Second Purse Challenge 2012

Mothership

lynn2302 wrote: »

Quick question, do you stop putting the £10 in the second purse when your float reaches £100?

Thanks for this fab thread, I cant wait to see my 3rd purse filling up :j

No you keep putting it in every month cash permitting. Anything over the £100 goes into the 3rd Purse for the items on your wish list.

I'm absolutely thrilled there are so many of you picking up the challenge. I was hoping someone would like the idea enough to try it and I wanted to start a new thread but didn't know how, thank you again Kerri.

I can promise you all this... If you can stick with it , you will never run out of anything, never be skint , and afford to buy whatever you want whenever you want it.

Remember your not increasing your budget, just making every penny you have work harder. If you can combine this challenge with the GC and meal planning, you will find a big difference in your standard of living. For years I was brainwashed by SM buying things THEY wanted me to buy frittering away thousands of pounds on ready meals and things I didn't need. Never again, I think the recession and the credit crunch has given me the shake I needed to change my ways, the 2nd Purse and this site will provide you with all the means and the support you need to survive in these hard times. Power to all of you budgets large and small. I am Sooooo proud of you!

My husband used to think I was nuts, now he helps me, taking me to wherever the offers are, he laughs at me a lot. I don't ALWAYS get it right (See my How not to make marmalade). He was gobsmaked when I managed to turn reduced double cream into butter, but he's said many a time if I start keeping chickens or pigs he will put his foot down and make me stop, as if I could, I've been doing this so long now I don't think I could ever stop.

Good luck with your challenge all of you!

SueP19

mumwithamission wrote: »

Hi everyone please can I join? I started the second purse earlier this month (thank you Mothership) and like others took sometime to get my head round it. Set it up with extra money to start with - like dreamerbea - and had lots of stock already, which I've added to my 'loft shop'. Can't quite get my head around buying stuff back at full price, still seems too much to take out of my grocery budget (perhaps I'll have DFW312's lightbulb moment eventually ). Anyway - splitting the difference between what I bought goods for and their full price seems to be working OK.

Whole family think I'm nuts, and I'm up and down the loft ladder like a circus act. A few friends at work are showing some interest - well why wouldn't anyone be interested if it saves money?!

Bagged some bargains in B**ts yesterday Kerri - half price TAMPAX and ALWAYS ultra - sorry haven't got details to hand. Have enough till I hit the menopause now :rotfl:(DH reckons (sods law) that it'll start now!)

So pleased that there's a whole thread devoted to this now - thank you Kerri.

kerri_dfw wrote: »

Welcome, welcome one and all :-) just going for a shower then I'll update the first page :-)
I'm a mooncup girl, so will put money away in the purse for the money that saves, although sometimes I do switch to towels if it's a bit uncomfortable. I understand it's not for everyone as well. Just looked into switching from shampoo to bicarb, so will give that a go as my shampoo costs £15 a bottle :-/ saving will go in the pot too

mumwithamission wrote: »

After losing 3 down the loo I gave up on them - loved the idea though!

:rotfl::rotfl: I have an injection every 12 weeks, haven't seen a dreaded monthly for 14 years (pmt goes as well).................bliss, just think of the money I have saved

WelshDreamer_2

OOOOOOOOOO can I join ya merry dance please, ive finally stuck to a grocery challenge all month, have decided to meal plan and this just fits hand in hand really my first treat im going to aim for is carpet for my hallway im sick of cold feet on the wood so thats £0/£150 for me please although my wishlist changes daily lol

Mothership

Went to S********S and M&S got.


S********S
3 Pledge Furniture Polish @ £1.00 each £3.00 normally £1.30 each .90p profit for 2nd Purse

2 Kellogs Fruit n Fibre @ £1.24 ea normally £2.48 ea
£2.48 profit for 2nd Purse.

M&S
2 packs of Chicken Burgers £3 for 1 on offer @ 2 for £4
normally £3.00 each
£2.00 profit for 2nd Purse



Total Spend £10.28

Total profit for 2nd Purse £5.38


For eg;

If I use 1 of each item this month I will pay back £6.78 to 2nd Purse

So when you add Jan £10 + the £6.78 I would have £16.78 in the 2nd Purse to buy more stock.


