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Second Purse Challenge 2012

edited 22 March 2012 at 10:45AM in Gone Off!
2.8K replies 240.9K views
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  • edited 20 January 2012 at 5:13PM
    cw18cw18 Forumite
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    edited 20 January 2012 at 5:13PM
    I'd like to join this as a push to use up stuff I already have stockpiled, but it'll mean my operating a slightly different system if that's OK?

    Over the last couple of years I've stock-piled sooooo much stuff (long life groceries and cleaning/toiletry items - I currently have enough toilet rolls to last until Feb 2014) that I've run out of space to store anything else alongside my other "junk" (which I'm also supposed to be working through as a major declutter exercise) and I live on my own in a 4 bed-detached house!

    So I've been making an effort this month to actually start using some of it up without replacing anything - and it's not been going badly. But I know from last year it won't be long before I find myself starting to refill spaces I make by using stuff up, and I think that reporting how much I've used on here may be just the motivation I need to use and not replace :T

    My grocery budget for the entire year is £1284, but I count anything I use from my stockpile against that (using the cost I actually paid if I know it, or the cost of the current closest alternative if I don't). So far in January (against a monthly budget of £108.50) I've deducted £78.64 from my grocery budget (purse 1) - £37.61 of which has been spent in shops (money I no longer have), and £41.03 is stuff I've "bought" from my stock-pile (so is effectively in purse 2). But, as I've tasked myself NOT to carry on stockpiling to the extent I have been, I'm moving all the money in purse 2 directly into purse 3 (ie. no funds outside of my standard monthly grocery budget to stock up on anything, which will hopefully mean there's no temptation to stock up on more of something that I can use within just a few weeks)

    My annual budget for cleaning/toiletries (also includes things like kitchen foil, greaseproof and freezer bags) is £72, and in January (against a monthly budget of £6.20) I've spent £4.57 of this - £2.58 in real shopss, ad £1.99 from my stockpile (so transferred to purse 2 and moved directly to purse 3).

    My aim for the year is to spend around half of my grocery budget on stockpiled items (around the £600 mark) and just over half of the toiletries/cleaning budget (£40)

    So my target for purse 3 over the year is £640, with the balance currently standing at £43.20 - making
    #009 - £43.20/£640

    And as to what I think it'll be spent on..... not really a want, but I'm finding that the more time I spend budgetting and being Frugal the less and less I 'want' ;)

    My integrated fridge/freezer (almost 10 years old) is begininng to play up, so I suspect it may need replacing soon :(
    A quick look at a couple of websites has just suggested I could be looking at a minimum of £500 for a new one - and that's if my elder son can get the step-dad of one of his friends (a trained electrician) to remove and install for free :eek:
    As I've no budget for replacing (or repairing) household appliances, this would have to come out of the savings I'm currently living off if it were to give now :o
    So I'm putting the cash to one side for replacing that (or any other major applicance that decides to give out on me first) :)
    Cheryl
  • kerri_dfwkerri_dfw Forumite
    4.6K posts
    Debt-free and Proud!
    of course cw18 everyone can do it whichever way they wish, there's no hard and fast rules whichever way works best for you :)
    Diary: Getting back on track for 2013 and beyond
    DEBT FREE 13-10-13 :dance::dance::dance::dance::dance:
    Beautiful daughter born 11.1.14
    Mortgage: [STRIKE]£399,435.91[/STRIKE] £377218.83
    Deposit loan from Dad: £9000[STRIKE]£10000[/STRIKE]
  • tifftiff Forumite
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    Savvy Shopper!
    I love this idea. I too am another one that has been living off so little that there is not a lot I want and when you're used to charity shopping and spending very little, a le creuset dish at full price seems so much money to spend. We do need a new oven, so any money saved will go towards that.

