January | Penny Pincher Challenge

adventureofmemories

The challenge
The aim of this challenge is to create a list of 15 tasks that you will aim to complete in the month to help you save money or to be more financially stable.

Guidance

• There must be 15 items on your list
• Each task is worth 1 "point" . You will gain an extra 5 points for completing every task at least once.
• Please update us at least weekly with your current 'point' status so we can include you in our weekly tally
• Keep track of your tasks and how many times you have done them
• There isn't a limit to how many times you do the tasks as long as it helps you to save moeny in some ways
• You can include other challenges such as the sealed pot challenge, save £1 a day etc...
• Try to mix your list up to help you avoid being stuck in a rut
• Try to join in with our chats / coffee mornings as well as our mini challenges (Which won't always be money/finace based)
• you may change your list as needed

How to join

• Post your 15 tasks from the list below & act on them throughout the month.
• You will get given a number and the members list will be posted below.
• Be sure to keep us updated with your progress so we can add your points!

adventureofmemories

001. Adventuresofmemories 5 pts
002. Mumoffourkids 0 pts
003. Iheart 0 pts
004. angelicious 0 pts
005. iammumtoone 5 pts
006.Buffythedebtslayer 0 pts
007.mollymunchkin 0 pts
008.JenRM 0 pts
009.Chocolatedrinker 15 pts
010.villagelife 3 pts
011.scrooge2008 0 pts
012. Bookaholic 18 pts
013. keggsy 3 pts
014. RhiBi0 pts
015. starting_again_in_the_sun 6 pts
016. Try Harder 7 pts
017. worklifebalance 6 pts
018. 32b3in2013 0 pts
019. dizzytina 8 pts
020. ljane16 0 pts

List updated 02 - Jan - 2018



Jan Points:
76 Pts

Points updated 02 - Jan - 2018

adventureofmemories

• Save all spare change
• limit take-a-ways / fast food chains
• bring your own bottle to work
• take your own lunch to work
• meal plan
• set a target for a specific amount of No Spend Days
• Leave your card at home
• Stop going to costa / starbucks for coffee
• Stop buying lottery tickets / scratch cards
• Check bank accounts frequently
• Stop your expensive habit (drinking / smoking / gaming)
• Cancel unused subscriptions
• Avoid online shops such as Ebay
• Create a shopping list & stick to it
• Only go shopping when there is 3+ items on the list
• Search for the item cheaper somewhere else
• Stop buying branded food
• Set up auto-payments to savings account
• Create accounts for bills, grocery shopping & allocate money in those accounts so you don't spend that money
• Give yourself a limit to spend
• Create a budget
• Keep an expense log
• use cash only
• Use the envelope system
• Buy lunch items in bulk. Why pay 65p for 1 bag of crisp when you can get 6 packets for £1
• Use left overs / search for cheap meals
• Use loyalty cards such as tesco and always put the pints on that card
• Walk/carpool/get cheaper travel fares
• Don't buy branded clothes / keep a minimal wardrobe
• Do a spend freeze on an item you spend a lot on
• Find cheaper/free ways to listen to music
• Find cheaper/free ways to call/text/message
• Use voucher codes
• Attend free local events
• Use only free-to-use ATMs to withdraw money
• Reuse shopping bags
• Check use by dates and get the longest date you can find on things like bread/milk

useful mse challenges
ran by me:
£10 luxury spend
2018 Small Change a day Challenge
Help2Buy challenge

ran by others
Sealed pot challenge ~ 11
frugal living challenge 2018
20p savers 2018
2018 1% challenge

adventureofmemories

1. 1 NSD (Aim for 3 a week) , place £1 in EF bank account for each NSD achieved
2. create a budget using payslip when received
3. Do any overtime I can
4. Automate bill transfers & record when I've done so (to make sure I don't pay late or forget)
5. Keep an expense log of everything
6. Have a shopping list & stick to it , only shop when 3/5+ items
7. Reuse shopping bags
8. Use clubcard / keep recipets and upload to recipt hog . Use clubcard when i don;t have cash but for small items
9. Pay with cash where possible - stick to £10 for my own 'luxury' spends (anything i want that isn't a necessity) Whatever is left ,stash it away for my "fun" fund
10. Create a plan for each day to avoid mindless spending , include free activities
11. Keep £40 in "emergency coffee" jar at the start of the month and stash whatever's left away in emergency tin. when tin is filled, take it to bank
12. Create 'sinking funds' for bills & powershop
13. save for H2B ISA, Emergency and health . LEAVE money in there
14. check accounts regulary
15. Sign up to lloyds bank when I get paid & open a "save the change" account" and deactivate my santander account

Mumoffourkids

Can I join in please. I need to finalise my list of 15 items though. Just thinking quickly I have about 11 or 12 so it shouldn't be hard to come up with a few more. I think I need to really challenge myself with the last few though.

Iheart

Count me in please - I will devise a list today and post them later if that is okay.

adventureofmemories

Cool. We can start today if you guys are ready. Thanks everyone for joining.

I need to be more financially responsible right this very second.

Mumoffourkids

I'm ready to start today if you are!
So my 15 things are:
1) Save all change 10p and under
2) Only two takeaways until end of January
3) Meal plan each week
4) No spend days x 3 each week
5) Check bank daily
6) Update YNAB daily
7) Set up standing order to savings accounts weekly
8) Batch cook every two weeks
9) Bake snacks and puddings
10) Start using second current account for daily spending
11) Use up freezer stocks
12) Sell unused clothes and furniture
13) Save 20p pieces
14) Plan each week on a Sunday evening
15) No buying on Amazon

The last one is going to be the hardest for me as I have Amazon prime and use it a lot

angelicious

Can I join in please, will add my list later

iammumtoone

Great Idea. I need to think of a list, can I join but I won't start until Jan 1st?

My LIst
1) limit drinks spend at work to 1 cup coffee
2) 3 no spends per week (not including work lunch and the one drink above)
3) stay off internet shopping sites
4) check bank balance regually
5) Bake own snacks
6) Add lose change to sealed pot
7) Limit takeaways once every two weeks
8) re-use shopping bags
9) meal plan
10) walk instead of taking car
11) try a lower/value brand of something on the shopping list
12) all 20p's to go in the sealed pot
13) £10 per week luxury challenge (me)
14) £5 per week luxury challenge (son)
15) eat up something from the freezer that needs using up

adventureofmemories

yeah its up to you.

I'll track the rest of Decembers points desperately to January... I thought starting now would help put the habit in place & sort any 'teething' issues' we may have.


yesterday
Check bank account frequently - 1pt
Do the £1,£2,£3 weekly savings challenge - 0.5pts, i missed 2 days as i can't afford to do all week and can't afford to do it now until the 6th of Jan when i get paid.
Create a visual reminder of saving goals - 1ptprinted out a savings tracker that goes to £1,000 but with each £20, Already coloured in 1 square

i changed some tasks on my list

today
Check bank account frequently - 1pt

Updates to challenge

• I added decembers totals onto the member list
• I included some helpful challenges from MSE , Currently putting a list together of more money-saving tasks & different chllanges . Feel free to leave your own