The Three Purse system - Help please?

Cullumpster

Ahh i see now.

Going to have to try this then as i only have one account :eek: all of my money comes in from my wages and then goes out again the very same day because of my DD's.

Might stat up another account for them, it it a hassle to change all of your bank details etc or do you just inform your bank, sorry i'm a beginer at this sort of stuff.

Mrs_Thrift

I've just got to ask - do you all actually have 3 purses? I had assumed it was a figure of speech and you just kept an eye on what cash was for what purpose, but now I'm not so sure. I have enough junk stuffed into my huge handbag already, without confusing myself any more with more purses!

mink35

Cullumpster wrote:

Ahh i see now.

Going to have to try this then as i only have one account :eek: all of my money comes in from my wages and then goes out again the very same day because of my DD's.

Might stat up another account for them, it it a hassle to change all of your bank details etc or do you just inform your bank, sorry i'm a beginer at this sort of stuff.

Cullumpster - if you want to do this it might be easier to open another account for your wages to go in rather than changing all the DDs. Work out total cost of these and set up one transfer from your 'wages' account. Just make sure that your bank will credit to the new account on the same day or your DDs will 'bounce'!

mink35

Ms_Thrift wrote:

I've just got to ask - do you all actually have 3 purses? I had assumed it was a figure of speech and you just kept an eye on what cash was for what purpose, but now I'm not so sure. I have enough junk stuffed into my huge handbag already, without confusing myself any more with more purses!

I don't but don't know about other people. Some people really do need to keep everything separate in cash so avoid the temptation of debit cards, lol! (I used to have to but restricting myself now and being strong )

If you want to use cash only could you have it in different parts of your purse? Or only put the money in you need ie grocery. The rest could be in pots/purses/jars or whatever at home>.

Lillibet_2

I don't have 3 purses but one with hardly any cash in it! My money is divided up in another way though, I used to keep it all in one bank account & divide it up on paper with running totals against each budget. I would imagine you would need something, either purses, tins, money boxes, spreadsheet, whatever or you'd never keep track?

Mrs_Thrift

mink35 wrote:

If you want to use cash only could you have it in different parts of your purse? Or only put the money in you need ie grocery. The rest could be in pots/purses/jars or whatever at home>.

Thanks mink, but I already divide my money up using a spreadsheet and then use either cash or debit card, but I always know how much has come out of each virtual pot. I was just intrigued as to wether people did use 3 actual purses - just being nosey really, I suppose!

moggins

I think I'm really going to have to have 3 actual purses until I have the right system for me up and running and then I can probably relax a little.

I do have a spreadsheet which tells me how much is coming in and what is going out butI have no idea how to make any changes to it or keep it for a month to month usage. DH set it up but didn't bother explaining how it worked

Galtizz

Moggins have you see the Budgeting Spreadsheet thread?

I'm not sure if you can change it or not because I use one I designed. But this one was overseen by :money: so it must cover everything and it looks quite easy to use.

Katgoddess

Ms_Thrift wrote:

I've just got to ask - do you all actually have 3 purses? I had assumed it was a figure of speech and you just kept an eye on what cash was for what purpose, but now I'm not so sure. I have enough junk stuffed into my huge handbag already, without confusing myself any more with more purses!

What about keeping the money in separate envelopes/money bags in your purse. Save having 3 purses!

Curry_Queen

I find it easier to use MSMoney to keep track of all income/expense and use the categories/sub-categories to keep an eye on where the money goes (it also has a built-in budget you can adapt and use). This is where I also keep my Virtual PMS account and transfer savings into that from my current and cash accounts ad hoc. At the end of the month I'll then transfer the money for real in my bank accounts in a lump sum.

I only have one real current account and 3 savings accounts (2 combined Family 1st and a high interest online saver) but I disregard the balances on those, as they don't reflect PMS or pending bills, and just work from MSMoney instead.

Since the start of the monthly grocery challenges I've also started keeping a spreadsheet so I can breakdown and analyse household expenses even further and also record the savings I've made. I know it seems like I'm doubling up on the same type of system and I could probably just add further categories to MSMoney to do the same job, but I tend to get a bit obsessive and go OTT when I get my teeth into something