Second Purse Challenge Thread #2

Mothership

Hi Alwayshappy, I don't think you realise what a great place you are in right now ;-D

With that level of stock you should be able to get the balance of your purses up very quickly. You should make a list of what you need now, bread milk, fruit veg etc. And use your stores, plan your meals from what you have.
I put £3 in the 2nd purse for every meal I use from the freezer I pay it back when I get my grocery budget.

This is where you really see what the purses can do for you and your family.
My budget is £200 per month. I spend around £10 per week on perishables. So £40-£50 stays in my 1st Purse. At the end of the month I pay back what I owe to the 2nd Purse, transfer the balance in excess of £100 to the 3rd purse.

My purses are now separate bank accounts, with a switch card for my 1st purse and 2nd, the 3rd I keep untouched until I want to buy something. I transfer the money digitally.

Theres nothing to stop you from buying deals like those you got from Waitrose, but buy things you are going to eat within the use by dates, say 3 meals worth and use 4 from your freezer.

I have a separate drawer in the freezer for this weeks meals, It helps you to use things that you might forget about if its jam packed.

I remember the first time I went shopping and really didn't need a lot. It felt great, its even better than spending ;-D
Remember you will have everything you need and STILL have the money .

Go girl go you can do it. Good luck and power to you xx:D

AlwaysHappy

Aw thanks Mothership for those wise words, they really made me smile. I realise I am I a very fortunate position now (thanks to you and your system), so just need to find the balance.

moments_of_sanity

Hi to all who do the Second Purse Challenge.

I 'think' I have my head around this now.......

I listed everything I had bought at a cheaper price onto a spreadsheet and have done my stock check today ready to 'pay' myself the money back.....here is what I have used.

Tinned tomatoes x 3, bought for 25p, usual selling price 38p = £1.14
Dolmio sauce x 6, bought for £1, usual price £1.89 = £11.34
Cheese x 1, bought for £1.50, usual price £4.50 = £4.50
Beans x 2, bought for 28p, normal selling price = £0.56
T-bags x 4, bought for 27p, normal selling price = £1.08

So should the total amount being paid back into my second purse be £18.62 or do I split and put the money paid for the items (£9.89) into purse 2 and the money saved on buying cheaper items (£8.73) into my third purse?

Really sorry to sound so dim, just making sure I am doing it right as the system sounds fantastic.

EstherH

Hi MoS

This is what I do, you have to do what works best for you -

I started off with a few things already in my store cupboard and I used a 'spare' twenty or thirty pounds (can't remember exactly) to invest in some bargains. This helped to build up my store cupboard.

Then I started to buy back from my self out of my store cupboard. Whatever I bought back from my store cupboard I put the money for in a box - that is my second purse.

When the amount in there goes above £100 I transfer the excess over that amount to a tin - which is my third purse and is savings for Christmas.

You may want to have a much lower float than my £100. But this works for me as I can go to Costco and really spend with that amount.
HTH

Esther xx

moments_of_sanity

EstherH wrote: »

Hi MoS

This is what I do, you have to do what works best for you -

I started off with a few things already in my store cupboard and I used a 'spare' twenty or thirty pounds (can't remember exactly) to invest in some bargains. This helped to build up my store cupboard.

Then I started to buy back from my self out of my store cupboard. Whatever I bought back from my store cupboard I put the money for in a box - that is my second purse.

When the amount in there goes above £100 I transfer the excess over that amount to a tin - which is my third purse and is savings for Christmas.

You may want to have a much lower float than my £100. But this works for me as I can go to Costco and really spend with that amount.
HTH

Esther xx

Thank you Esther, your post is really helpful. I will put the £18.62 into my second purse along with the £10 I was going to add for September. I will be getting the Ald! Vouchers for this week and next so will also add the £10 savings from there too it.

I just need to go and hunt down the bargains for things that we will use

EstherH

MoS: Your very welcome.

You will be amazed at how it all adds up. Sometimes there don't seem to be any bargains to be had and other times there are loads. That's when it is good to have that float in your second purse.

Sometimes I get like AlwaysHappy and I'm buying stuff that I already have loads of. I have to remind myself that some bargains come round in cycles and that they will be on offer again before I use up all I have. Other times it is really good to just be able to go out and buy a good number of something because it is a really good offer.

Esther xx

EstherH

Just added a little more to my third purse. I now have over £400 saved from the beginning of the year. That will all help with Christmas.

I have the voucher for Aldi which I will use next week. I have managed to get away with just buying a few top up items and some fruit this week thanks to my 'shop' at home, but when I go to Aldi I will be stocking up on things like dishwasher tabs and cereal.

Esther xx

AlwaysHappy

Well done EstherH, it seems like the system is working for you too. I am "trying" to reduce my levels of stock a little in order to get some cash into savings, but having said that, if I see a really good offer I will stock up whilst I can. My oh says its fabulous never running out of anything, and I know it isn't costing me full price. He has stopped making fun of me and my shop!!

EstherH

It's good when they get on board isn't it ALWAYSHAPPY.

Start buying back off yourself the next couple of weeks and you will soon see the money adding up.
Esther xx

Miss_Moneysaver

Hi,


I am new to this board and have been reading the info on the 1st purse, 2nd purse thing. I still don't get it!
I don't see the difference between what you doing and buying BOGOF and making 2 meals out of it (saving that way). For example, I meal plan and do 2 weeks shopping at a time. I usually try to buy stuff on offer (1/2 price/BOGOF) and make meals around that. So, if I get a BOGOF for one meal I use the FREE meal for the 2nd week. Isn't this the same way of saving or am I missing something?
When you buy back stuff from yourself aren't you just paying for the item at full price rather than 1/2 price?