    I think I might get into a mess with actually transferring the money to the 2nd purse, so any tips or advice on that is welcome.
    “A budget is telling your money where to go instead of wondering where it went.” - Dave Ramsey
  • kerri_dfwkerri_dfw Forumite
    4.6K posts
    Debt-free and Proud!
    tiff wrote: »
    I love this idea. I too am another one that has been living off so little that there is not a lot I want and when you're used to charity shopping and spending very little, a le creuset dish at full price seems so much money to spend. We do need a new oven, so any money saved will go towards that.

    I think I might get into a mess with actually transferring the money to the 2nd purse, so any tips or advice on that is welcome.
    Think of it like your very own shop till.
    When you want to buy stock take money out of the till (2nd purse).
    When you buy something from your shop put money in the till (2nd purse)
    When you have over £100 in your till, take it out (like they do at supermarkets) and put it in a savings account (3rd purse)
    Diary: Getting back on track for 2013 and beyond
    DEBT FREE 13-10-13 :dance::dance::dance::dance::dance:
    Beautiful daughter born 11.1.14
    Mortgage: [STRIKE]£399,435.91[/STRIKE] £377218.83
    Deposit loan from Dad: £9000[STRIKE]£10000[/STRIKE]
  • artypawsartypaws Forumite
    1.9K posts
    Hello everyone - can I join the challenge please - I joined the Jan grocery challenge and set up a second purse a couple of weeks ago, but as I was new to using a 2nd purse I put £100 pounds into it as I was keen to start buying bargains when I saw them so I guess when I have enough in the purse I shall pay the £100 back into my savings account then my dream purchase will be either a food processor or an Artisan Kitchenaid I can't justify just spending money on one of these but if I can get the money by using 2nd purse system then that would be good (of course if some other more worthy item needed replacing then I would put my dream on hold).

    Off to look at the spreadsheet and set on up - hopefully once some figures are in there I will understand it a little better
  • SpiggleSpiggle Forumite
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    Hiya :wave:

    Not joining but wishing you all the best of luck with this.
    jakes-mum wrote: »
    ... ive just used up my stockpile of beans actually co-op had them on 2 packs of 4 for £3 and then some silly teenager brought out the packs that had 2 cans free . . . we helped ourselves to the entire crate :rotfl: that was back in august looool

    Funny you mention that jakes-mum, got the latest Co-op leaflet in front of me 18th Jan to 7th Feb offers 2 x four pack Heinz baked beeans for £3!

    Hope that helps someone and good luck with your challenge! :D

    All the best,
    Spigs
    Mortgage Free October 2013 :T
  • tifftiff Forumite
    6.6K posts
    Savvy Shopper!
    Just wanted to add that I need to start this from the 27th as that is pay day (first since 22nd Dec) and I am stony broke until then. Boooo lol
    “A budget is telling your money where to go instead of wondering where it went.” - Dave Ramsey
  • kerri_dfwkerri_dfw Forumite
    4.6K posts
    Debt-free and Proud!
    tiff wrote: »
    Just wanted to add that I need to start this from the 27th as that is pay day (first since 22nd Dec) and I am stony broke until then. Boooo lol
    You may start whenever you like :)

    Thanks Spiggle :)
    Diary: Getting back on track for 2013 and beyond
    DEBT FREE 13-10-13 :dance::dance::dance::dance::dance:
    Beautiful daughter born 11.1.14
    Mortgage: [STRIKE]£399,435.91[/STRIKE] £377218.83
    Deposit loan from Dad: £9000[STRIKE]£10000[/STRIKE]
  • tifftiff Forumite
    6.6K posts
    Savvy Shopper!
    I just posted this in the main forum but if it helps anyone, Morrisons today had tins of value tuna flakes for 33p.
    “A budget is telling your money where to go instead of wondering where it went.” - Dave Ramsey
  • Please can i join? I would like to save £120 for a hair makeover:)

    So for example if i bought 5 packs of canderel at half price i use my 2nd purse to buy them then transfer the savings to my third purse?
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