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Spot Budgeting

Definition: Spot Budgeting

Spot budgeting is a solution for people that have a hard time developing and sticking to an overall budget plan. If your finances allow you to spend without following a strict budget, this type of planning says it's OK not to direct how every penny will be spent.

Instead of calculating every little expense, spot budgeting entails choosing a few spending categories that you know can be trimmed and focusing on spending less in those areas. For example, you could choose to monitor your money in terms of your food budget, entertainment, and gas. Spot budgeting is flexible and makes it easy to change your monthly budgeting priorities without feeling like your whole plan is ruined.


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aimeeb aimeeb 6 years
I'm good at saving all around.
Marseeah Marseeah 7 years
I totally did this - without knowing what it was called - when I wanted to cut back on expenses because I knew I was at a point in my life where I would online shop without purpose (spending a year in a small town where I knew no one.). I carefully monitored how much I spent on clothes, shoes, and purses, and left everything else alone. What I did then made it easier for my husband and I to put a downpayment on a house last month.
ilanac13 ilanac13 7 years
well i think that this is a good way for newbies to look at it, if you're not as good at managing your budget or if you haven't really done it before. for myself - i try to do the overall picture since that's kind of how i factor my savings, but i think that if you're better with smaller groupings to limit yourself better then it makes sense to do it this way.
Spectra Spectra 7 years
I think this is a great idea, especially for people who really don't like the word "budget". Just like it's pretty tough to go from eating chips and Oreos to a strict vegan diet, it can be pretty tough to spending whatever you want to watching every cent. If you choose one thing to monitor each month, you can save money and not feel entirely deprived. Incidentally, this is sort of what my husband and I do...since he's in charge of the utility bill, he figures out how to save on that. I'm in charge of the food/household items budget, so I figure out how to minimize that figure each month.
beram1220 beram1220 7 years
I think this probably works best for most people. I like to think I can stick to a monthly budget but I end up using up all my money I budgeted and then living on Ramen and old DVDs for the rest of the month! (also getting paid once a month makes budgeting pretty difficult) This way, I could just cut down on thing thing or another and not feel like im strapping myself completely down.
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