For school I have a large tote that I use that holds my planner, reading books, textbooks, notebooks, etc. I also bring a small, inexpensive purse that holds everything else I need. I usually leave the smaller purse in my hall locker since it won't fit in my tote.
Most girls here carry a large tote or backpack with their purse during school. I don't carry either way, but what I don't get is carrying three purses/totes (which I've seen a few do).