Second Purse Challenge Thread #2

AlwaysHappy

I'm still here - I don't think I ever won't do this now, its become a habit. This weekend I used the morries voucher to save £5 off £10 of meat so immediately saved that £5, but also, bought meat which was on multisave offer with the purse, and then when I buy this back I will pay slightly more than I bought it for, but slightly less than I would have paid at the supermarket - happy days.

skilly

Hi all , I am still doing this not update total for a well in sig, I did do a stock update of all my cupboards & freezers in my little book so now I am back in to it again .no money in 3rd purse as I am looking for a chest freezer just waiting for a good deal to come up .

EstherH

Hi Skilly, AlwaysHappy and JackieO. JackieO it's nice to see you here. I always enjoy your posts and I always remember your description of an OS day out your had with your grandchildren to the seaside a couple(?) of years ago. Could be more than that now as time flies. I think you budget marvellously and really if that is working for you and it obviously is, then that is great.

Anyway, I've just added another £25 to my third purse. I have been using stuff out of my freezer and remembering to pay myself for it this week. Also trying to keep a closer eye on what is being used by other members of my family.

Esther x

moments_of_sanity

At the risk of making myself look really dumb I have a couple of questions if you don't mind?

I have read, reread and read again and 'think' I have finally got my head around it, but, can you just clarify a couple of things for me please.

1. Am I only 'buying' back items I get on offer, for example, today I bought 4 tins of chopped tomatoes for £1.00 in Morries. They normally sell for £0.38p and as I don't have a second purse system this came out of my normal food budget. So, if I were to use this system would I 'pay' the 2nd purse £0.38p every time I used 1 tin of tomatoes?

2. Is the £10 I put in the 2nd purse purely for stock cupboard items, I am not meant to be buying everything off myself am I?

Sorry, don't seem to be able to wrap my head around this!

mountainofdebt

With regards to the 2nd question I assume it means that using your example of tinned tomatoes, you take the £1 cost out of the tinned tomatoes so you have a stock worth £1.52 (4 x 38p) plus £9 float.

As you use the tomatoes you put 25p into the float and the 13p into the savings jar so your float when you've used all the tins is back at £10 but your savings jar is now 52p richer.


Personally I would find that confusing so I'm just going to put £1.52 into the float - so my float would become the savings/float purse.

Is this a correct understanding of the procedure?

I think from reading the other posts you can adapt this to what works for you. For example I bought some cans of that heinz tomato with chilli soup that is normally £1+ for a tin but which was half price. As this means it was still less than the multi save price for normal heinz soups I'm going to put in the mutli save price for normal soups as opposed to its normal price as I would never buy it at its normal price anyway - does that make sense?

btw do people mark up the prices of the stuff they've bought as I would never remember the price paid otherwise!

moments_of_sanity

mountainofdebt wrote: »

With regards to the 2nd question I assume it means that using your example of tinned tomatoes, you take the £1 cost out of the tinned tomatoes so you have a stock worth £1.52 (4 x 38p) plus £9 float.

As you use the tomatoes you put 25p into the float and the 13p into the savings jar so your float when you've used all the tins is back at £10 but your savings jar is now 52p richer.


Personally I would find that confusing so I'm just going to put £1.56 into the float - so my float would become the savings/float purse.

Is this a correct understanding of the procedure?

I think from reading the other posts you can adapt this to what works for you. For example I bought some cans of that heinz tomato with chilli soup that is normally £1+ for a tin but which was half price. As this means it was still less than the multi save price for normal heinz soups I'm going to put in the mutli save price for normal soups as opposed to its normal price as I would never buy it at its normal price anyway - does that make sense?

btw do people mark up the prices of the stuff they've bought as I would never remember the price paid otherwise!

Thank you Mountainofdebt, that does make it clearer

AlwaysHappy

Sounds as if you've got the hang of it!! I think you can do what you want with the system - its yours and can be tweaked to fit. I bought some toiletries for example on 3 for 2, but will buy them back at a little more than I paid, but a little less than they would have cost normally iyswim. All spare to the pot.

mountainofdebt

AlwaysHappy wrote: »

Sounds as if you've got the hang of it!! I think you can do what you want with the system - its yours and can be tweaked to fit. I bought some toiletries for example on 3 for 2, but will buy them back at a little more than I paid, but a little less than they would have cost normally iyswim. All spare to the pot.

Thank goodness I was right in my explanation - I wouldn't want to confuse anyone !

Do you mark up your stuff with the 'buy back' price? If you don't how do you know what to put back in the float?

EstherH

Hi, started to answer last night and then got distracted.

With the tomatoes I would put the full price for them back in the pot each time I used a tin. Then when all four have gone, if you haven't bought anything else and had started with £10, you would have £10.56 in the pot. Of course the idea is to buy other bargains and treat in the same way. Your float (second purse) will grow the more you buy and use your bargains.

I don't mark anything up but I have a Pretty good idea of what things cost or what I want to pay for them. If you find that will help, then do that. As someone said, it is very flexible.

It's nice to see people contributing.

Esther x

AlwaysHappy

I keep an excel document so when I buy the stuff I write it down with the buying price and then the price to sell it back and then I know how much "stock" I have.
Thank goodness my oh set it up _ I'm a computer illiterate but I'd be lost without it.