Second Purse Challenge Thread #2

Angel_Rachie

EstherH wrote: »

HI ANGEL-RACHIE, If you look at the first page there is a good explanation of how this works. However, I'll try and explain how I started as I had stock already too.

So, I use a box as my second purse (the first purse is your normal grocery money), and to get me started, every time I used something from my stock I put the money it would normally cost in the box. So for a box of bran flakes I put in £1.50, and a tin of tuna I put in £1. When you have got a few pounds in the second purse you have money to start buying bargains for your stock.
Some people start off by putting in £10 or some other amount, to get started. I can't actually remember whether I did that as well or not. The idea is that the second purse is the money you use to buy your bargains and then when you use whatever you have bought you pay your second purse back from your first purse (grocery money).
Once you get into it, the money in your second purse grows and when you have enough in there to keep you going with being able to buy bargains whenever you find them, then you can start to transfer any money in excess of this to your third purse. Some people set this level at £50, mine is £100.
The money in your third purse is yours to use in whatever way you want.
Mine is savings for Christmas.

I think I have probably confused you even more now, but I do think it is a great system and it means that once you get started you always have money to buy things when they are on offer/a bargain, and as long as you don't mind putting a larger amount into your second purse when you use the product, you will soon start to make a profit. HTH. Esther x

ty for your reply. I am still a bit confused. What is the 3rd purse for then??

So the 2nd purse, that is for money to pay back for products which i have bought in bulk right?? I think this may take some getting used to.

Coxy11

Hi everyone,

Sorry I haven't posted in ages

It's a new month so £20 going into 2nd purse. Totals are now:

2nd purse: £50
3rd purse: £42.47
Stock total:£136.40

Angel_Rachie - the 3rd purse is to save up for your 'luxury' item. In the past year I have purchased a KitchenAid mixer, ski wear for the family (5 of us), some charms for my Nomination bracelet, DDs secondary school uniform, and paid the deposit for a weekend away next year (£150).

The system really works if you stick with it. If you want to be added to the list, please let me know the name of your 'shop' and what you are saving up for.

Coxy

EstherH

Hi ANGEL_RACHIE, sorry I haven't been on here for a while.

Coxy has answered your question about third purse, but as I said in my post, I save any money over £100 that is in my second purse towards Christmas.

Today I have just had a count up and have transferred another £32 over to my third purse so that is £87 since I started this challenge about five months ago that I wouldn't have had. I shall go and update my signature.

Esther x

EstherH

Hi ANGEL_RACHIE, sorry I haven't been on here for a while.

Coxy has answered your question about third purse, but as I said in my post, I save any money over £100 that is in my second purse towards Christmas.

Today I have just had a count up and have transferred another £32 over to my third purse so that is £87 since I started this challenge about five months ago that I wouldn't have had. I shall go and update my signature.

Esther x

alibo100

Hi All,
How are you all getting on? Finally given in and changed my tactics. Before I was just putting my leftover grocery money in my second purse. I realised I was not msking much headway so have decided to buy from my stores likes you guys. First week this week so i'll see how it goes.
Update is:
2nd purse £31/£50
3rd purse £64/£100
Second purse looking healthier already!

alibo100

I completed my stock take last night - It took me 3 days!! And the value is a whopping £302!! (groceries and essential toiletries) :j Also you will be very pleased with me...I have put it all on a spread sheet, something I wouldn't do before!

But I've only managed to save £64 in my 3rd purse since about July. I think my new way of actually paying my purse for the items taken out will help (rather than just putting left over grocery money in the purse), and maybe I need to use more of the stock in my weekly menu planning. Also my mum brings around food and groceries sometimes so I've decided if she brings cooked food and it saves me making dinner I will pay my purse £5 if its half a dinner (sometimes she just brings meat) its £2.50. And if its groceries I will put it in my stores if I would have bought it anyway and pay my purse for them as I use them. If its stuff I wouldn't ever buy but eat up anyway I will leave it. I get a delivery like this about once a month which really helps!! Thanks mum!! :heartsmil:heartsmil

Do you think I'm right? What do you ladies think? I am trying to tweak my method as I don't seem to be getting anywhere fast!! Got 5 mouths to feed :T

