How Do You (if you do) Set Your Coin Budget?

[astrostu]

This could be an interesting thread. I'll start (duh ...)

 

Step 1: I started by taking the Mint stuff I bought this year and when, and figuring out what I would want for next year (basically the same). I put that in a by-month timeline.

 

Step 2: I added in some extra cash for the silver, gold, and platinum due to precious metal price increases.

 

Step 3: For months that had no Mint purchases, I put in $100 for random small stuff (stuff from circulation, trips to the bank, etc.). I also added some more slop (~$25-50/month) to the other months.

 

Step 4: Since the total came in at less than half of what I spent this year, I added in an extra $25/month to bring it up to average $200/month.

 

Unless I buy more Mint stuff than I have planned, then the breakdown should be about 70% to the Mint and 30% for other stuff. I'm not thrilled with that break-down, but I want to spend some cash on a rather expensive camera lens in 2008.

 

The big question is whether I'll actually stick with this budget. I didn't do too good of a job this year.

[michael]

i usually just go with the flow

 

there is no budget for me, my budget is zero

 

but if i find something i LIKE, then i TRY TO make it work for me.....................99% of the time it does not work for me not EVEN in my dreams as it is way beyond my dreams in terms of affordability and 1% of the time it does work

[ldhair]

A budget is a really smart idea.

I set mine on the amount of money I will never need.

I would never buy coins I might need to sell to pay the bills.

It's only a hobby to me but it's a great one.

[bsshog40]

Usually if I have any money for coins, it's after all my bills are paid and then there may be a few dollars left over that won't be needed between that paycheck and the next.

[MikeInFL]

Having a tendency to splurge, I am a big proponent of a budget. I have used one even before I got back into coin collecting several years ago, and have only strayed outside of it twice -- both instances where a coin was simply too nice to pass up.

 

I use only discretionary income, put away in a special account every time I get a paycheck. It works out to about 15% of my takehome pay, and I use it for all large discretionary items -- coins, photography, fishing, and other "hobbies".

 

As an aside, fiscal responsibility has worked well for me. I am completely debt free -- own my home, car, and boat. Something I am very proud of, and budgeting is a big reason why, but YMMV...Mike

[WinstonWare]

My problem with following a dedicated budget is that some coins only become available every so often. I feel the need to seize on those opportunities when they arrive…

[physics-fan3.14]

I pay my bills first. I pay my student loans next. I save some money, and then I buy some stuff (coins, movies, and such) I usually don't spend too much, I try and keep it to about a hundred dollars a month, unless a coin show is in town (then it might be as high as 2 or 3 hundred) Anything left over immediately goes to prepaying the student loans so that I can get rid of them. The term for the loan is 20 years, but my goal is three or four.

[Revenant]

I take my paycheck, deduct all my expenses for the next few weeks, deduct an amount to be put into savings and then then I say that whatever's left over (never all that much) is "for fun" money.

[gmarguli]

I don't set a budget. If I see a coin (or anything else) that I like and want to buy, I base my decision on how comfortable I feel spending the money. That decision would change month to month.

[Dcoin]

I ask my wife, "Pumpkin, do we have anything left over this month?"

 

The answer is my budget.

 

[John Martinez]

I ask my wife, "Pumpkin, do we have anything left over this month?"

 

The answer is my budget.

 

lol

Boy....do I resemble that remark.

 

[dooly]

I usual over spend on coins ever month !

 

and/or how much i make on eBay !!!!!!!

[MunkyMan95]

budget

 

 

Good one (thumbs u

[World Colonial]

My problem with following a dedicated budget is that some coins only become available every so often. I feel the need to seize on those opportunities when they arrive…

 

I have the same problem. If the coins I collected were always or even usually available, then I could set aside $X per month with an allowance for changing prices and stick to it. But since most of the coins I buy seldom are offered for sale, I find myself buying extra coins. That does not mean I buy everything, but I buy more than I normally would. Another criteria I use if I can buy the coin raw at a discount to what it will sell graded, then I will buy it even if I already have it.

[DC Dawg]

My budget is the balance in my PayPal account. If I do not sell, I do not buy.

 

Of course I have been known to go over this budget regularly!

 

Scott

[toyonakataro]

I don't set a budget. If I see a coin (or anything else) that I like and want to buy, I base my decision on how comfortable I feel spending the money. That decision would change month to month.

 

That's exactly how I spend money on coins.