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August '06 - PMS Challenge
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Queenie
Posts: 8,793 Forumite
Just a quick copy and paste of the challenge rules today (did badly last month, so I need to get back on track 
)
Good luck for August to those who are still on the PMS Challenge and welcome to any newbies who wish to jump in and muck in too
[QUOTE=Queenie]
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 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
)Good luck for August to those who are still on the PMS Challenge and welcome to any newbies who wish to jump in and muck in too
[QUOTE=Queenie]
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 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.
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.
[/QUOTE]
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.
... 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.
[/QUOTE]
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
PMS Pot: £57.53 Pigsback Pot: £23.00
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
PMS Pot: £57.53 Pigsback Pot: £23.00
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
0
Comments
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Ooo.. might give this one a go next month when I'v sussed out what money I really can get away with spending in the Grocery Challenge.. Thanks Queenie.April 2021 Grocery Challenge 34.29 / 2500
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Oh blimey - August:eek:
As always I shall be continuing on with the ever growing pot. Now at £235:T
£2 coin savers now at £14
And lots in the 5p and penny jars
Good luck allComping, Clicking & Saving for Change0 -
i'm also shocked by how quickly we have got to August.
Total pot now at £171.92, but i haven't been able to move across all of this months money to the savings account as we had a big tax bill and i am in shopping heaven still.
I'm going to set myself a rather conservative £15 target this month. I am away for a week, so with that plus cattery fees i think it might be another tough month. I am trying to spend as little as possible elsewhere so i'll see how it goes. Most of this months savings comes from baby stuff. I suppose i will still be on the luck out for bargains for baby and christmas this month while i am off work.
I also could have a virtual pot of £1320, which is how much cheaper i got my furniture for the living/dining room by shopping around, and asking for a discount (got 10%).
I should hopefully be spending some of my pot this month if i get the room decorated, as i will need new curtains, cushions.
Good luck everyone.
Michelle, xx0 -
I'm on a mission to fill up the holiday pig for next year so my savings will be heading for his tummy - NB must repay him the £15 I borrowed for a Chinese takeaway - not very OS!!!!!!“the princess jumped from the tower & she learned that she could fly all along. she never needed those wings.”
Amanda Lovelace, The Princess Saves Herself in this One0 -
As we are drawing to the end of the month, i thought it would be time to start evaluating my progress for this month.
My total is getting on for £160, although i have not moved any money into my savings as we have been spending money faster than earning it this month on the decorating, a new to us car, and paying a lump off the mortgage.
This months savings are:- cash in nectar points for vouchers - £135. £30 of these are for Brewers fayre and will treat us to a nice meal out for DH's birthday. The rest was the Adams vouchers this week, which should buy a christmas outfit/present for my 3 nephews, a gift for my friend who's baby is due on the 9th of september, and hopefully leave me with some to buy last minute bits for my own baby, or something to wear round about christmas time.
- cash in pigsback points - got a £10 Boots voucher, again to put towards nappies/toiletries for my hospital stay. I also won a pigsback quiz and got 1000 points, so i should hopefully get another boots voucher next month.
- £9 saving from buying garden shears that were half price when we got to the till, and the cheapest decent ones that we spotted.
- The rest wias discounts on the food shopping. This did get transferred into savings.
- If i could be bothered, i'd work out our B and Q savings where we bought 3 tins of paint with 15% off the tins, but we spent a good £800 altogether, and it was too much to take in.
I'm really pleased to have done so well, and can't wait for the new month to see what that brings.0 -
OK when I saw the thread title - August - PMS Challenge - I thought, oh yes! Something that will stop me from being grumpy at a certain time of the month!!! :rotfl:
Saving money cheers me up all the time but isn't QUITE enough to stop the grumps for the next three days. "Bad planning on your part does not constitute an emergency on my part."
- Proverb0 -
anniebooklover wrote:OK when I saw the thread title - August - PMS Challenge - I thought, oh yes! Something that will stop me from being grumpy at a certain time of the month!!! :rotfl:
Saving money cheers me up all the time but isn't QUITE enough to stop the grumps for the next three days.
You're not the first to make that assumption
Michelle - :T :T :T :T I'm impressed, especially as you've had an expensive month with other things! WTG! :T
I've also had an expensive month with an MSE meet, a birthday for my youngest, a new shed finally up and then today, the unexpected expense of repairing the utility room roof which sprung several leaks during the 24hrs non-stop rain-a-thon :laugh: (Not sure why I'm laughing, it wasn't at all funny yesterday having water running down and over the electrical sockets )
Anyway, enough of that! On a far more positive and pertinent point ...
~ £20 saved on new uniforms with a local voucher (actual)
~ £5 saved on birthday gift from bro-to-bro using an HMV voucher (virtual)
~ £10 saved on school stationery/books at WHSmiths (actual)
~ £9 saved on footie shirt due to sales (actual)
~ £3.78 saved at Co-op on multibuy reduced items :j (actual)
~ £30 saved on a phone (given: but I'm using this as a nomimal amount - virtual)
I think that's pretty much it for this month.
Totals: Virtual: £35 Actual: £42.78
I'm happy enough with that :laugh:
Just begun the September '06 PMS Thread so those who wish can now post onto that one ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
PMS Pot: £57.53 Pigsback Pot: £23.00
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~0 -
queenie - what a shame about your roof. These things are sent to try us.
yes, one expensive month for me with one thing after another. Sometimes though that makes it easier to make savings though.
1 more full pay cheque now before my maternity leave starts. I will have a think about how big a target i want to set myself and then post on the September thread.
Michelle, xx0
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