EstherH

Hi Ali, I think £64 in your third purse since July is good. I have £87 since about May and I am really pleased with that as it is £87 I wouldn't have had otherwise, it would just have been frittered away. But I do think that buying back from yourself will probably work better. Also I agree with what you have said about the things your mum brings round. I sometimes do that if I am given something. Especially the stock things. I intend to with other things like meals but very often forget. Really, it's what works for you that matters. Definately plan your meals around your stock. It's no good having it there and not using it. The idea is to buy from yourself so that you don't have to pay full price at the supermarket. So plan your meals round what you have in and buy offers to restock. HTH. Esther x

alibo100

EstherH wrote: »

Hi Ali, I think £64 in your third purse since July is good. I have £87 since about May and I am really pleased with that as it is £87 I wouldn't have had otherwise, it would just have been frittered away. But I do think that buying back from yourself will probably work better. Also I agree with what you have said about the things your mum brings round. I sometimes do that if I am given something. Especially the stock things. I intend to with other things like meals but very often forget. Really, it's what works for you that matters. Definately plan your meals around your stock. It's no good having it there and not using it. The idea is to buy from yourself so that you don't have to pay full price at the supermarket. So plan your meals round what you have in and buy offers to restock. HTH. Esther x

Thanks Esther, you are right, I think I've been feeling a bit like I havent been getting anywhere because I haven't paid anything in to my third purse for at least 6 weeks or more.

I seem to recall that we started at about the same time? So our totals are not too far apart. Hoping that having everything written down will help with meal planning.

By the way i've noticed that some people put a certain amount in of say £10 or £20 each month. Do you do this? I might start to do that....if I can find the extra

EstherH

Hi Ali, yes we did start about the same time. I went back through the thread yesterday to check when I started after reading your post. There were quite a few people then but it really seems to have dropped off.

The way I see it is that every bit saved is a bonus but it's like anything else, if you don't see it mounting up, you start to get discouraged.

I don't put money in each month. I started by using up existing stock that I had here and paying into my second purse for that. When I had a few pounds then I bought some more. It soon got going. However, I don't always take the money out of my second purse when I buy more stock. It depends whether I have enough money left to need it or not. So I suppose it is the same sort of thing.

My problem is that I haven't kept a record of how much my stock is worth. But it doesn't really matter as long as I keep paying myself when I use it.

Try to buy things that you use often, that way you will get things moving faster. If you only have things in stock that you aren't going to be using for another three months, you won't have anything to pay yourself.

I have only just got round to opening a pack of dishwasher tabs that I bought when I started, but as I have other things that I use as soon almost as I get them then that's ok. At least I had them in as I didn't even know the other pack had run out - not my department to sort dishwasher lol, but wish they would say when something is getting low. However, it didnt matter as we had the box already there. Which is the beauty of the system, otherwise, we would have had no clean dishes when we got up this morning and had to buy whatever we could at the supermarket today. At whatever price it is today. Sorry I have rambled on.

Esther x

EstherH

Hi Ali, yes we did start about the same time. I went back through the thread yesterday to check when I started after reading your post. There were quite a few people then but it really seems to have dropped off.

The way I see it is that every bit saved is a bonus but it's like anything else, if you don't see it mounting up, you start to get discouraged.

I don't put money in each month. I started by using up existing stock that I had here and paying into my second purse for that. When I had a few pounds then I bought some more. It soon got going. However, I don't always take the money out of my second purse when I buy more stock. It depends whether I have enough money left to need it or not. So I suppose it is the same sort of thing.

My problem is that I haven't kept a record of how much my stock is worth. But it doesn't really matter as long as I keep paying myself when I use it.

Try to buy things that you use often, that way you will get things moving faster. If you only have things in stock that you aren't going to be using for another three months, you won't have anything to pay yourself.

I have only just got round to opening a pack of dishwasher tabs that I bought when I started, but as I have other things that I use as soon almost as I get them then that's ok. At least I had them in as I didn't even know the other pack had run out - not my department to sort dishwasher lol, but wish they would say when something is getting low. However, it didnt matter as we had the box already there. Which is the beauty of the system, otherwise, we would have had no clean dishes when we got up this morning and had to buy whatever we could at the supermarket today. At whatever price it is today. Sorry I have rambled on.

Esther x