New Challenge - Details

Curry_Queen

MATH wrote:

At the end of the month prior to your salary bring paid in any credit balance in your current account should be transfered to your pin money account. You work your monthly budget to your income so don't need what you didn't use last month.

Be warned this gets very, very addictive

I can vouch for this too!!!

I've never been very good at saving money and always ended up spending any surplus cash I had on anything that took my fancy ... books/dvd's/take-aways etc etc ... so was always caught short if a major expense came up and had to scrimp and save to cover it.

Since finding this site I've been able to save a regular amount every week
and like MATH, any surplus money left over when my next lot arrives is also put away into savings rather than spend it. I'm close to reaching £1000 since xmas and it's the most I've had in a savings account for a very long time LOL!

I used to be addicted to spending ... but now I'm addicted to SAVING!!! :T

Queenie

mrsmab59 wrote:

Fantastic idea Queenie :T

My original aim was to avoid adding to my credit card bill each month, which I've now done...so I'm certainly ready to start working towards a new challenge

This can work to pay off your credit card debt - instead of saving it in a new account, simply add it as payment to your credit card. The sooner the debt goes from the credit card altogether, the less interest you'll have paid + once the cc is paid off, you can use the credit card payments for your pin money!

MATH - I have worked this system before and yes it does become addictive There is also the potential when you do it on your own to become sidetracked, slack off, you know what I mean - by having like minded others also working on the same challenge/project really does help with keeping focus. Thank you for adding your tips

Well done Pooky for resisting the temptation to cc spend! Now, remember, not only will you save the money to *buy* that slo-cooker, but once you own one, you will also be able to make some gorgeous meals using cheaper cuts of meat which really relish being slo cooked. Naturally, those meat savings will then get added to your Pin Money

Something else to think about:
Electronic banking is a wonderful thing! Trouble is, in my case, it has become "invisible" spending. Now, I take out the cold, hard cash - believe me, I spend less when I have to handle cash then pass a switch payment over.
Secondly, by having your pin money available in your spare purse/piggybank/plastic tub/secret sock/envelope - should you have any unexpected payouts to make (I've had to pay out for school items which I was only notified of by newsletter last week!!) I don't need to go to the hole in the wall and take £10 out just to pay a £3 expense which I hadn't budgetted for! Yes, it will mean I have to dip into that months pin money garnered from couponing etc., but it is an unexpected payment which I will have met w/out tampering with my overall budget.

Queenie

:T Congratulations to ..... :beer:

Math - for paying off that overdraft! That is an amazing achievement!!

jaybee - for paying off that cc! Enjoy your semi-retirement

Curry Q - for making that magic £1000 savings! And in such a short time too - I was told years ago that the first £1K savings is the hardest, it gets much easier after that

Ticklemouse

Well, I shall be having a go at this. Most of my 'savings' will be virtual - bogofs and coupons, because we need all the cash we have to make ends meet (Due to lovely Tax Credit system supposedly overpaying us by £6.5 k and are clawing it back, but that's another story!) Any money I do make on top of usual income, already goes straight into a 5% internet bank account because we've decided to go to Florida in....2008. It'll take us that long to save up, but I'm not going to skimp on the hol. so saving already. However, one of my problems with trying to see how much I'm saving grocery-wise, is that I bulk buy at markets or at the cash and carry, then hardly shop at all for the next few weeks. All I know, is that I don't seem to be spending as much. And as I shred my CC statements, can't make a comparison from 12 months ago. Oh well.

I really will have to fill that budget form out now, won't I ?

Curry_Queen

Queenie wrote:

Curry Q - for making that magic £1000 savings! And in such a short time too - I was told years ago that the first £1K savings is the hardest, it gets much easier after that

It just goes to show how much I was spending on !!!!!! before!!!! I even had £40 a month budgeted for take-aways which I've done away with in the last couple of months

Most of my savings have come from following the challenges and money-saving ideas on this board, plus the shopping vouchers, so I have everyone here to thank for helping me with that :beer:

What also has helped is opening up the Family 1st account at Coventry BS so my child benefit is paid directly into that and no longer sitting in my current account ready to fritter away anymore, plus I can add any surplus cash to it so it's out of temptation's way :A

Ticklemouse: I find the easiest way to track my spending is by using a combination of "Money'" and a spreadsheet so I can compare from month to month exactly where my money is going and where I can make savings. It's also useful for checking against bank statements to make sure there are no mistakes

Anne_Marie_2

I can see this being an absolute belter of a challenge. Well done Queenie for suggesting it. There are so many good ideas coming up already.
We are intent on saving for a rather large project, which will take us a few years. Just started saving my meagre earnings in earnest at the beginning of January, so a long way to go. I was saving quite well last year, until I spent on a large item for Christmas, and then it was a disaster. Now money transferred into high savings account, and if I touch that, then lose the high interest. However, can see that things could be better, and if we all encourage each other, it should be easier. It is all too easy to start off with good intentions.
I am very, very tempted to ditch the old debit card, sounds a really good idea - not really ditch it, just not take it with me. Working in hard cash might give me a reality trip!
Before I know it, will be saving the old toad's money too!
Wishing us all the best of luck

jaybee

I generally shop at Sainsbury's and they put the amout you've saved on the bottom of the receipt (for BOGOFFs etc), also the amount used in coupons. As of tomorrow I shall be putting that amount aside.:D


Let's all support each other.

debbym

Count me in. I've started calculating how much I save on BOGOFF's etc but since it all comes out of the one account on a debit card I never seem to be that better off by the end of the month. I've just set up an internet savings account with over 5% interest so now it can go there instead of down the big black hole!

Queenie

Ticklemouse wrote:

.... Well, I shall be having a go at this. Most of my 'savings' will be virtual - bogofs and coupons, because we need all the cash we have to make ends meet ....

Virtual savings are as exciting to watch grow as 'actual'.

I calculate VS in my head, but I need to write them down. For example: when one of my eldest moved into their own place, I gave them our dining room curtains so they wouldn't be overlooked (they really were struggling financially!). I knew this would mean I would have to buy some new curtains for our home to replace them but wasn't in a hurry - summer/patio doors

Well I didn't get around to it and this winter I noticed a huge difference in temp simply by not having any curtains to close. Nothing I liked in the Sales or even at full price (and let's face it, 90x90 curtains are expensive!).
Checked my airing cupboard - picked out two white flat sheets; hung them on the curtain pole using those "clips" - voila!
Outlay: £0
Saving (virtual): £50 - ????
Dh likes them and I've decided that I will either applique some design onto them to dress them up a bit, or maybe I'll have another flash of inspiration

The fact remains, I have still "saved" that amount of money, even though I didn't have it to spend in the first place.. Too right I should know it, acknowledge it and be proud of it! And so should anyone who makes "Virtual Savings". Good luck, I think you'll surprise yourselves.

LearningToSave.

ooooohhhhh this really does sound like a fabulous challenge!!! count me in please im really going to enjoy this :-)
my aim is to pay off our credit card with £2.5k on it and our argos card with £700 on it by the new year,would be lovely to start a new year without it
congrats on a fab thread queenie :T :j :beer: :T
and whoever said it first i agree can we please have this made a sticky?????