Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    kerri_dfw
    Second Purse Challenge 2012
    • #1
    • 20th Jan 12, 1:27 PM
    Second Purse Challenge 2012 20th Jan 12 at 1:27 PM
    I thought I'd compile a thread for anyone wanting to start motherships second purse system as a challenge

    If you wish to sign up then state what your dream item that you will buy with your saved 's will be and how much it costs. I will allocate you a number and as your 3rd purse grows I will update the total until you post to say that you have achieved your dream item and would like to set a 2nd dream item as your next target

    How the 2nd purse works:

    Second purse example spreadsheet

    If you'd like to do the 2nd purse challenge it's really quite simple and you can start small. You can even download a copy of the above spreadsheet for your own use, or use your own or even paper and pen.

    For this to work effectively, imagine you are two people, firstly a shopkeeper, secondly a customer. Your 2nd purse is the shop till, your 1st purse is your grocery budget, the 3rd purse is the cash office where the money is stored when there's too much in the till before being spent or saved.
    This is how the 2nd Purse works 1st Month
    Add 10. Spend 10 on offers B1G1F or Half Price.
    Your Stock is worth 20.
    You use 5 worth, that’s what you pay back, your stock is worth 15

    2nd Month
    Add 10 to the 5 you paid back, you now have 15 to spend on offers.
    Spend 15, your stock is now worth 45
    If you use 10 worth, and pay that back when you get paid.
    You will have 10 in 2nd Purse. 35 of stock

    3rd Month
    Add 10 to the 10 you paid back, you now have 20 to spend on offers.
    Spend 20 , your stock is now worth 75
    If you use 20 worth, and pay it back when you get paid.
    You will have 20 in 2nd Purse. 55 of stock

    4th Month
    Add 10 to the 20 you paid back, you now have 30 to spend on offers.
    Spend 30 , your stock is now worth 115
    If you use 25 worth, and pay it back when you get paid
    You will have 25 in 2nd Purse . 90 of stock

    5th Month
    Add 10 to the 25 you paid back , you now have 35 to spend on offers.
    Spend 35, your stock is now worth 160
    If you use 30 worth , and pay it back when you get paid
    You will have 30 in 2nd Purse. 130 in stock.

    6th month
    Add 10 to the 30 you paid back. You now have 40 to spend on offers
    Spend 40, your stock is now worth 210
    If you use 40 worth, and pay it back when you get paid.
    You will have 40 in 2nd Purse. 170 in stock.

    7th month
    Add 10 to the 40 you paid back. You now have 50 to spend on offers
    Spend 50, your stock is now worth 270
    If you use 50 worth, and pay it back when you get paid.
    You will have 50 in 2nd Purse. 220 in stock

    8th month
    Add 10 to the 50 you paid back. You now have 60 to spend on offers
    Spend 60, your stock is now worth 340
    If you use 60 worth, and pay it back when you get paid.
    You will have 60 in 2nd Purse. 280 in stock.

    I think this is the easiest way to show how the 2nd Purse works, you don’t always spend all money in the 2nd Purse every month. So I’ve not allowed for that, or that some of you already had a good starting stock.
    The 2nd Purse is the working part of the idea, don’t be afraid to spend this on bargains. Let it flow.
    I know some of you don’t want to PAY full price for anything, even to yourself.
    As long as you got it at a good price to start with. That’s what you’ve paid. That amount can never go up.
    Remember once the money goes into the 2nd Purse it can only make you stronger, more money , more stock = Less of your hard earned money going to the SM.
    Once they have it its lost, if you have it, whether in stock or in the purse , you STILL
    have it!

    The idea works because the money your making is going round and round, Spend 10 make 10, spend 20 make 20, spend 40 make 40. And so on. You are re-investing your savings in YOU!
    Originally posted by Mothership
    When you have a set amount in your 2nd purse, mine's 100, then you move anything over this into the 3rd purse to save up and spend as you choose

    Mothership's 2nd Purse system - check out these posts

    Please read the two posts for the weekly shop example to get a good idea how Mothership has managed to cut her weekly grocery shop using the 2nd purse system
    Motherships typical weekly shop example post 1
    Motherships typical weekly shop example post 2

    My other purse
    Purse/Bank
    tip 1
    2nd Purse
    Bogofs etc
    more info

    Useful Links
    Grabbits board
    Food Shopping & Groceries
    Shop but don't drop
    Donald Russell for bulk meat (links to motherships post) - free delivery code = win12e1530
    Camelcamelcamel to check for price fluctuations in the rainforest
    mysupermarket to check the big 5 for prices
    Just Linen discount excellent quality bedding
    When updating your amounts please put it BIG AND BOLD so I can spot it on the thread. If you spot a bargain please also put this at the bottom of your post big and bold and I'll add it to post #4.
    When giving a total please also include your number. For example:
    #001 31.54/242.79
    Last edited by kerri_dfw; 22-03-2012 at 9:45 AM.
    Diary: Getting back on track for 2013 and beyond
    DEBT FREE 13-10-13
    Beautiful daughter born 11.1.14
    Mortgage: 399,435.91 395679.52
    Deposit loan from Dad: 10000
Page 102
Welcome to our new Forum!

Our aim's to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,969Posts Today

6,331Users online

Martin's Twitter