April Pin Money Challenge

crazyhazy

squeaky wrote:

So would my Co-op divvy count as real money (which it is sort of) or virtual money ('cos I never see it and never touch it) or savings ('cos it does earn interest)...

Signed: Confused of Sunny Suffolk

What I do with mine, mainly cos I don't get alot is collect the cash and then put it in my money jar, hence it is real money. Am confused when you say it earns interest though?

squeaky

crazyhazy wrote:

What I do with mine, mainly cos I don't get alot is collect the cash and then put it in my money jar, hence it is real money. Am confused when you say it earns interest though?

Every six months (I think) they pay interest on whatever's in your account. Hang on a second while I go find my "divvy book"...

...

Ahem! Members Share Account

Yeah, in March and September they pay interest.

On £179.00 I earned £2.66 interest. In six months. Not earth shaking but better than nowt.

I haven't touched this for years and years. I put the book away, don't get statements to remind me I've got money to spend, and I regard it as my Absolute Last Ditch Dire Emergency Fund

crazyhazy

squeaky wrote:

Every six months (I think) they pay interest on whatever's in your account. Hang on a second while I go find my "divvy book"...

...

Ahem! Members Share Account

Yeah, in March and September they pay interest.

On £179.00 I earned £2.66 interest. In six months. Not earth shaking but better than nowt.

I haven't touched this for years and years. I put the book away, don't get statements to remind me I've got money to spend, and I regard it as my Absolute Last Ditch Dire Emergency Fund

Think we're on about different types of co-op dividend. The one I earn, is like a loyalty card, I earn money when I shop and twice a year what I have earned is issued in vouchers, which can be used to buy in store or converted to cash.

squeaky

Oh right. It does sound different. Do you have a share number too? I wonder if the vouchers are worth the same...

You see, what I get each time is the diividend I've earned through the amount I've spent doing my shopping during that six months - which was £5.33 and then on top of that I got the £2.66 interest paid because I've been leaving the dividend money alone.

What I don't know is if the voucher system earns you as much as my dividend plus interest would. If you save it for long enough, that is.

System

Got a fiver today from selling a book in my local rag. It only cost me £7 and i read it from cover to cover twice.

squeaky

Judi wrote:

Got a fiver today from selling a book in my local rag. It only cost me £7 and i read it from cover to cover twice.

Ahem! then this should be in Queenie's Double Duty thread

tru

squeaky wrote:

Ahem! then this should be in Queenie's Double Duty thread

:eek: Oooh Judi, watch him, he's a bit bossy :rotfl:

System

troo wrote:

:eek: Oooh Judi, watch him, he's a bit bossy :rotfl:

Tell me about it, he runs rings round me!!!!:o

Queenie

tinytot wrote:

I have to ask, how or what do you spend virtual savings on

crana999 gave a great answer

If you want to think of them in terms of "spending" - look at them this way ... you *spend* them on your self esteem! They are your "pat on the back".

All too often, we go through our daily lives actively making money saving choices but forget to take stock of our efforts. There are times when it may seem like you are fighting a losing battle, feel discouraged, wonder what the point is and feel like you're on an uphill struggle! (Well, I've certainly had moments like that! )
By keeping track of your virtual savings if you begin to feel discouraged, you can look over your virtual savings and realise that all your efforts as an MSE'er are not in vain and you'll be quite surprised by how much difference your small choices make - they soon add up.

Some MSE'ers are living on such a pared down income already that it is pretty much impossible to have any pin money savings - so virtual savings are the only way to see how they are making a difference. Others might be accumilating a few bob in their pin money, only to have it spent on something unexpected - that would be demoralising - but, with a flick through their virtual savings, they can see that they're really doing a good job!

As an example:

Suppose I budget £1.50 for 1lb mince for the evening meal. In order to keep to a strict budget, I forego the likes of say ... pork chops (which pre-MSE we may have had regularly without thinking about the cost).
In the reduced section of the supermarket, I see pork chops reduced down to £1 from £2.50. I buy them and not the mince I'd planned on.

Firstly, I've made a 50p *actual* saving on my planned meal budget!
I've also made a £1 *virtual* saving. I didn't have that £1 to spend in the first place (remember, my budget was for £1.50, not the £2.50 pork chops actually cost.) Plus, we have the unexpected treat of pork chops

Every time I make those types of choices, my virtual savings will increase just like real savings.

omega_2

Yes, I know it's not quite the end of the month yet, but I'm feeling financially drained, and need a PIN money perk up! Time to wrap April up financially, I think!

Opening Balance £93.89

£1.87 underspend on Grocery Budget, £1.56 multibuys, £1.75 coupons
£6.00 for opting out of the passport checking service for dd’s passport application.(I hope that this won’t turn out to be a false economy!)
I also found £1 languising in the bottom of an old handbag.
50p for using free d/washer and soap powder samples.

Am afraid, I’m going to have to deduct 25p for being slack about a friend’s birthday pressie, and having to fork out extra for 1st class postage!

So, my grand total for April is …….£106.32!