October Pin Money Savings Challenge

Queenie

Frugal Fox - that is a wonderful way to use the money (and a great attitude!) :T

Yes, it truly is amazing how much gets gobbled up if we don't keep an eye on all those frugal choices we make.
That's the beauty of the PMC - for those who can put the money somewhere and watch it grow, it can mean soooo much; but equally, even for those who are unable to see the cold hard cash, 'virtual' money comes into it's own because you can *see* the rewards even if you can't spend them

It can be enormously empowering to know that we are in control of our spending choices!

Enjoy!

kiwichick

Queenie wrote:

'virtual' money comes into it's own because you can *see* the rewards even if you can't spend them

Queenie, what is "virtual" pin money???

jazzyjustlaw

Let's say you spend £40.00 and for some reason like a last minute reduction it costs £35.00. However, you feel that you cant afford to spend it as you need for perhap a bill so that £5.00 is saved but its looked upon as virtual.

Queenie

ahmilligan wrote:

Queenie, what is "virtual" pin money???

Let me give you an example:

Suppose I've worked out my budget and menu plan for the week and one of the items, I know, will cost me, say, £1.99. Off I go with my list. When I'm at the store, I find a pack of something else, reduced to £1.99 instead of the usual £2.99. So, I snap it up!

I have made a saving of £1

However, I didn't *have* £2.99 in the first place; therefore I would never have bought it. I could *only* buy it, because it was the same price that I had available to spend. (The original £1.99). In reality, I haven't saved any hard cash. But that doesn't mean I haven't saved. That is where *virtual* savings come into play.

By simply snapping up a bargain and not spending anymore than I usually do, I've bought something a little better that I couldn't normally afford.
I don't want to lose sight of the fact that I've saved that £1 by being more shopping savvy.
So, I record it as a *virtual* saving ...
... not *real hard cash* but a saving nonetheless.

The term, *virtual* saving, is a bit like "virtual reality" LOL

It can be quite demoralising if, week after week, some of our MSE'er are really working at pinching those pennies and squeezing those pounds - this way, at the end of the year, they can still see that - hey, it's working!

Now, should I find my budgeted £1.99 item reduced to 99p THEN I have £1 in cold hard cash that can be put away into the pin money savings.

I hope that makes it a bit clearer. If not, don't hesitate to ask any more questions.

kiwichick

Cheers Queenie,

That really helps, nextmonthis my first one working to my MSE budget so will be hoping to make some virtual AND pin savings

Thanks,
Al.

Queenie

ahmilligan wrote:

Cheers Queenie,

That really helps, nextmonthis my first one working to my MSE budget so will be hoping to make some virtual AND pin savings

Thanks,
Al.

:T Good luck with keeping to your MSE budget :T

Yorkielass

I made it to my £40 virtual pin money today :j, and that's only the shopping I've done (OH pays every other week but doesn't use coupons so will only be a few multibuys but can't find his receipts)

I've also made about £35 selling stuff so far - need to sit down with the pot and work it out.

I'm really pleased - the pin money will stay virtual for now but I'll keep a record and hopefully when I get a job I'll be able to start doing real pin money

Thanks guys - going to see how much the totals can be at the end of October and then set plans for November. :money:

Queenie

:j :T Well DONE, Yorkielass!!! :T :j

Aww, you must be so thrilled!!! That is an amazing success!


Keep up the good work. :T

Just for info, I shall be setting up the November PMS sometime over this weekend.

brummiebabe

End of October challenge for me (pay day this week.)

Virtual Pin money this week £4.62 (BOGOFs etc) & £5 coupon = £9.62

October's virtual PIN money therefore:£32.52 this is under my target, but it every little bit counts!!!

Virtual Pin money for November (target) is £30.

jaybee

October will end for me next Saturday as I do my weekly shopping then. There have been 5 Saturdays in October but I have managed to be well within my budget - even with next week's shopping to do. That's even taking into account the few 'extras' I've slipped in towards Christmas!

Actual PIN Money = £57.02
Virtual PIN Money = £123.74 (shame it's not 'real' money!!!)