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I just thought I would share with you how I'm getting on with my penny challenge, are any of you doing it too?
I have had to change it slightly so that it will work for me/us.
Firstly I printed off the penny challenge sheet and I decided that rather than working through the sheet one day at a time increasing by a penny a day I am going to cross off varying amounts depending on how much change I/we have.
Now I'm not much of a cash person, I have been know to pay on my card for just a measly 63p!
I also don't use weekly or monthly allowance/housekeeping. Paul does our food shopping, paying in cash and we share everything else from bank accounts to bills so setting up an online account wasn't going to work either as it wouldn't really feel like a challenge at all. So we are going to work together on the penny challenge.
I feel I have cheated a little in the first few days as I used the tub of pennies and tuppences that we keep on the side. There wasn't a huge amount in there but enough to see me through the first three days when neither of us had any small change in our pockets.
Paul prefers to use cash so he is going to give me his small change as and when he has some and I'm going to use that, but I have decided not to put all of it into the pot each day. I will have two pots, one for the penny challenge itself and then another smaller where I just add the small change Paul gives me and then I take some of the money out each day for the penny challenge. That way on the days when he hasn't got any change I will still have some money to put in.
Paying in the varying amounts should take the pressure off later in the year when we will have to find more than £2 a day. Paul also came up with the idea of trying to put in the higher amounts as soon as possible so that on the days when we have less change we can still add to the pot.
So far so good I just need to remember to fill out the sheet each day. I would love to know if you are doing this challenge or if you have any ideas for making it easier.
P.S I'm 8 days in to my no fabric purchases for a whole year despite being bombarded with fabric sales from every angle!! Go me!😉
Great with the no purchasing of fabric for eight days. As the days pass and no purchases have been made will get easier, believe me I know! You could always add your savings of not purchasing fabric to your saving money challenge............... Look at what you might have purchased and put the money you didn't spend on fabric in a money box.
ReplyDeleteJulie xxxxx
Thanks Julie, that's a good idea x
DeleteThe Penny Challenge sounds like a really good idea ~ I think I will give it a go myself. Thanks so much for sharing ~ I'd never heard of this before :O)x
ReplyDeleteGood luck with the penny challenge Jackie, I'd love to know how you get on x
DeleteI have started it using a bank account to move my pennies. However I am running mine till end September and will use what I have to help towards Xmas pressies and then will start again on 1st October for the next Christmas. Well that's the plan. And well done on not buying and fabric x x
ReplyDeleteThat sounds like a brilliant idea xx
DeleteIt works out at £1.83 per day or £12.81 a week. I've been searching around the house for change and taking out the larger amounts first. Of course all is going well so far but I wonder if I can keep it up. Should I just find change each day or go for the £12ish at the end of the week? My next dilemma was where to put this change so I've started putting it into a box at the moment. I hope I can carry it on until the bitter end and not notice the money disappearing too much.
ReplyDeletexx
I hadn't thought about working out how much it was for each day, but that's a great idea, weekly or daily is a dilemma and i think it depends on how much you have spent in a week. i don't think my tub is going to be big enough so may have to change it very soon.
DeleteGood on you for resisting purchasing fabric. I am trying this challenge http://www.goodshomedesign.com/52-week-money-saving-challenge/
ReplyDeleteWe will see!!!
good luck with your 52 week challenge, i did look at that one too but because i'm not much of a cash person i didn't think i would be able to see it through x
ReplyDeleteJust catching up with blog reading and have decided to join in. Hubby and I had 16 days to put in tonight. We started with the biggest one and I have tried to avoid the smaller ones for when we don't have much money left. I hope to make this an annual event if we can. Thank you for the idea.
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