Wish farm vs savings account

I don't quite understand how they are different. Seems to me, the wish farm is just a savings account with subcategories. Please explain.

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  • Categories and accounts are two separate things. A Wish Farm category is no different than any other category in your budget. It makes zero difference what account the money lives in. Tying an account balance to a category balance is meaningless busy work once you start spending based on category balances.

    So one reason to use a Wish Farm is to limit category bloat. Generally one might have 3 WF categories. Small, Medium, and Large. If you want a $2000 sofa you would save to the Large category but once you hit that $2000 you move reallocate to a general category like Home Decor and buy the sofa and use the Home Decor category for the purchase transaction. Meanwhile in your Large category you start saving up for the next thing. That way you don't have to hide categories. Along the way of saving up for the sofa, you can keep the money in any account because there is no way you will "accidentally" spend it if all spending is based on existing category balances.

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  • I use the wish farm for wants: (S) fancy boots (M) Nintendo Switch + games (L) rent an RV. My savings categories are for needs/things that are definitely in the horizon: IRAs, braces, computer replacement etc.

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    • WordTenor
    • I have the honor to be your obedient servant
    • WordTenor
    • 7 mths ago
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  • A wish farm defines the THINGS for which you're saving.  A savings account is merely WHERE you keep some of your money.

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