Comments on: How to Opportunity Budget http://www.savingadvice.com/blog/2008/04/18/102095_how-to-opportunity-budget.html Bridging the gap between saving money and investing Mon, 08 Sep 2008 16:13:27 +0000 http://wordpress.org/?v=2.6.1 By: Oasdg http://www.savingadvice.com/blog/2008/04/18/102095_how-to-opportunity-budget.html#comment-372582 Oasdg Fri, 25 Jul 2008 02:41:38 +0000 http://www.savingadvice.com/blog/2008/04/18/102095_how-to-opportunity-budget.html#comment-372582 I do the same thing. My husband and I learned very quickly when we got married that we have extremely different methods to managing our money. We've always maintained two savings accounts, one is the secure savings account that we don't touch and build on, the other is an account that dips up and down frequently. I'm a saver, and my husband is a spender. He knows that if there's money in the spending savings account that he can buy that new gadget or gizmo without my panicking. It's worked out great for us and saved us from many arguments I'm sure! I do the same thing. My husband and I learned very quickly when we got married that we have extremely different methods to managing our money. We’ve always maintained two savings accounts, one is the secure savings account that we don’t touch and build on, the other is an account that dips up and down frequently. I’m a saver, and my husband is a spender. He knows that if there’s money in the spending savings account that he can buy that new gadget or gizmo without my panicking. It’s worked out great for us and saved us from many arguments I’m sure!

]]> By: GaelicWench http://www.savingadvice.com/blog/2008/04/18/102095_how-to-opportunity-budget.html#comment-290575 GaelicWench Wed, 23 Apr 2008 13:09:43 +0000 http://www.savingadvice.com/blog/2008/04/18/102095_how-to-opportunity-budget.html#comment-290575 This is otherwise known as a Freedom Account. I use a Reward Checking Account and divide it into categories - furnishings, appliances, electronics, etc. I learned of the Freedom Account from Mary Hunt's "Debt-Proof Living." The reason why I choose a reward checking account is so I can also earn interest each month. A freedom account is a sure-fire way to keep oneself out of debt, too. If you want to use a rewards credit card for cash back, then just write a check from the account where the money is allocated to pay off the card. One definite method to the madness. This is otherwise known as a Freedom Account. I use a Reward Checking Account and divide it into categories - furnishings, appliances, electronics, etc. I learned of the Freedom Account from Mary Hunt’s “Debt-Proof Living.”

The reason why I choose a reward checking account is so I can also earn interest each month. A freedom account is a sure-fire way to keep oneself out of debt, too. If you want to use a rewards credit card for cash back, then just write a check from the account where the money is allocated to pay off the card.

One definite method to the madness.

]]> By: ThriftoRama http://www.savingadvice.com/blog/2008/04/18/102095_how-to-opportunity-budget.html#comment-287642 ThriftoRama Fri, 18 Apr 2008 20:12:46 +0000 http://www.savingadvice.com/blog/2008/04/18/102095_how-to-opportunity-budget.html#comment-287642 We do something similar, and it allowed us to save 35 percent off the cost of new energy star replacement windows for the entire house. That saved us a lot! We do something similar, and it allowed us to save 35 percent off the cost of new energy star replacement windows for the entire house. That saved us a lot!

]]> By: A Marino http://www.savingadvice.com/blog/2008/04/18/102095_how-to-opportunity-budget.html#comment-287519 A Marino Fri, 18 Apr 2008 17:05:11 +0000 http://www.savingadvice.com/blog/2008/04/18/102095_how-to-opportunity-budget.html#comment-287519 I do something simiiar to you except that I break down my different savings into certain categories as the above poster. I have a savings for electronics because eventually one of my conponents is going to go. I also have one for furniture replacement, house maintenance, vacations, holiday savings, gift giving and any particular savings need that comes up. I do like your idea of the what I would call a super fund where you will have enough money in case a good sale comes along. I do something simiiar to you except that I break down my different savings into certain categories as the above poster. I have a savings for electronics because eventually one of my conponents is going to go. I also have one for furniture replacement, house maintenance, vacations, holiday savings, gift giving and any particular savings need that comes up.

I do like your idea of the what I would call a super fund where you will have enough money in case a good sale comes along.

]]> By: Debbie M http://www.savingadvice.com/blog/2008/04/18/102095_how-to-opportunity-budget.html#comment-287473 Debbie M Fri, 18 Apr 2008 15:39:16 +0000 http://www.savingadvice.com/blog/2008/04/18/102095_how-to-opportunity-budget.html#comment-287473 I do this exact same thing, but I call it my long-term fun savings. Mine usually goes toward vacations but sometimes towards electronics or furniture. However, when I decided I wanted to remodel my house, I knew that this budget category wouldn't have enough money in it any time soon, so I started a new category for that. Thanks for your great hints about buying appliances, too. I'll be looking for a dishwasher soon, and I will copy your plan, collecting data for a while so I can recognize a really awesome price when I see it. I do this exact same thing, but I call it my long-term fun savings. Mine usually goes toward vacations but sometimes towards electronics or furniture.

However, when I decided I wanted to remodel my house, I knew that this budget category wouldn’t have enough money in it any time soon, so I started a new category for that.

Thanks for your great hints about buying appliances, too. I’ll be looking for a dishwasher soon, and I will copy your plan, collecting data for a while so I can recognize a really awesome price when I see it.

]]> By: Kim http://www.savingadvice.com/blog/2008/04/18/102095_how-to-opportunity-budget.html#comment-287448 Kim Fri, 18 Apr 2008 14:24:42 +0000 http://www.savingadvice.com/blog/2008/04/18/102095_how-to-opportunity-budget.html#comment-287448 I think this is a great idea and will look into doing this myself. I think this is a great idea and will look into doing this myself.

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