Serious Question: How can I stop myself from buying coins?

Hi guys,

Kind of a serious question here, and I appreciate any serious/helpful response I get.

I really like coins (who here doesn't?) I spend about 15-20 minutes on ebay each day looking for deals to bid on. I tend not to make many large purchases...most of my purchases are $50 or under...however, I make quite a few of them each month. Before I know it, my debit card has $20 left on it. My usual response to justify my purchases is "I really don't spend money on anything else, and the money is in my checking, might as well do something with it". I do not hold a job currently and am finishing up high school. I imagine that I really won't be making many (if any) purchases during my first year in college. I just want some control. It usually happens when I see a nice coin I think is a deal and have a few bids on it. I up the bid by only a dollar kind of "just for fun" and all of a sudden I am the highest bidder and the coin is mine.
I would not say I have a purchasing "addiction", but I would like to curb it somewhat and express some self-control.
Any suggestions?

Simon

 

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Hi non cents! I know how hard it is to not buy stuff because who doesn't? Maybe you should "prioritize" <--- or however you spell It. Buy all the things you'd need for school. Text books , folders, pencils , etc as those are probably the most important for college. Then do all the other things like helping with the bills and expenses for just everyday stuff like food and them put away a certain amount of money every month for later use. Then you could you the extra ( if there is any ) to buy coins. But just don't completely avoid the hobby. Its like a diet , you got to have some cheat days. You could sell the coins you don't need and buy some new stuff! Sure you don't spend money on anything else but what happens when you DO need to? Don't bid on stuff you wouldn't want to buy :/ and once you get a steady income coming in you could get back into the hobby but just set a certain amount of money aside ( 5-10% of paycheck for coins ) hope I helped!

 

set your sights on better, more expensive coins. that way you are not buying all the time and you keep your money around and think about each buy. you end up with a better collection and learn to pass on just anything that comes along. that's what I did anyway. then you break the habit of always feeling like you have another coin right away 'cause you can't get one if you only buy better dates/condition.

 

hey I was in the same boat. Get a job over the summer and make money to support your love for coins. I'm in my first year of college and I am starting my new coin business.

 

The attitude to develop is not to buy any coin that lowers or depletes your money reserves to a borderline unless you have a backup ( rich uncle, etc.). Buy only the coins that you don't expect to see in that condition/ pricing agian. I remember looking for a year for a certain coin, rather than browsing all . That helps to reduce the pressure of looking at many different ones and a burning happens in your pocket. Also my personal preference is to spend more money on reference material than coins now. Knowledge pays off much more than buying a so-so coin because it is there.

 

How do you manage time buying/selling/managing while balancing classes? And if you do buy coins, where do you keep them? In your dorm?

 

Close your fleabay account.

 

That's a good point, as now I realize that lately I've just been "looking for stuff to buy" instead of really focusing on a particular coin I want and saving up for it. Thanks!

 

I know what it feels like. I had to take a 4-year hiatus from coin collecting during my college years, as food unfortunately takes priority over coins.

As for suggestions, I would recommend setting a max price that you're willing to pay before bidding on a coin. That way you won't get caught up in a bidding war. Also, never bid on a coin early. All you're going to do is raise the price. If you have the ability to do so, wait until the final 10 seconds before placing your first bid (I personally don't place any bids until there are 3 seconds to go).

What I usually do is check the completed listings and then pick a maximum price that I'm willing to bid that's below the average price sold. I'll only bid up to a price above the average if the coin has truly exceptional eye appeal.

 

The best advice I can give is this:

The opportunity cost on low value coins is almost assured to be near zero. If you hold off on the purchase for five or ten years, the coins are likely to be the same price as they are today. The exception, as Desert Gem noted, would be a coin that you don't expect to see for sale more than, say, three times in your lifetime. If you really want a coin like that, you pull out all the stops, and you thank your younger self for holding off on buying lower grade specimen.

 

non cents get a job save some money and buy some gold double eagles. I am getting a bunch soon.

 

Not really a fan of gold or bullion coins...I'm looking into lincolns, Large cents, Bust Halves, and colonials (though I'll probsbly hold off on colonials right now as I just got one I had been wanting for a while).

Thanks for the comments, everyone. I am well aware of the "quality over quantity" way of thinking, and I don't really purchase common date, low-grade coins.

 

I had the same problem that you have once. If you think that buying coins is addicting, try selling them. It is just as addicting and will cure your buying problem. My only piece of advice is to learn how to take great photos before selling on E-Bay.

 

It has been easy for me the past few months. I was simply broke! Any money I make goes to paying my parents back, and paying them rent.

Now that I am starting work..... I may be upping the buying. After I get my debts settled.

 

I can relate. All I can say is "put down the ebay". For awhile I would go on there to supposedly just look. If you search hard enough you will come across a coin you like, then you put it on your watch list and in your mind you hold claim on it. Ebay is so easy because its just a click of a button to win, and there is also a kind of rush with the uncertainty and countdown of an auction. I also think collecting anything can feed obsessive compulsive impulses (not all collectors are this way of course. I am a little bit ) and that combined with the convenience of ebay is a dangerous recipe for spending too much.
I found though that just breaking away from checking ebay everyday is the best way to stop overspending. It gives you time to think about what you really want instead of getting sucked into a "good deal" on a coin that you weren't exactly looking for. If you stop the frivolous purchases you can spend a little more on certain coins that you have been wanting, while spending a lot less overall. Easier said than done but good luck!

 

wow I can relate to your situation. at first when I started collecting I was all over the place on Ebay and coin shows. you need to make coin goals. what are you looking to collect long term ? higher grade coins are always a plus. There is something my late coin dealer told me "you can not buy every coin." that really meant something to me. save up money for better coins. have a specific coin budget...stick to it. also look for coins that you think other coin collectors will like 10-20 years from now. build a collection that you are proud of. most important have fun with the hunt.

 

I do have similar problem as well except a lot of the coins that I buy are coins that I know that will not appear in the market any time soon. It's also good to sell coins to see what the opposite side of the world is like.

 

Don't take this the wrong way, I'm 50, haven't lived at home since I was 18, the real problem isn't buying coins, its living for free, your parents need to take some control of your life, I have 2 children, 1 is 30, and the other one is 18, both boys, my 30 year old lives on his own, and my 18 year old lives at home, and works at sams club, I do not charge him room and board, but he's not aloud to just spend his money anyway he thinks, if that was the case, then its time to move out, and pay his own way in life, non cents have you talked to your parents about college, if their going to help pay, or will you have to take out loans, or will you get help from your high school, (grants) Please non cents, talk to your parents to find out what their going to help with, then I'm sure that will tell yourself, what you can buy, or have to stop buying, good luck on your journey in life, non cents

 

Try coin roll hunting instead of making purchases. Look for silver, errors and varieties. Everything is at face value. Also, take a break from EBay and purchasing. Try it for a day and then a week and then a month. You will soon find other things to occupy your time. TC

 

Like Rick said, if you're planning on living at home during college, then you might want to have your parents help you with budget planning. Even if they might not want to charge you rent, you should make an allowance for such household expenses and give them some money anyway. This will help you in the years to come when you will eventually be on your own. You don't want to expect Mom & Dad to bail you out every time you're short on money.

Chris