coupon/lotto savings pot challenge

sammy_kaye18 · 4 January 2015 at 12:11PM

Can I please join?

I will add in money saved with coupons / scratchcard wins/ any pennies found on my doggy walks......

fingers crossed and good luck

Butterfly_Brain · 4 January 2015 at 2:29PM

A lot of mine was scratch card wins, I didn't realise how much I win on them, even if you only win £2 every week it would mount up to £104 by the end of the year :eek:

I saved an awful lot of it in the weeks leading up to Christmas, four £15 Aldi Coupons in the Daily Mirror ( I shop on a Thursday and the coupons usually run Thursday to Thursday

so I buy two papers) plus the small coupons which came to about £5, a £25 Morrisons coupon and a £5 one for free veg if you spent £10 so that came out at a saving of £100 in one month:j:j:j

Aldi coupons are usually in the Daily Mirror the last Thursday in the month, but coupons sometimes appear in the Sun or Daily Express.

You don't realise how much they actually save you until you put the money away.

System · 4 January 2015 at 6:32PM

Many years ago on here, we did this as the PIN Money Challenge, thinking along the lines of wartime morale building - tucking away pennies to pay for treats or to help out when ends just wouldn't meet.

Would be great to see that brought back :money:

tooties · 4 January 2015 at 8:23PM

Yes please i would like there to be room for me.

I try and save my change whenever possible

Regards

Prudent · 4 January 2015 at 8:53PM

autumnleaves wrote: »

Many years ago on here, we did this as the PIN Money Challenge, thinking along the lines of wartime morale building - tucking away pennies to pay for treats or to help out when ends just wouldn't meet.

Would be great to see that brought back :money:

I remember that!

peony40 · 4 January 2015 at 9:21PM

autumnleaves wrote: »

Many years ago on here, we did this as the PIN Money Challenge, thinking along the lines of wartime morale building - tucking away pennies to pay for treats or to help out when ends just wouldn't meet.

Would be great to see that brought back :money:

Yes, I remember this too, it was ran by Queenie.

Back on track, ButterflyBrain you did brilliantly last year, I love reading your posts as I gain so much from them.

I will join this challenge too, as it dovetails nicely with the other challenges I am doing. I never have coupons but I will save on any offers I can find.

Kitchenbunny · 4 January 2015 at 9:22PM

I'm in - I'm part of a lottery syndicate at work which I have no idea at the moment how much we've won. That'll be going to one side for certain! As it is, I have a few coupons to use on my shopping tomorrow and I'll be putting that cost value to one side. I need to get a specific tin for this so will have a look around.

Thanks for posting - I feel all excited.

skintmum2012 · 4 January 2015 at 9:39PM

Hi that sounds like a really nice idea the Pin challange I love that idea of having a pin so in hard times you still have a little something to lift the spirits

trailingspouse · 4 January 2015 at 9:40PM

I've never bought a lottery ticket, thus saving a minimum of £1,000, and only slightly reducing my chances of winning big. Tax on the daft, in my humble opinion.

System · 4 January 2015 at 10:44PM

For those interested, this is how Queenie used to start the PIN Money Challenge every month:

Pin Money Savings Challenge Details
(PMS Challenge)

This is going to be our "Pin Money Challenge" - a very old style way of money 'saving'. The old adage: "Take care of the pennies and the pounds will take care of themselves" is as true today as ever it's been and so has the old style idea of "Pin Money" (tucking away pennies to buy the odd luxury - in reality, that pin money literally saved the day when families lived payday to payday or the breadwinner was made redundant!)

Once you've set up your budgets (here's Martins article on the basics of budgeting for those who may not have done so yet) you'll know where you're at with your income/outgoings.
Some of you will already have earmarked amounts to tackle your debt problems (if you have them. Here is Martins article on Problem Debts) and some of you may even have set up regular savings.(Martins article on Starting Saving)

I have been very impressed with the responses to the Now & Then threads recently and how you all manage to pare down your spending/budgets on a regular basis. I've even impressed myself with new ideas that I'm incorporating. The danger (for me) lies with those "savings" being swallowed up elsewhere and never really benefitting from them or knowing just how beneficial those nips and tucks have been in reality. Yet, this is my pin money and I should know how much I'm accumilating; I should be able to tap into that money and benefit from it; I've earned it by making cost cutting choices!

First, we need a goal. You need to think about what you want to save for. Maybe it's something relatively small that would actually help you to save more money in the future.

For example: I used some Tesco vouchers in January which saved me £28 on my monthly shopping bill - at the till I got that £28 via cashback and then I bought a breadmaker in another shop which was on sale. The breadmaker is saving me money as I don't go to the shops as often to pick up a loaf and end up tempted into buying extra's while I'm there plus it saves on petrol through less trips.

Maybe you wish for something larger - a family holiday? A dishwasher? A newer car? These items may take longer to save up for, but they are still attainable.

Where is your pin money coming from? Lots of different ways.

Coupons: You can't bank on coupons when you draw up your household budget, so view them as bonus'.
If you normally spent £50 per week on groceries and that week you have coupons which reduce your bill by x amount, that x amount becomes your pin money savings. Put the same value of the coupon into your pin money.

Bogof's: If it's on your usual shopping list and you are able to get it on bogof - put the cash value of the saving into your pin money.

Freebies: I've put some of these into my gift box store; I can't bank on freebies to provide my gift needs (gift purchases are accounted for in my budget planning already) so they are also bonus' - so, the cash equivalent can go to your pin money.

The monthly food challenge: If you find your food bill reducing, put that extra into your pin money.

Tips from here: E.g. Vinegar as a fabric softener; if you stop buying fabric softener, work out the saving (you'll need to deduct the cost of the vinegar you are replacing it with) and put that amount into your pin money.

At the end of each month, you empty out your pin money and transfer that to a savings account (this way it can now begin to earn a bit of interest = more pin money! )
The start of the next month, you will know how much you've shaved off your basic grocery bill (this applies to the food/fabric softener example, not those unbankable freebies/bogof's/coupons) so begin by putting that into your pin money.
Each month we can post what we have saved money on and added to our pin money.

What if things are soooooo tight that every saving you make each week can't be put away because it's needed elsewhere?

Not a problem, 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.

Some of you have already absorbed these savings into your budget and recalculated accordingly, that's ok, this challenge still applies because any new ideas/tips that you pick up can now be utilised for your pin money.

PLEASE READ BEFORE POSTING

coupon/lotto savings pot challenge

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