How to Opportunity Budget

not missing the deal

When setting up and running a household budget, the most important thing is that it works for you and your household. There are many good systems and practices that people may recommend, but the ultimate test of such a system is how and if it actually works in your personal finances.

My husband and I have developed a system of saving for large purchases that may be different from the average family’s way, but it works for us. The general advice I’ve heard for this is that once you figure out the purchase you want to make and figure out how much it will cost, then you should begin saving for that purchase and only once you have enough money for it, should you actually purcha


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7 Responses to How to Opportunity Budget

  1. Kim says:

    I think this is a great idea and will look into doing this myself.

  2. Debbie M says:

    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.

  3. A Marino says:

    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.

  4. ThriftoRama says:

    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!

  5. GaelicWench says:

    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.

  6. Oasdg says:

    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!

  7. Mark says:

    This is similar to my wife and I’s budgeting. I will however be making a couple changes after reading this. Nice.

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