October Pin Money Savings Challenge

JAMIEDODGER

thats a really good idea squiggles, thanks!

Queenie

:T Well done! :T

Wow!!! I'm really impressed with how everyone is doing!! Give yourselves a HUGE (and much deserved) pat on the back.

stressedoutmumof1 - good luck with your goal, baby steps are the only way to go!

ahmilligan - yes the saving on your delivery is definately Pin Money, well done on your savings!

JAMIEDODGER - You're well on your way to your £10 target already
As for your question on your 5 week "month" ... when budgeting generally, when I was paid weekly, I would multiply my weekly average earning by 52 (number of weeks in the year) then ... divide it by 12 (months of they year) so I would have a monthly budget to work by. Most bills are worked out on a calendar month basis rather than a Lunar month basis: a month calculated by a 4 week period is a Lunar month and that makes a 13 month year). Now, your *bonus 5th week* money, over the period of one year, means you should end up with 4 of them. Strictly speaking, not pin money. However, it does make a rather wonderful predicted bonus for a savings account all of it's very own

brummiebabe - Congrats on last month Best of luck for this month

omega & freyaluck - you're doing GREAT!

benjacksmum - omega is right, that money is most definately pin money!!!! Go for it

johanne - well done!!! That's great news on the coupon :j

((jaybee))

brummiebabe

PIN money from this week's shop: £4.47 in BOGOFs/special deals and £5.00 coupon!

Grand total this month therefore £11.00!!!:j

Queenie

:j Well done, brummiebabe!!! :T That must feel good

Yorkielass

I was intending on trying the pin money challenge this month - then we moved house and haven't had any internet so I'm a bit late in started - oops.

Anyway I'm going to get the receipts for Tescos etc. so far and look at them and then I'm going to keep track of coupons and bogofs for the whole month - it'll be virtual pin money at the moment as I'm job hunting so money's a bit tight but at the end of October I'll see how the job situation is and might put the money into my savings account.

I've been doing quite well selling things via the small ads service on the university website (OH still a student) - £16 so far and it's all stuff we found whilst we were moving but was too late for our carboot.

So anyway I'm hoping for about £40 virtual pin money and £25 from selling things I've decided.

Know I saved £9 the other day in Sainsburys as I went round and hoovered up anything we normally buy that was on bogof.

Queenie

Yorkielass - jump right in, there is no start date or end date really in PMS. Well done on your £16 sales - that's GREAT!
Hope the house move wasn't too stressful. Wishing you well with your targets

Frugal_Fox

I have a question...

I'm doing my very first PMC - and enjoying every moment!!

However - I have just bought a skirt that was in the sale - and saved myself £29.50, my question is this - I fell in love with this skirt ages ago (from Boden) - but with my current status as a Debt Free Wannabe - I could NOT justify spending £49 on it. I've waited and prayed - and it is now in the sale. I have some money from my mum for my birthday - and I'm spending it on this skirt. Does the fact that I would NOT have bought this at full price mean that this does not have to go in my PMC, or because I have made a saving on it mean that it should?

Thanks in advance
FF
x

brummiebabe

From Tesco on-line shop today, got £1.90 in savings (BOGOFs etc) and £10 voucher, bringing this month's total to £22.90. I'm not sure I'll reach my target this month, but will keep trying!!!!

Queenie

Frugal_Fox wrote:

I have a question...

I'm doing my very first PMC - and enjoying every moment!!

However - I have just bought a skirt that was in the sale - and saved myself £29.50, my question is this - I fell in love with this skirt ages ago (from Boden) - but with my current status as a Debt Free Wannabe - I could NOT justify spending £49 on it. I've waited and prayed - and it is now in the sale. I have some money from my mum for my birthday - and I'm spending it on this skirt. Does the fact that I would NOT have bought this at full price mean that this does not have to go in my PMC, or because I have made a saving on it mean that it should?

Thanks in advance
FF
x

FF - great to have you join us

Nothing *has* to go into your PMS -
If you have the difference in cash to put away and you choose to do that .. then of course, stick it in your PMS ... if you never had the cash, but still want to keep track of the wise choices you are making ...

... you can still keep a record but instead of cash this will be your "virtual" savings. It will be very encouraging to see how much you are "saving" by making small changes, even if you can't put away the actual cash.

HTH

brummiebabe - :T - you're doing great!

Earlier today (I mean, yesterday ) I did some shopping and only bought BOGOF's ... tomorrow, I shall tally it all up and let you know how I got on

Frugal_Fox

Queenie - Thank you so much for your reply. Was worried I'd 'stopped the thread'!!! :eek:

I have decided NOT to put the money into my PMC - mainly because I would not have bought the skirt at full value.

However I am still really surprised that already I have managed to save over £25!! I'm staggered, because normally this money would have just been 'swallowed' up into our account and other spending. I have been really touched by the Pakistan earthquake, and would normally only be able to justify a small donation say £5 - £10, because thats all I have left - this month I can already give over £25. This makes me feel great. I've a long way to go on my financial journey, but I already have so much more than lots of others, and I want to share this with them.

I'm able to transfer my savings direct from our current account to our savings account via online banking (the bank may hate me for this! I just transferred another 35p this morning!!!). I've also made a column for it on our finances spreadsheet so I can monitor it over the next few months.

Thanks again Queenie for your reply. I think I will include 'virtual' savings in a few months time.

FF
x