Wish List and Wish Farm--How Do you Do Yours & Where To Put Them?
So I was taking a workshop yesterday and Kelly brought up the "Wish Farm" in relation to a question I had, I guess I had heard it mentioned but never explained. She gave a quick overview and a link to the blog article and I love the idea, starting to populate my Wish List, so far nothing has moved to the "Wish Farm" and since I am looking at a new place to live and will have to furnish it from scratch that is taking all my "extra funds" currently.
So how do you choose what is your Small, Medium and Large item? Is there a certain dollar amount/percentage of monthly income that you use to determine which it is or do you use how long it will take to save up for it?
Where in your budget categories is do you place them? Currently, they are at the bottom of my list, just because I am not going to use them for a while. I know in the past when I was working on some long due projects on my truck that the "Horseless Carriage" category move up right under "The Daily Grind" and "The Same Ol' Same Ol'".
Hi Mister Ruff! I usually organize my wish category like this:
Small Wish: Under $150
Medium Wish: Under $850
Large Wish: Over $850
So far this has helped me keep my small wishes small enough that I can buy them within two pay checks if I have the funds and it keeps my medium wishes and larger wishes a bit more challenging. The medium and larger wishes usually have goal dates attached to them since I usually need them by a certain date.
My Wish Farm (Renamed "Strawberry Fields" for fun) is at the bottom of my budget since most of my funds are going towards debt and building up my buffer right now. Also my Wish Seeds (Renamed "Strawberry Seeds") is underneath my Wish Farm category. That is where all my crazy wishes go when I think of them. A new bike and a Maui weekend getaway trip are currently in my Wish Seeds category.
I hope this helps!!!
We've started doing this recently. In fact, we haven't actually bought anything yet. Our thresholds are much lower than those of others. For us, S < $75, M = $76 - $200, L > $200. We keep the small threshold for relatively inexpensive things we might like to have but that are truly discretionary. Having to budget money for them outside our monthly goals for other routine spending makes us consider whether we really need them.
Because the small goals are relatively small, we'll put 2 or 3 of the small ones in the wish farm, but limit the medium and large expenses to 1, each.
I just discovered this idea and I love it. My categories are roughly <$250, $250-$1000, >$1000.
I am saving aggressively for a down payment after my recent divorce, but can't buy for two years (I am self-employed and need 2 years of tax returns to get a mortgage, since I was only working part-time prior to the divorce).
With that goal in mind, I don't have a lot of extra in the budget, but it's kind of motivating to see those wishes and try to up my income or pinch a few extra pennies here and there to water those wishes.