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What does pinch and a punch for the first of the month mean?

Looking for the meaning or definition of the word pinch and a punch for the first of the month? Here's what it means.

Phrase
  1. (idiomatic, Britain, Ireland, Australia, New Zealand) Said on the first day of a new month, accompanied by a pinch and a punch to the victim, by way of a prank. The victim can then say 'A flick and a kick for being so quick!' accompanied with said flick and kick. This can then be followed with 'A punch in the eye, for being so sly' accompanied with a hit to the face.
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