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Second Purse Challenge Thread #2

edited 30 November -1 at 1:00AM in Gone Off!
486 replies 79K views
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  • mossymossy Forumite
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    Happy Birthday Skilly ! :bdaycake:
    Saving for Disney again, oops why book one Disney holiday when you can book two!
    :starmod: Emergency Fund Savings - #148 - £10/£1000 1% :starmod:
    :xmastree:#083 SPC6 £63 - SPC7 £90 - SPC8 £63 - SPC9 £54 - SPC10 £26 - SPC12 £70 :xmastree:
  • skillyskilly Forumite
    902 posts
    Tenth Anniversary Mortgage-free Glee! Debt-free and Proud!
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    mossy wrote: »
    Happy Birthday Skilly ! :bdaycake:

    Thankyou :-)
    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
  • Coxy11Coxy11 Forumite
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    Happy Birthday for yesterday skilly - that sounds like my kind of birthday gift :D

    Have settled up with my purses:

    2nd purse now has £70 as I added my December £20 today.

    3rd purse now has £152.71 :j

    Might go to Co$tco week of the 10th as we are fast running out of loo roll plus I'd like to get some pop and beer for Christmas :D

    Might combine the trip with a visit to Decathlon to look at their ski wear ;)

    Have a good evening everyone
    Coxy
    Cross-stitch WIP: A Pair Tree by Susan Hillis Designs
    Crochet WIP: Dune blanket from Attic24
  • skillyskilly Forumite
    902 posts
    Tenth Anniversary Mortgage-free Glee! Debt-free and Proud!
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    Thank you for my birthday wishes .i have added up sales from skilly shop and it comes to £17.00 this week so far .
    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
  • SystemSystem
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    mossy wrote: »
    I am probably not the best person to try to explain this, but so that you don't feel like we're ignoring you, here goes... ;)

    Point 1:
    You have a 2nd purse which you set a budget for, say for example £50 or £100. And your aim is to get that purse (float) to that figure. I call it a float because this is money you use to buy bargains and so you always want money in there.

    When your 2nd purse goes over your set figure, the extra money goes in to a 3rd purse (aka money to save not spend) which you build up and use to buy something special.

    Point 2:
    Okay you say, but how to I get my 2nd purse to my figure (lets say £100).

    Firstly, each month you put an amount in to it, this helps to build up the kitty (float). With the money in your 2nd purse you buy bargains, buy one get one free, 3 for the price of 2, half price etc! You buy things you use, but instead of paying full price for them you wait until they're on offer at the supermarket and you buy a load and put them in a separate stock cupboard (i.e not in your normal cupboards).

    When you run out of said item, instead of going to the supermarket and having to pay them full price (how rude!!) you go to your own little stock cupboard and buy it back from yourself. Most people buy it back from themselves at full price. You pay yourself for the item from your normally grocery budget but put the money in to your second purse. It's then in there ready to be used to buy more bargains and so it goes on, or if you've reached your target amount then the surplus gets moved in to the 3rd purse.

    The idea basically is, you buy stuff you use when it's on offer at the supermarket, thus giving them less of your money. But when you buy it back from yourself you charge yourself the full price which fundamentally keeps the extra money in your own home rather than giving it to the supermarket. And eventually with the extra money saved and making it's way in to the 3rd purse you get to buy something nice with the money that would otherwise have gone to Mr T or one of his friends!

    People normally keep a spreadsheet (I think there's one on this thread somewhere to show you what it looks like) to keep track of what stock they have, how much they paid for it and how much they will charge themselves when they buy it back.

    I hope that helps although it's probably as clear as mud....:rotfl::D;)

    Actually mossy I think this is a good way of explaining it :)
    I wish I was organised enough to do it properly cos I don't want to water down mothership's original idea but I know my own limitations!
  • edited 3 December 2012 at 1:58PM
    leictinaleictina Forumite
    297 posts
    edited 3 December 2012 at 1:58PM
    Hi all

    Update at end of week 1 (2 Dec 2012)

    2nd purse = £18.69
    3rd purse = -£50.00 ("start up loan" to be paid back)
    Stock = £46.47
    Total = £15.16 (total profit!)

    Not too bad for my first week, i am only starting small as i don't have much storage space (one stack and store box in a cupboard!), i am adding £2 each week with a £30 float for my second purse and using my "store" for shampoo/conditioner/shower gel etc - can't wait to see how much "profit" i can make in a year.......
    LBM @ 01.01.12 TOTAL DEBT = £13301.77. LH number 320
    POAMAYC in 2013 #1 : £54.53/£10159.90
    1% challenge - 7% paid off.
    DFD @ 31.07.13 is April 2017 (45 months to go!)
  • Billie-joBillie-jo Forumite
    1.2K posts
    I have to pay my purse at the end of every day else would forget and also added Decembers £10.00 so its now looking like this -

    2nd Purse - £50.00/£50.00
    3rd Purse - £17.40/£50.00

    I think there is actually more stock than I first said but am not /can not get to it all but will hopefully do it early in the new year.
    MARCH £62.38/250
  • mossymossy Forumite
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    rosyq wrote: »
    Actually mossy I think this is a good way of explaining it :)
    I wish I was organised enough to do it properly cos I don't want to water down mothership's original idea but I know my own limitations!

    Thanks Rosyq :)

    I do know what you mean, but I can't bear to charge myself full price lol often because I don't have much money left in my grocery budget after the first few days!! :o However, putting a quid in my sealed pot every time I take something out of Mossy's Market will most likely end up in me saving more! :D :dance:
    Saving for Disney again, oops why book one Disney holiday when you can book two!
    :starmod: Emergency Fund Savings - #148 - £10/£1000 1% :starmod:
    :xmastree:#083 SPC6 £63 - SPC7 £90 - SPC8 £63 - SPC9 £54 - SPC10 £26 - SPC12 £70 :xmastree:
  • Coxy11Coxy11 Forumite
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    Helllooooo!

    Just on to settle up for this week. £28.55 going into 2nd purse for stock used - actually I hadn't totted up things like loo roll for a couple of weeks so the total is quite high because of that.

    2nd purse now at £88.06. Should be going to Co$tco on Monday so that balance will come in handy :D

    Good to see others doing well. Loving this system :D

    Coxy
    Cross-stitch WIP: A Pair Tree by Susan Hillis Designs
    Crochet WIP: Dune blanket from Attic24
  • skillyskilly Forumite
    902 posts
    Tenth Anniversary Mortgage-free Glee! Debt-free and Proud!
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    Hi all, just nipping in to update purse £10.20 ,next year ( 1st jan ;-) I think I am going to start using more from skilly shop and get my purse totals up and take stock of what I have in and only buy what I run out off .
    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
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