eating each day (??) . It might be just the way to ensure you get the time away you deserve, hasslefree. Good luck.

michelle - :T :T Very impressive, well done you!!! :T :T Sorry about the vets fee's but on the other side of the coin, as you say, by having some pin money to fall back on in this emergency, it's saved the day. :j :j

I did badly last month - I don't do too well when stressed, so this month, I'm going to try and be more disciplined

I have a bunch of Tesco tokens, mainly to gain extra points by certain purchases, but they should, if used right, give my points count a really nice boost when it comes to the quarterly coupons (even though they won't count until the August clubcard statement). With some careful planning, I think I should be able to use them all up nicely.

Made some virtual savings yesterday - will be calculating those later today.

I'm going to set myself a target of £30 for this months actual pms.

Good luck everyone.

jaybee

Thanks Queenie, I'll do that. I always try to make it easy for him. Maybe I should also draw a plan so that he can find his way to the kitchen easily . It's my fault, I know, because I tend to go for a quiet life so he normally gets everything done for him (silly me).

Sorry you've been stressed - hope things are better now for you:grouphug: . Your chicken sounds fun. Won't she be lonely if you only have one?

I shall be starting my May PIN money on a good note as I shall have just over £30 coming from some books and DVDs which I've sold on Amazon in the last two weeks. I've also received a £4 book of vouchers (which can be used at Asda and Sainsbury's etc) from PineCone.

I really love doing this challenge now - and it's all thanks to you! :T

Queenie

jaybee - I think others hens might get lonely but the reason I'm getting her is because she was suffering pecking-order-domestic-violence and she is happier alone.

Pity they don't make Hubby-Feeders on a timer like they do with cat food bowls really :laugh:

:T Well done on your amazon sales and your PineCone vouchers, jaybee! :T

savinup

Carrying on again this month. It is amazing how quickly it mounts up. Im going to try for £20 again this month.