Comments on: How to Opportunity Budget http://www.pfadvice.com/2008/04/18/how-to-opportunity-budget/ Bridging the gap between saving money and investing Sat, 05 Jul 2008 03:21:32 +0000 http://wordpress.org/?v=2.3.2 By: GaelicWench http://www.pfadvice.com/2008/04/18/how-to-opportunity-budget/#comment-290575 GaelicWench Wed, 23 Apr 2008 13:09:43 +0000 http://www.pfadvice.com/2008/04/18/how-to-opportunity-budget/#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.pfadvice.com/2008/04/18/how-to-opportunity-budget/#comment-287642 ThriftoRama Fri, 18 Apr 2008 20:12:46 +0000 http://www.pfadvice.com/2008/04/18/how-to-opportunity-budget/#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.pfadvice.com/2008/04/18/how-to-opportunity-budget/#comment-287519 A Marino Fri, 18 Apr 2008 17:05:11 +0000 http://www.pfadvice.com/2008/04/18/how-to-opportunity-budget/#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.pfadvice.com/2008/04/18/how-to-opportunity-budget/#comment-287473 Debbie M Fri, 18 Apr 2008 15:39:16 +0000 http://www.pfadvice.com/2008/04/18/how-to-opportunity-budget/#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.pfadvice.com/2008/04/18/how-to-opportunity-budget/#comment-287448 Kim Fri, 18 Apr 2008 14:24:42 +0000 http://www.pfadvice.com/2008/04/18/how-to-opportunity-budget/#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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