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Budget, do you set yourself one?


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I do and I highly reccomend this for every collector. Budgeting in general is a good idea and for discrtionary spending it makes a lot of sense. I find that without a budget coin spending is more variable with splurges here and there and it also leads to buying some things that aren't as good a fit into any collection. Knowing that only xx$ is available focuses the aquisition process. It's also nice because there are busy times, or periods where no good coin is available; during this time the cash builds up enabling a nicer purchase. If you are really patient you can even hoard your coin money for a whole year and then visit the closest major show to make all your purchases in person. :ninja:

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Tell her it's some quality investment that you are saving up for a rainy day and you paid a lot less than what's it is worth. :ninja:

 

That's how I justify my buyings to myself. Sadly I'm the only one in the family who actually believes so ;)

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I don't really have a budget, and for me that is good and bad. For the most part I can pass on a lot of the coins I see, but then sometimes I am not as prepared for the items I find that I really want for my collection. In those cases, I either come up with the money somehow, or discipline myself by selling off those which no longer fit in my collection. Nowadays I am down to buying maybe 2 or 3 coins per year for my Saint set, so it's not like a monthly budget would accomplish much anyway!

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I have to budget, or I get myself in big trouble.

I haven't purchased a new coin in nearly three months because I went over budget earlier.

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I try to keep it under $50 a month. Trying to go to college full-time and buy food for two really makes a dent in savings when you don't have a job.

 

My girlfriend says the same thing. "Why are you spending money on money?" Eh, I just say "sorry dear" and that's the end of that.

 

I blew my limit for September but only by a few bucks. I can't complain getting almost 110 coins for ~$60 :ninja:

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Lol. I have a confession though. As soon as I see an ultra rare coin, I usually have a bad habit of borrowing (but don't worry, I always manage to repay it back)

 

One of the rare rubles that I paid for was around 300+USD at that time. I honestly thought it was bloody expensive that time, but right now, it seems to have blown over 1grand :ninja:

 

But yes, if I didn't do it at that time, I really doubt that I would have gotten such rare coins. ;)

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I don't have a budget, i spend whatever i 'think' i can afford. Whether i'm proved to be right or wrong.

 

Although if truth be known, i haven't bought any coins since July. I have money in the bank now since payday was two days ago, but i really don't have the urge to buy anything.

 

There's a bust dime on the shortlist and one of two hammered coins, but i'm currently fence sitting on this one. No intention to get off until i'm pushed.

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Lol. I have a confession though. As soon as I see an ultra rare coin, I usually have a bad habit of borrowing (but don't worry, I always manage to repay it back)

 

One of the rare rubles that I paid for was around 300+USD at that time. I honestly thought it was blood expensive that time, but right now, it seems to have blown over 1grand :ninja:

 

But yes, if I didn't do it at that time, I really doubt that I would have gotten such rare coins. ;)

 

 

I've had days like that. I have been so keen to get certain coins i've sold other coins off to get them. Sometimes when my finiancial situation picks up i get the inclination to buy back the coins i sold the dealer, even though he paid me half book price for them and then marked them up at just over book price. For me this is a hobby of love quite clearly, i throw money down the drain more often than not.

 

My friends spend all theirs on booze, so i suppose i feel better because i'm not literally pouring the money down the drain.

 

;)

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I use to have a budget, but the past few months it has been nil, zero, nada. We had to save up for the wedding, and last weekend we bought our plane tickets to New Zealand(the honeymoon :ninja: ) so now we're broke again and need to save up spending money for the trip. And ever since I got my truck my budget has dwindled. I use to have a budget of $100-150 a month but not anymore ;)

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I don't really have a budget, what I like to call it is petty cash. I have about $200+ in cash on my coin desk almost all the time. Sometimes I tap into it to buy something at the monthly coin show, most times I just add a few $$$ a week to it waiting for major purchases at the FUN show in January.

 

That's where I am now, squirreling away cash to take to one major show. selling off things I no longer want, duplicates and such and saving that money. Oh, I'll dip into it more than often than not, but it's usually small purchases.

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nah. no budget. it's so limiting! ;)

 

seriously ... i have a splurge once or twice a year, and i spend much less on coins than i do on, say, entertainment, so i don't think about it too much.

 

i did, however, like the idea about how a budget helps you bring more discipline to what you collect, though ...

 

and besides, i can quit any time ... :ninja:

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My biggest problem isn't an annual or monthly budget, but rather how many coins I should buy with that money each year. Say $25 week = $1300 per annum. Say there is a $500 bonus throw in once per year. What works out best: 12 $150 coins, 1 $1800 coin, 2 $900 coins etc.

 

:ninja:

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My biggest problem isn't an annual or monthly budget, but rather how many coins I should buy with that money each year.  Say $25 week = $1300 per annum.  Say there is a $500 bonus throw in once per year.  What works out best:  12 $150 coins, 1 $1800 coin, 2 $900 coins etc. 

 

:ninja:

Major problem here too. I have enough laying around for a AU+ or low mint state $10 Indian Eagle. I love that coin design, but that would blow my whole bankroll. I can get 4 to 8 coins for my type set for that kinda $$$$.

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My buying is very 'spurty' so I don't budget much. I may go a month of two without buying anything and then buy quite a bit the next month.

 

Also, I really don't buy many coins that are out of the 'petty' cash arena. $10 here and there doesn't require any budgeting for the most part.

 

If I know I am going to a show that is coming up, I will often start stashing some cash away but that is as close to a budget as I get, I think.

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My friends spend all theirs on booze, so i suppose i feel better because i'm not literally pouring the money down the drain.

 

:ninja:

 

Although we've never met, I think I would fit in well with your group of friends.

 

As far as a budget for coins, I'm in the same category as Stujoe ($10 here and there). If I keep it cheap, it doesn't get on my lovely wife's radar.

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As far as a budget for coins, I'm in the same category as Stujoe ($10 here and there).  If I keep it cheap, it doesn't get on my lovely wife's radar.

 

I give my wife as much or more for her spending as I budget on coins and then everyone wins.

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I give my wife as much or more for her spending as I budget on coins and then everyone wins.

Same here...but that works out much better for me if I'm spending only $30 on coins this month. Plus, she throws my wine purchase $$ in with the coin $$ when she figures out how much I've been spending.

Oh, wait a minute.....you said "give your wife for spending." That's a nice system you've got there. The boss (that's not me) allocates the spending money around here. It's all good. :ninja:

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