Saving for a Rainy Day?

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reproduced under Creative Commons license

Well, we’re a few weeks in to the PKTMNY project and the kids are really getting into the idea of saving for goals. They’ve both been furiously adding items to their Wishlists and regularly reviewing what’s on there in terms of amounts saved.

Their cards came through the post and they couldn’t wait for me to register them (and set withdrawal and spending limits – which I’d done when I opened their accounts anyway).  They haven’t remembered their pin numbers (they can barely remember what they’re supposed to do from one minute to the next at times!) but they can click on their page to get it again once they need it.

Are they enthusiastic about PKTMNY? Absolutely.

Do they love the website and having a debit card? Definitely.

Do they like setting up goals and wishlists and monitoring their tasks? Yep.

Does this translate into them actually doing the tasks? Erm, well, hmmm…

My son has downgraded his goal from a PSVita to a Beyblade (wise child) and my daughter has put hairclips on her list so that shouldn’t be too difficult to achieve.  And they’re very enthusiastic about it.  The problem is though, that their enthusiasm doesn’t last beyond us checking their accounts and activity each week.

They’ve already learned to aim for achievable items – like a Beyblade or hairclips – rather than big ticket items and that came purely from being able to see in front of them just how big a gap there was between their pocket money savings and what they wanted.  Far more effective than me simply telling them that they would have to save up for years.

They’ve also learned a little bit about security – we had a long chat about how you had to remember your pin and not write it down or anyone could steal it.  Not only did that ensure they had an almost secret squirrel operation around getting their pin – with neither sibling allowed to be present while the other checked – but they’re also hugely impressed by the fact that their mother can remember 4 pin numbers!

Personally, I like the PKTMNY website.  I think it’s a great idea and both my children love the visual aspect to it, particularly being able to see what they’re trying to achieve and how much they have to spend. 

I suspect though that they’re just a wee bit on the young side (9 and 6) for it to translate into them carrying out tasks to earn pocket money.  That said, they’re far more enthusiastic about the idea that they were before so I’ll be sticking to using PKTMNY. 

It will take a lot more input from me – in terms of cajoling them to do their tasks – than I had hoped.  But then again, perhaps I’m being unrealistic about what a 9 and 6 year old will do to help out around the house.

This post is part of a project with BritMums, sponsored by PKTMNY, highlighting its launch. The new tool allows parents to easily pay and monitor their children's pocket money online, whilst allowing their children to earn, save, spend and manage their money in a totally safe and fun way. We have been trailing the service and all thoughts and opinions are our own.

It's Cold!

Well, it's November and, after a balmy October, it officially feels like autumn.  Of course, one of the first things most of us do is switch on the heating - and I'm not going to suggest that you don't - but there are ways to keep your heating costs down.


1. Turn the thermostat down - I constantly read (and put into practice) switching the thermostat down by 1 degree (or more) as it really does make a difference to your bill.


2. Wear more layers in the house - switching the heating on early or for longer can be the difference between putting on an extra layer and not, so try putting on a cardi first.  (I work from home and often find myself in my woolly fleece for outdoors simply to avoid putting the heating on for another hour - I draw the line at icicles from nasal passages or wearing gloves while I type!


3. Don't put the heating on at night - if you're all tucked up in bed sleeping (or not sleeping depending on your kids!) try giving everyone a hot water bottle and an extra blanket at the end of each bed that can be used if it gets cold in the night.


4. Shop around for energy.  Using price comparison websites such as Uswitch can help you to save hundreds of pounds a year.  I ran a cost comparison, found another supplier was cheaper than my current (Scottish Power) then phoned Scottish Power to ask if they could match them - otherwise we were walking!!  Anyway, they did.  So saving me the hassle of changing supplier while also saving us £300 a year!


5. Close the curtains as soon as it gets dark - it makes a huge difference to keeping the house cosy if you've closed all the curtains and blinds just as it's getting dark outside (don't ask me why - physics and I are not familiar bed fellows).  And that way, you won't be tempted to turn the heating up.






Any other tips you've got that work or that I've missed?  The heating companies aren't going to reduce their prices so we need to try to make sure we can avoid paying too much more, if possible.  

Family Fun in East Lothian!

Well, with Guy Fawkes coming up this weekend there's loads to keep the little ones (and bigger ones) amused if you live in lovely East Lothian - like me!  And apologies if you don't and feel jealous - but perhaps you should visit if you're near enough?


Anyway, my two thrifty recommendations for the weekend:


Lennoxlove Book Festival - OK, now the main events are not necessarily cheap BUT you can get a Family Book Festival pass that gives 5 people (2 adults and 3 kids) entry to the Festival on either Saturday or Sunday (although I think the Saturday has sold out).  For the bargain price of £22, the 5 of you can get entry into 5 events including Julia Donaldson, Sir Charlie Stinky Socks author Kristina Stephenson and Funny Food with Nick Sharratt.  Or, if you're not sure what you're up to this weekend and would like a bit more flexibility, there are free Storytime and Bookbug Rhyme Sessions - all in the gorgeous surroundings of Lennoxlove House just outside Haddington.


Pencaitland Fireworks - the best fireworks display this side of the Edinburgh Festival, it's a fantastic achievement by Pencaitland Primary School PTA to put on THE fireworks display in everyone's calendar not just those who go to the school.  This year it's on at 6.15pm on Saturday 5th November and tickets are £5 for adults and £3 for children on the door.