Forum Home» Food Shopping & Groceries» Gone Off!

Second Purse Challenge Thread #2

New Post Advanced Search

Second Purse Challenge Thread #2

edited 30 November -1 at 1:00AM in Gone Off!
486 replies 79K views
Coxy11Coxy11 Forumite
2.4K posts
Part of the Furniture 1,000 Posts Name Dropper
✭✭✭✭
edited 30 November -1 at 1:00AM in Gone Off!
Hi there,

This is a continuation of the thread that Kerri_dfw started at the beginning of 2012.

Please take some time to read how Mothership's second purse system works, and feel free to ask any questions you may have. We love to help :D

For those following the original thread if okay with you, shall we keep a track of our totals in our own signatures? I will list the original members in the next thread. Please let me know if you wish to be removed - thanks :A
Cross-stitch WIP: A Pair Tree by Susan Hillis Designs
Crochet WIP: Dune blanket from Attic24
«13456749

Replies

  • edited 17 May 2013 at 10:01PM
    Coxy11Coxy11 Forumite
    2.4K posts
    Part of the Furniture 1,000 Posts Name Dropper
    ✭✭✭✭
    edited 17 May 2013 at 10:01PM
    icon1.gifSecond Purse Challenge 2012
    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.
    Quote:
    Originally Posted by Mothershipviewpost.gif
    This is how the 2nd Purse works1st 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!

    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
    Cross-stitch WIP: A Pair Tree by Susan Hillis Designs
    Crochet WIP: Dune blanket from Attic24
  • edited 3 July 2013 at 4:46PM
    Coxy11Coxy11 Forumite
    2.4K posts
    Part of the Furniture 1,000 Posts Name Dropper
    ✭✭✭✭
    edited 3 July 2013 at 4:46PM
    List of participants and the items they've bought with their 3rd purse

    #005 Mothership :j| Suzie's Cafe
    #016 coxy11 :j | CAZCO | KitchenAid Candy Apple Red/Ski wear for the family/Nomination charms :D

    #061 Skilly :j
    #062 Mossy :j
    #068 dollydog :j|Dolly's Emporium| £200
    #069 Billie-jo :j
    #070 alibo100 :j
    #071 EstherH :j|Esther's Bagels|
    #072 Always after a bargin :j
    #073 Tenyearstogo :j|| Freezer
    #074 lottie3000 :j|Cherry Corner|
    #075 fuddle :j|The Cupboard Store| Bed
    #076 hollieinbloom :j|Helen's Hoard|
    #077 tattycath :j|Tatty's Shop|£500 for Christmas
    Cross-stitch WIP: A Pair Tree by Susan Hillis Designs
    Crochet WIP: Dune blanket from Attic24
  • redfoxredfox Forumite, Board Guide
    15.3K posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    I'll make this one a sticky now and move the old one to Gone Off.
    I'm a Board Guide on the Quick Grabbit, Food Shopping & Groceries and Shop but don't drop boards which means I volunteer to help get your forum questions answered and keep the forum running smoothly. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to [email protected] (it's not part of my role to deal with this) Any views are mine and not the official line of MoneySavingExpert.

  • skillyskilly Forumite
    902 posts
    Tenth Anniversary Mortgage-free Glee! Debt-free and Proud!
    ✭✭✭
    Hi ,coxy11 thanks for starting second purse no 2 .
    27 Sealed pot challenge 3£496/4£706.75/5 £376.74/6 £645.08/ 7 £861.34 /8 £786.90/9£610.49/10 £722.03 / 11? / gold star from sue :staradmin
  • AlwaysHappyAlwaysHappy Forumite
    1.5K posts
    Part of the Furniture 1,000 Posts Combo Breaker
    ✭✭✭
    Thanks for starting the new thread
    I'm not a failure if I don't make it, I'm a success because I :tried!
  • ej22ej22 Forumite
    47 posts
    Hi everyone,
    I think it has taken me the longest time to get my head around the second purse challenge, but I think I finally got it.lol

    I would like to invest 5 pounds per week, maybe 10.
    Do I write this into my signature myself and update it or do I have to tell somebody on here about it?
    Sorry, I am new.lol
    OD 0/1500
    CC 0/1300

    November 2015 challenge 56.83/200pounds
    emergency savings 0/1000
    Losing weight 0/40kg
  • Coxy11Coxy11 Forumite
    2.4K posts
    Part of the Furniture 1,000 Posts Name Dropper
    ✭✭✭✭
    Hello ej22 - not stalking you - honest :o

    If you want I can allocate you the next number on the list. Let me know what your 'shop' is called if you have a name for it hehe and what you will buy with your savings :D

    Coxy
    Cross-stitch WIP: A Pair Tree by Susan Hillis Designs
    Crochet WIP: Dune blanket from Attic24
  • ej22ej22 Forumite
    47 posts
    hi coxy, nice to see a familiar face.

    My shop would be called Ebs please and I am saving up for Butlins,
    thanks
    OD 0/1500
    CC 0/1300

    November 2015 challenge 56.83/200pounds
    emergency savings 0/1000
    Losing weight 0/40kg
  • MothershipMothership Forumite
    823 posts
    ✭✭✭
    just checking in :T
    1st Purse £114.19 Monthly GB
    2nd Purse ££100
    :rotfl::j:wave::j:rotfl:
    Fridge Freezer £300 3rd Purse /£290.94
  • SystemSystem
    177.8K posts
    10,000 Posts Name Dropper
    ✭✭✭✭✭✭
    Hi all, No56 checking in, thanks for continuing the thread Coxy11 :)
    Rosy x
This discussion has been closed.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support