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Forum -> Household Management -> Finances
What is your approach?



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amother
OP


 

Post Fri, Sep 11 2020, 11:32 am
What is your approach to spending?

a) budget an amount and then buy what you can or want within that number?

b) Figure out what specifications you need and then get it for the most reasonable amount?

My husband and I are one of each Smile

Curious to hear others' approaches, how and why it works out for them their way.
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amother
Cobalt


 

Post Fri, Sep 11 2020, 11:34 am
B
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NotInNJMommy




 
 
    
 

Post Fri, Sep 11 2020, 11:40 am
B then checked by A...meaning I figure out what need/want and what that costs, and I check it against what I actually have/want to spend.
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GoodEnough




 
 
    
 

Post Fri, Sep 11 2020, 11:43 am
NotInNJMommy wrote:
B then checked by A...meaning I figure out what need/want and what that costs, and I check it against what I actually have/want to spend.


Same. Has worked well so far.
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amother
Seagreen


 

Post Fri, Sep 11 2020, 1:04 pm
We are B, but right now in life thank G-d we can be B and still be putting 40% of our income in the bank. Maybe later in life when we have more kids please G-d we will be A?
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amother
Bisque


 

Post Fri, Sep 11 2020, 1:42 pm
B. I should be A but we're more of B and Hashem helps.
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amother
Lawngreen


 

Post Fri, Sep 11 2020, 1:47 pm
My shitta is to save as much as possible and spend as little as possible. When I really need to buy something, of course I try to get the best price but B"H don't have to go to ridiculous lengths to do so. I wouldn't travel for two hours each way to get the same refrigerator for half price.
So I guess that's a B.
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amother
OP


 

Post Fri, Sep 11 2020, 3:13 pm
Neither option is spending beyond your means per se. Its just a different approach (not sure why I needed a hug).

Option A there is a freedom to spend up to the total budget amount. Maybe even getting more than one thing or getting an upgraded option if its still within budget.

Option B is to list your criteria and find the best price for it. If it comes in lower than budget, yay. (if its a bit above budget then ok it happens, this fits your needs).

some examples:
Budget $400 for a bar mitzva outfit. found one for $300, do you save yourself $100 or buy an accessory or something else for the bar mitzvah for $100?

Budget $300 for weekly shop, some things were on sale, do you buy yourself some extra treats or do you skip because you bought everything on your list that includes your planned special items or treats.

Budget $3000 for new beds. You research your requirements etc and find beds that fit your criteria for $2000, do you upgrade your choice for a pricier model because that one is $3000 or do you enjoy the savings?
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amother
OP


 

Post Fri, Sep 11 2020, 3:13 pm
deleted double post
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amother
Bronze


 

Post Fri, Sep 11 2020, 3:19 pm
Mostly B but occasionally if I get a really good price on something, I'll feel better allowiing myself an extra splurge cuz it's still within budget.
For example, we budgeted 1000-1200 for an annual family vacation. This year due to scheduling issues last minute it didn't work out. Instead we went away for an extended Shabbos which cost under 500. The next day when all kids were home and we would have been on our trip, I didnt feel bad spending 100 at an indoor attraction place to keep the kids occupied. Normally I don't spend that - we'd go to a park. But I still came in 4-600 under budget. Smile
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#BestBubby




 
 
    
 

Post Fri, Sep 11 2020, 3:50 pm
B. Try to get the lowest price possible.

I wouldn't spend what I saved by shopping around.
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TwinsMommy




 
 
    
 

Post Sat, Sep 12 2020, 11:50 pm
most definitely B
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