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January | Penny Pincher Challenge

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.

  • 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!
Debt to fiancee - £404.00 (left to pay) | Save £12,000 in 2018 - £371.90 all together|2,018 items in 2018 (8/2,018)


  • adventureofmemories
    adventureofmemories Posts: 177 Forumite
    First Post
    edited 2 January 2018 at 9:18PM
    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
    Debt to fiancee - £404.00 (left to pay) | Save £12,000 in 2018 - £371.90 all together|2,018 items in 2018 (8/2,018)
  • adventureofmemories
    adventureofmemories Posts: 177 Forumite
    First Post
    edited 24 December 2017 at 9:20AM
    • 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
    Debt to fiancee - £404.00 (left to pay) | Save £12,000 in 2018 - £371.90 all together|2,018 items in 2018 (8/2,018)
  • adventureofmemories
    adventureofmemories Posts: 177 Forumite
    First Post
    edited 28 December 2017 at 6:09PM
    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
    Debt to fiancee - £404.00 (left to pay) | Save £12,000 in 2018 - £371.90 all together|2,018 items in 2018 (8/2,018)
  • 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
    Iheart Posts: 176 Forumite
    Count me in please - I will devise a list today and post them later if that is okay.
    SPC12 #106
  • 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.
    Debt to fiancee - £404.00 (left to pay) | Save £12,000 in 2018 - £371.90 all together|2,018 items in 2018 (8/2,018)
  • Mumoffourkids
    Mumoffourkids Posts: 1,067 Forumite
    First Anniversary First Post Name Dropper Combo Breaker
    edited 24 December 2017 at 9:50AM
    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
    Save £12k in 2024 - £0/25,000
  • iammumtoone
    iammumtoone Posts: 6,377 Forumite
    First Anniversary Name Dropper First Post I've been Money Tipped!
    edited 24 December 2017 at 12:20PM
    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
    adventureofmemories Posts: 177 Forumite
    First Post
    edited 24 December 2017 at 9:27AM
    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.

    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

    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
    Debt to fiancee - £404.00 (left to pay) | Save £12,000 in 2018 - £371.90 all together|2,018 items in 2018 (8/2,018)
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