How Often Should You Upgrade Your Gadgets? ➝

Matt Hauger responds to my hardware acquisition strategy by sharing his own. He also briefly outlines his budgeting method for long-term expenses:

Rather than scrape together last-minute cash—or worse, take on credit card debt—we plan ahead. First, we estimate the total cost of any sizeable future purchase. Next, we pinpoint the date we’d like to pull the trigger. Finally, we start saving—splitting the cost across the number of months remaining until the buy date.

I’ve been managing my money in a similar fashion for years and it’s helped me avoid the pitfalls of credit card debt and prevented irrational impulse purchases. I would highly recommend everyone consider implementing a similar system for their own finances.