So for eg If I'm lucky enough to find say £10 worth of B1G1F perhaps 3 different items at £1 each and I use 1 of each of them, I would owe the 2nd Purse £3

Come Feb when you add your £10 + the £3 you owe for the B1G1F items to the £16.78 already in the purse I would have £29.78 in the 2nd Purse.

As the months pass the money in the purse will grow quickly so will your stock, which means in real terms you wont have to buy any of the items you already have in stock, so it will FREE up whatever you have in your 1st Purse for your normal weekly shop giving you MORE money to spend than you would normally have, so you will easily be able to pay back the 2nd Purse.
As long as you don't buy more than you normally do in your weekly shop it will work. I made the mistake of doing that and ended up buying more than I needed. The GC soon got me back on track.

So before you go shopping you take the items you need from your own store so you wont have to buy them this time at the SM. All the while you keep your eyes peeled for MORE bargains as remember you now have nearly £30 in your 2nd Purse for that.

I hope this explains it better for those who haven't quite grasped how the 2nd Purse works.

kerri_dfw

Welcome new people and good morning to everyone. I've updated the front page. Does anyone know which thread it is that states the day the supermarkets change their prices? I know they're all different, but I wanted to be able to go onto their websites and pull off this weeks deals on the relevant day for you all

I've bought a tin of beans from myself this morning so that's £0.64 into the 2nd purse. I've also spotted the which? deal for £1 subscription for £15 j0hn lewis vouchers which I'm going to take them up on using my 2nd purse funds. When I use the £15 I'll pay the 2nd purse for it, similarly to how I paid my 2nd purse for the theatre tickets on Friday.

HelenPie

One more question (hopefully that will be it!! :rotfl:)

When do you count the money into your grocery budget? When you pay your £10 across? When you spend from 2nd purse? Or when you pay to second purse for 'purchases'? IYSWIM....

I have a full spending diary to account for every penny and I'm not quite sure how to treat the spends and when. I think what works best for me is if I include it when I spend from second purse to build stock and then just treat the payments to second purse (whether 'purchases' or deposits) as transfers/savings. Just curious what others do?

Thanks

H x

kerri_dfw

Hi helenpie,
The way I do it is to record on the spreadsheet when I buy something for stockpile using the 2nd purse money. Then, like today, when I took a tin of beans out of the stockpile I added 64p to my grocery challenge amount and recorded the money into the 2nd purse. I'm budgeting the £10 a month outside of my grocery budget, so it's similar to gym membership or a household bill that's paid monthly.
Hope that makes sense.

SueP19

kerri_dfw wrote: »

Welcome new people and good morning to everyone. I've updated the front page. Does anyone know which thread it is that states the day the supermarkets change their prices? I know they're all different, but I wanted to be able to go onto their websites and pull off this weeks deals on the relevant day for you all

I've bought a tin of beans from myself this morning so that's £0.64 into the 2nd purse. I've also spotted the which? deal for £1 subscription for £15 j0hn lewis vouchers which I'm going to take them up on using my 2nd purse funds. When I use the £15 I'll pay the 2nd purse for it, similarly to how I paid my 2nd purse for the theatre tickets on Friday.

https://forums.moneysavingexpert.com/discussion/3703791
It's post 13

kerri_dfw

SueP19 wrote: »

https://forums.moneysavingexpert.com/discussion/3703791
It's post 13

Thank you, I knew I'd spotted it somewhere around there. Updated the front page now and will have a look tonight for who has what offers so that we can all keep informed. I won't be adding anything about coupons though just so everyone is aware of that

rachbc

mumwithamission wrote: »

Hi everyone . Can't quite get my head around buying stuff back at full price, still seems too much to take out of my grocery budget (perhaps I'll have DFW312's lightbulb moment eventually ).

This is the bit I don't get - If I do this I can see my first purse/ grocerries budget for the month running out of money as I am using it to 'buy' stuff from myslef at a price I would never really paying the shop. For example beans at 65p for a single can - I would never buy a single can of beans - I would always buy a multi pack.

It all just seems complicated but that could be me! Surely an easier way of doing it is just to put the money you 'save' buying in bulk asiade when you buy - so beans are usually £1.80 for 4 but on offer at £1 - -buy 10 and put £8 in a savings pot?