April '07 - PMS Challenge

celyn90

Hi, I'd like to see if I can do this too! I'm going to try and save to cover the cost of the vehicle insurance by saving from now (rather than get a shock in a few months time!). I'm going to use the building society account to hide it as I can't access that one unless I physically turn up and ask them for cash!

loopychicken

i saw a pot orniment thing in the charity shop was only a poun turned out to be a tarimuni one of those clay pots with a slot but no opening im putting 50p's in it i wont smash it tho because it was a bargain an its nice on the mantle peice so i dont have a cluee how im going to actually get the money back out...lol
maybe wait till xmas or ile try and find another
ther arround 20 pound to buy as well

does that mean im a member now?

Queenie

celyn90 wrote: »

.... I'm going to try and save to cover the cost of the vehicle insurance by saving from now (rather than get a shock in a few months time!)...

Good start!!!
Hope you don't mind me suggesting though, annual expenses such as car/household insurances, road tax, birthdays, Easter/Christmas, TV License, etc., should really be a part of your regular budget rather than something that creeps up on you

What I do, is to add up all the annual expenses, divide that total by 12 (I'm used to working on a calendar monthly budget) and then whatever that figure is, each month that gets put away via direct debit, into a seperate account.

Initially, it was almost like back tracking, for example, when I first began doing it was one January and the car insurance was due in the May - so clearly I didn't have a *full* 12mths of savings put away solely for the car insurance but by the same token, at least I have 5mths worth - when the time came, I used Martins advice to look around for a new insurance and managed to find a cheaper insurance altogether. This meant, the 5mths worth I *had* saved towards the old renewal, was equivalent to 9mths worth under the new policy and finding that final 3mths difference wasn't too much of a shock or a hardship (and obviously no where near as much as 7mths worth under the old policy!!!).

I also put away as part of my monthly budget an allowance based on how much I have spent on clothes/school uniform per annum. Then, when I buy things at sale value, the difference goes into my PMS pot (I say pot, but it's a savings account).

I budget X amount on food per month, any PMS savings get transferred into the PMS pot.

HTH

hazzie123

I thought this thread was about period stuff.lol.

Glad I`ve had a look now as it helped me decide what I`m going to do with my spare pennies.
At the moment I`ve been transfering the pennies in my bank account over into my sons account. So say I have £100.98 in my account,I transfer the 98p into his account leaving me with a straight £100.I`ve been checking my account everyday with online banking so it`s really easy to do,only takes 2 minutes.

So far I`ve gained £6.34 in the last 3 weeks,I havent missed those pennies either cos all I`m interested in seeing in my account is the £`s.

When I reach £10 of pennies transferd I`m going to pay that towards my CCard debt,saving further on interest charges.Infact I think I`ll do it after every £5 saved,then I can see some sort of difference qucker.

cha97michelle

I am in again. I am now not being paid to be on maternity leave, so i think savings will be virtual rather than actual, but i have got to make every penny count now or the savings will soon dwindle. :eek:

I have started having a walk up to the local supermarket to buy things rather than do a big shop (how OS is that!!) looking out for reduced items and things on BOGOF. Might as well make a big effort while i have the time to do it. Also limited to how much i can carry/load the buggy up with. :rolleyes:

There is £340.50 in the pot from starting last Feb, and i have now decided that i am going to save this up for mortgage over-payment.

Even if i can't add to it, i am really proud i have achieved this.

Target for this month - £15. Will be pleased if i get anywhere, and then if i have spare cash i will move it, and if not, will just use the knowledge to stay motivated.

Michelle, x

Horasio

What is PMS in this context?

The PMS I knew was a MAJOR challenge and bad for finances - buying copious amount of chocolate and impulse buying:D

hazzie123

I thought it was pms,the chocolate devouring psycho mood swings thread,but happy it turned out not to be.

PMS=Pin Money Savings.