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Cut the spending and grow the collection

15 posts in this topic

Here's how I deal

 

I have a super small collecting budget. After the bills are paid, the food is bought, my son is clothed, and money is put away...well lets jus say there isn't much left.

 

Each week I give myself an allowance for coffee, lunch, and whatever else I may need. It's not much, just $50. I make sure I get it in cash (10 $5 bills), and it breaks down to $10 a day (it's only for work days).

 

I have a jar that says "Poker Money" on my desk and I fill it up every night when I get home. Whatever is left over from the $10 goes into the jar. I use that for my coins.

 

At first when I came up with idea I was pretty sure I could put $2 a day, or $520 a year into the jar.

 

It was cool, every couple months I could buy something for $50-$100...but it just wasn't enough. So I began thinking it through...light went off! I starting buying a loaf of bread, peanut butterm and nutella. All of the sudden I'm dropping $40 a week into the jar, and things are looking up! My collection is growing faster, with nicer coins, and I'm nor going hungry! (although sometimes I need to change it up and buy Fluff, not Nutella)!

 

Point is, I know many of you are like me and don't have tons of money to throw around, but if you think about it, there is plenty of ways to cut your outgoing cash flow and redirect it to where you would like to have it.

 

See more journals by TheWolverine

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Sounds like a plan, there are a lot of small things a person could give up that amounts to a large sum of money. Most of us would be amazed and not miss what we were giving up to save more money.

Gary

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A loaf of bread and peanut butter ??? I LOVE to eat well and would have to pass on peanut butter every day.

Yesterdays lunch ---- A nice thick greasy cheeeeeese burger ----- OH YEAH!!!

 

Trade a few ---- Sell a few ---- Buy some more --- THAT IS MY STRATEGY :)

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A loaf of bread and peanut butter ??? I LOVE to eat well and would have to pass on peanut butter every day.

Yesterdays lunch ---- A nice thick greasy cheeeeeese burger ----- OH YEAH!!!

 

Trade a few ---- Sell a few ---- Buy some more --- THAT IS MY STRATEGY :)

 

I'm with you, I love greasy cheeseburgers and all kinds of good stuff. But I save that for dinner with the family.

 

the whole point is, everyone over spends on something that they don't need to. That extra money doesn't even need to go to your collection, it could go toa round of golf, baseball tickets, a night out with your wife, whatever...

 

This is just one way I do it.

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Astro,

The trading and selling sometimes takes a while but eventually someone wants a coin or two. I'm sure you saw the "Silver coin spoons" add in the chats. Yep --- on the way for a trade. A quick trip to the Silver Shop and the funds will be available for MORE COINS!!!

 

Rick

 

BTW---- the link at the bottom of my replies in the chats here always takes you to my SELL or TRADE SETS!!!

 

Later---Rick

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Astro,

 

I like your idea of spending for need not want so you can upgrade your coin collection. I spent 4 years chasing a dream and had to make those decisions all the time.

 

Now that I'm actively looking to improve my collection as well, I'll be cutting out many of the things I spend money on.

 

My goal for 2013: 1st Gold Coin and 1 Morgan Proof.

 

Joe

 

Edit: Now if I could just stay off the Heritage website, I'd be able to save for some of the pricier coins.

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Consider the things that we happily lived without less than a generation ago. Look what the average consumer spends annually on a smart phone! Mobile phones are almost a necessity these days, but there are no-frills pay-as-you-go alternatives that cost a fraction of what most people pay. Another budget killer is pay-television. Is it really that important to have all those channels? Free-TV is still out there and DVDs can be rented for a couple of bucks. It's just a matter of looking at the monthly cash outflow and deciding how important that stuff is to you.

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It breaks down to needs and wants. I won't skimp on the important things, like my family, but there it plenty of stuff in my everyday that is just a "want". I admit it, coins are a want, not a need, but I cut my wants so I can "want" more coins.

 

And Rick, I also trade and sell, but every penny counts! Mary (the love of my life) and I where able to give my son the best Christmas simply by skipping Dunkin Donuts (our biggst want) for 3 months. It gave us close to $1,000 to spoil Owen this year! It was worth the god-awful coffee I made every morning at home to see his face when he opened every gift under that tree!

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Needs and Wants as everyone knows are totally different, but the further along in collecting I get the line gets blurred. Now I NEED it all and don't WANT to stop.

 

Those are my needs and wants. :banana:

 

More, More, More ---- I can't get enough!!!!

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Astro -

 

I think it's awesome that you budget so well. Before I met my wife I was one frugal (cheap) person but not a budgeter by any means. I didn't go in debt but I didn't have a great idea of how I spent my money either. My wife on the other hand budgets everything, and it has made for a very comfortable lifestyle for us. We spend our money on the things we actually care about, and skip the things that we find trivial. My coin budget is not large by any means, but I supplement by flipping things (mostly coins and other collectibles).

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