Second Purse Challenge Thread #2

EstherH

Hi Coxy, Esther's Bagels for me please. I have £17 in the box where I have been putting my £1's but very tempted to take it out to buy fresh stuff as I now have no money left in my grocery budget for the rest of the month. However, I have decided that I will just have to go over on my grocery budget as I can see that in the long run this should help. I think I have enough in to get me to next Friday now. Is changing to a cheaper brand and then buying it back at the higher brands price what you do? I have been buying Alds cereal at £.88 for 750g instead of Mr T's at £1.49 per kg for a good while now. Just done a quick price check on T's site and they are now £1.95 and their basic range is £.88 but I don't think hubby would eat them though we do have lots of basics. Sorry Im waffling on. Esther x

Always_after_a_bargin

Hi, I have started this week after spending a week reading this whole thread and trying to get the hang of it. I did not have to do a normal shop this week as had enough in to stretch till next weekend so grocery budget ain't been touched apart from having to buy apples and bread this morning, I did however take out twenty pound to start up my second purse, grocery budget is 60 pound a week and 20 pound weekly in the second purse.

I have been very sensible over the last few months with the food shopping, by meal planning, searching my supermarket, going to different shops on a Saturday buying my items where it's cheapest and only then going shopping when everything has been used up. My food shop never goes over 300 a month and this includes our treats, we have now build up quite a bit of savings in our bank because of it. However what I want to do is build up a second purse so I can save for household items which means I won't have to touch money that's in the bank.

So my plan is to add 60 pound to grocery budget and 20 pound to second purse weekly. I can comfortably to do this. My weekly shop has been around the fifty to sixty pound a week so means the extra will go towards stock and I can build up savings quicker reducing then the need to use grocery budget for items.

I bought this week out of my twenty pound 3 x douwe egberts coffee. 2 x reyvita snack bites at a pound each at home bargins to use for oldest daughter packed lunch, they are 2.25 in tesco at the moment and a pack of fruit stars for 89p which are 1.89 at tesco at the moment. I added this as
12.76 out of purse. Stock value 26.16. Grocery budget will of been unused apart from apples and bread so will pay back the purse on Friday when I go to the bank and do a new shop. Hope I have done that right.

I have a pot of dreams money Jar which holds 1000 in 2 pound coins so plan to use it to buy a kitchen aid artisan and some new garden furniture next year. Expensive items but can't justify them to take out of our bank Savings. Sorry if I have made a mistake with amounts but still trying to get my head around it.

boultdj

alibo100 wrote: »

Hi Coxy, thanks so much!
What do you mean name your shop? Please put my name up there I am saving to pay off some debts

By the way, how do I put my totals in my profile like eveyone else?

Go to the quick link button on the green bar,click it and a list comes down, go to the edit signature line and click it.hth

By shop name they mean your extra stock storage area, seeing as you 'buy' it back from yourself.

EstherH

I have just had a quick look and I have approx £31 stock. So:

2nd Purse - £17.00
Stock Value - £31.00

alibo100

ok so not sure I am doing this right. I need some Newbie assistance

I had £35 in my second purse and added £10 from the remains of my weekly shop so that was £45 but I've been on a bit of a Tesco's 1/2 price splurge and now I only have about £8 in my second purse but £71 worth of stock.

But now I don't have much in my second purse!

Also I don't quite understand the buy back bit, some of the stocks true Tesco price I would never pay for anyway as I shop in Aldi, so paying my second purse back would probably leave me short for my grocery shop money, so I was thinking I might but put leftover money from my weekly shop into my second purse. Am I thinking about it wrong?

Mothership

alibo100 wrote: »

ok so not sure I am doing this right. I need some Newbie assistance

I had £35 in my second purse and added £10 from the remains of my weekly shop so that was £45 but I've been on a bit of a Tesco's 1/2 price splurge and now I only have about £8 in my second purse but £71 worth of stock.

But now I don't have much in my second purse!

Also I don't quite understand the buy back bit, some of the stocks true Tesco price I would never pay for anyway as I shop in Aldi, so paying my second purse back would probably leave me short for my grocery shop money, so I was thinking I might but put leftover money from my weekly shop into my second purse. Am I thinking about it wrong?

There's no right or wrong way to do this. You can set a price for each item that suits you. As your stock builds you will need less money for your normal grocery shop. You buy what you need from what you have in your own stores before you go shopping (even if its the price you paid for it,) it will still work.
The plan is to buy items when you don't need them, when they are on offer, so you NEVER have to pay the full price when you do.

When your building your stock it works well if you concentrate on items you use a lot. I started with Tea, coffee, sugar, toilet rolls, soap, shampoo, pasta, rice etc. All non perishable items.
If you stock up early on with biscuits etc, you will find these 'get shoplifted' LOL.
If you don't need to buy items you have in stock you will need to spend less in your normal shop, and as you still have the money, you wont go short. As your stock builds , the money will shift from one purse to the other.
The point of having the 2nd purse is to have money to spend on offers. If you use the item a lot buy as many as you can afford. Check the use by dates on perishable items, and only buy what you know you will use. I usually buy in multiples of 3.

I recently bought 72 bottles of fairy washing up liquid, so wont need that for a while. And at the last count I have over 300 toilet rolls. And plan to buy more next week while they are on offer at Makro 40 rolls for £9.99. Not everyone has the space to store bulky items.

For a long time I only bought food items. Now I do it with everything.
I NEVER run out of ANYTHING.
And I can go for long periods with only buying bread, milk, butter, veg and fruit, I usually spend around £10 per week on these items.
It took a long time to reach this happy place lol. But it feels good knowing that the profits that usually end up in the SM'kts pockets, are tucked away safely in one of my purses, or in stock.
Half the stuff we buy from them we don't really need. They have brainwashed us into thinking we do.

Good luck to you all with your purses xx

Billie-jo

Hello to the new people joining, not been here that long myself but am seeing the benefit of this already.

Just to update we are now at -

2ND PURSE £50/£50
3RD PURSE £32.50/£50
BANKED SO FAR £100
STOCK TOTAL £158.54

Tenyearstogo

Can I join in please? I love this idea. I've been planning on stock piling things for a while since I started being an old style money savers.

Today I cleared two shelves in my kitchen cupboards. I'm going to try and use £10 per week into the purse and do it from my grocery budget.

I'm aiming for a chest freezer for my garage.

Tenyearstogo

I just want to check I've got it right...

I took £10 to the supermarket today and bought half price dish washer tabs and hand soaps. I spent £9.60 and have £19.20 worth of stock.

So i think that as I use it, I pay the money back into the second purse as well as adding the £10 weekly (that's my chosen amount). Is that right?

Mothership

Yes thats a good start. You will build up a stock really quick with £10 per week. Good Luck!