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 Replies: 30 / Views: 3,768 |
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New Member
United States
17 Posts |
I'm curious to know how you buy your coins. Do you do it in an organized fashion like "I only buy $100 worth of coins this month" or something similar? I spend somewhat freely, but feel I need to limit myself to a certain amount. Suggestions? What works for you?
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Pillar of the Community
United States
1192 Posts |
I do it base off of certain earnings. Usually something that I do on the weekends like mow grass or shovel driveways. I was going to do the same with my ebay earnings but they too high to do that now. Really since I started ebay I spend even less on coins and now my grass money is going to buy junk to sell on ebay. Kinda sad in someways but it's nice to see the money snowball through continuous reinvestment and work. Anyways now I set maybe $5 a week for coins. I'm trying to buy interesting canadian silver and filling a album of Edwards and Victorian silver. It actually buys a lot in my town when I can find it. I got five Edwards canadian dimes for $5 total last week. |
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Pillar of the Community
United States
711 Posts |
Yes I normally work off a budget for coins (and everything really).
I pull the money from the ATM every pay period and put it into the coin envelope. Same amount every pay period.
I don't have to spend it right away, but I often have. If I want something bigger than my bimonthly budget allows, I wait for the funds to accumulate and often get a better coin at a better price for doing so.
If you have difficulty with saving like I used to, spending the money on coins is a great idea. Maybe not the best investment possible with hard earned funds, but better than the Slim Jim and Big Gulp after work / school.
You get the satisfaction of spending while kind of saving at the same time. You are exposed to the price change in the metals / numismatics and you will be hit with commission on both ends of the transaction. Still though, try selling a used Slim Jim.
Coins > consumables like Slim Jims.
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Pillar of the Community
United States
513 Posts |
When I work a day of overtime at work I get paid a flat rate of $240. That's my coin money. If I'm working a lot of OT I don't necessarily spend it all on coins, but typically it's about one day a month or so which works out about right.
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Pillar of the Community
United States
5832 Posts |
Now that I had my mortgage paid off, my budget just got a lot bigger, but is off to other investment area.
I'd have a budget that I used, spend between 5-10% of my earning toward PM and numismatic items, some would argue is not a good time to buy, but I say buy what you can afford to lose.
Edited by macmercury
07/23/2015 04:29 am
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Pillar of the Community
Sweden
1078 Posts |
I usually have a weekly budget of about 150 SEK ~17 USD, but I usually buy for less.
I don't usually buy typical collector's coins. I love buying bulk and junk. I prefer quantity, occationally quality coins appear in the mix.
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Rest in Peace
United States
18456 Posts |
Yes I try to limit myself to a monthly budget. sometimes it works and sometimes it
doesn't . I admit it's not easy, you need willpower to go on with other things in life.
pay bills, take wife out, take kids out, car and home repairs, etc. yes being a coin collector can be a very expensive hobby, you just need to have CONTROL.
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Pillar of the Community
United States
5825 Posts |
I have a yearly budget.
That way if I see a pricy coin that I want but would be too expensive for a monthly budget I can still get it.
That may mean waiting several months before my next purchase but it lets me get some better coins.
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Valued Member
United States
258 Posts |
I have a weekly coin money budget. Sometimes, though I will let it carry over for a week or more if I have my eye on something outside my weekly limit.
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Pillar of the Community
 United States
5828 Posts |
Do I set one? No
Do I need one? Actually, I might! Hmm... I get $5 per week, so I get roughly $20 a month... If I keep my budget at $15 a month I can set aside $5 every month, so by the time Christmas comes around I'll have enough saved+ birthday and Christmas money that I can buy something awesome!
EDIT:
Do I have one? Yes!
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Pillar of the Community
United States
2543 Posts |
I don't keep a coin budget, I keep a household expense budget. I put aside ,bills, savings, emergency money and then everything else is expendable cash.
I don't have a weekly/monthly coin budget because I don't see coins I want on a weekly/monthly basis. That "fun" money just rolls over until a coin comes up that I real want.
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Moderator
 United States
188952 Posts |
There are two coin shows each year and I make sure I have enough set aside for them. Beyond that, anything else has to come from what is left after all other expenses (including mandatory savings/investments) has been paid.
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Valued Member
Canada
316 Posts |
I've set myself a monthly coin budget but, it's more a yearly budget. I sometimes buy a more expensive coin and than wait a month or 2 before going after another. This gives me time to research. In the end I have a yearly budget divided by more or less a monthly amount.
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Pillar of the Community
United States
509 Posts |
No set budget, but I've gotten better with the want, see, buy method.. Now I let it simmer and only every few months receive a random ebay package.. I try to limit purchases to mostly LCS and can only get there at most once a month in summer... I don't bring more than 50-60. There was only one time that I went 3 weeks in a row.. you've got to give in to itch the scratch once in a while |
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Pillar of the Community
United States
4085 Posts |
I have a budget of $50 a month. If I don't spend it all in a particular month, it rolls over to the next month. So - if there's a $150 coin I want, I have to wait three months OR run a deficit that gets made up by not buying in later months.
There are a couple of additions to the budget approach:
- I buy a clad proof set and a uncirculated mint set from the U.S. Mint every year that does not come out of my $50 budget
- If I get cash for Christmas or a birthday, that typically goes into the coin budget, which usually adds another $300-400 or so per year, so my real total expenditure is probably around $1000 per year on coins
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Valued Member
United States
204 Posts |
I don't have a monthly budget for coins since I normal go every 4 to 6 weeks and usually buy less than 35$ worth or coins. Though if I do see I coin I really like I'll either save up for it or buy it then and not buy as much in the future.
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Replies: 30 / Views: 3,768 |
Posted 07/23/2015 12:22 am
