Your Numismatic "Finances"

My budget is whatever I see in a particular bank account I keep. Basically I shove random amounts of money into one account called 'fun money' once I've taken care of all responsible expenses and/or sold something.

It's not just coins, but that's where most of it goes (though it did have to cover the difference between the car I needed vs. the car I wanted...one is a requirement, the other is, well, fun money).

As for the husband, that falls under 'what he doesn't know doesn't hurt him'. .

Actually he has his own 'fun money' fund too. Seriously though, if it's expensive I'll tell him and let him know where the money came from. I try and keep him updated with our financials but he really hates listening. As long as we are overall responsible with investments, savings, etc. he is fine. He just gulps once in a while. I make him look at the net worth statement at the end of the year though.

 

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I've been taking about 10% of my monthly pension for coins. I can usually pick up a couple of coins for that. When going to a big event like a coin show or the auction next week, I'll save for a couple of months prior so I can buy more.

 

Unfortunately I tend to impulse buy at times. I do have a set goal on what to collect but if I see something that I just can't live without I'll bid on it.

 

I would love a place to go coin detecting but the towns around here have no metal detecting in the parks or schools. So I metal detect for gold nuggets in the Arizona desert. A lot of trash and hot rocks before you find a nugget.
But my budget for coins is a portion of what we have left after paying the bills. About $100 a month.

 

Unfortunately I tend to be very impulsive buying all the times. My goal on what to collect was changed months ago for only collect silver and gold coins (all them before 1950), but if I see something that I really love I'll purchase it.
I've have sold few coins, but is very hard to put them to sell, because they become part of me.
And, unfortunately, till the USPS gets help me for not sell my coins.
One of the coins I sold to a cointalk friend not got there yet.
The package left my country easily in only 5 days, but passed already 20 days after that and USPS did not delivered the package yet.
I'm seriously thinking in refund the money to my buyer friend.
As you see, is very easy to acumulate coins, but very hard to sell them.

 

I try to keep myself on a budget, but am rarely successful. I spent 75% of my imaginary budget for March in one purchase this morning. Limitations to no more than two coins per month from now on as I bear down on the earlier date IHCs.

 

$50/month. It’s been a little loose since we’ve moved overseas and it’s harder to track money in two different currencies, but it’ll get tight again when we get back stateside. If I want to buy a high priced coin, I have to save up or sell something.

 

Unlike Chris, I still have my significant other (almost 48 years, 56 with the wind chill here in Minnesota). I went hog wild for about eight years, making a lot of mistakes in my purchases (wish I had found CT eight years ago instead of three). Now, a little over three years into retirement, we watch the shekels more closely. E.g., I am about to make a $200 purchases from a fellow CTer, but cleared it with my wife first. I figure anything under $30 or so needs no "checking in." Larger purchases, yes.

Steve

 

That reminds me, we have a rule that any purchase over $100 needs to be discussed beforehand. It doesn’t mean I need permission to buy a $150 coin, but simply that I tell my wife beforehand (this goes for ANY purchase, not just coins).

 

My life in the hobby has been bases on only buying what I can afford to loose. My lady and I grew up never spending money we did not have.
I did get in trouble once for buying a house without talking with her first. She went and bought some shoes to pay me back.

 

I imagine that if I wasn't divorced I never would have gotten back into the hobby since there never would have been"spare" money for it.

 

I follow the auctions on e bay and facebook and also watch craigslist if I see a bargain or undervalued coin I apply my special formula take 80% of pgcs price guide less shipping and handling this is my maximum bid works for me I look to coins as an investment not an expense but in the acquisition of same I attempt to protect the investment/profit

 

Since I'm single and retired, I control my own purse strings. Since I've gotten back into collecting seriously, I will only use my "fun" account to make unnecessary purchases. I have one dedicated account that I pay into monthly and use for fun things and to buy coins & currency. I can only spend what I have in that account and not a penny more, but I have broken that rule recently as I'm trying to finish my Buffalo nickel collection, buying the best grade coins I can afford. Unfortunately, last night I over spent for a 1913 D Type II in AU condition, but they are so difficult to come by, I just couldn't pass it up.

 

I've been working on my late parents birth year sets. I was recently able to find nice 1916 and 1923 MS65 buffalo's for the set. Eventually I'd like to build a nice high grade buffalo set.

 

Once a person really learns how to grade coins , the buying tends to slow down as you can see reason why you should wait for a better coin or grab this one quickly with what you can spare I buy less now, but my son spends more, but he also has learned to be patient and wait for another. I still have bags and stashes of coins he doesn't yet know about It will be fun to discover,,, Jim

 

I Try to buy 1 coin a month silver or gold, but once in awhile a deal comes along that you just can't pass up. This month a lot of no brainers came up that put me 1k over but actually I made out. Who would pass on 2 N.G.C MS 63 1885-CC IN ORG GSA box for 600 each and a P.C.G.S MS 70 $50 gold eagle for 1295 when spot was at 1309? When you know you can flip them for a profit if you get over extended.

 

One of the more difficult things for me is when I'm looking for a particular coin/grade at auction that doesn't come up very often and all of a sudden an example comes available that's heads and shoulders nicer than all of the examples from previous auctions. Do I stick to my guns and wait if I have already blown my monthly budget or go for it? I usually go for it!!!

 

Similar status but the numbers are different.
50 years married come June plus 5 more years dating before the wedding.
17 years since retirement but did part time work for about four years more.
My "no checking in" amount is somewhat higher.
But if all goes well I'll get a biggie at the Whitman show in Baltimore this Friday.
Yes, I've already got clearance from the wife for this one.
She understands that my purchases are sort of like a savings account; I can recover some of my costs although not as much as I spent.
Just as an FYI, if all goes well my "biggie" this Friday will be a 1796 dime, the last coin I'll be able to afford for my type set.

 

I have side jobs/tasks that I do to raise money for my hobbies. My budget depends how much money I have saved up from those.

 

My wife and I have our yearly financial meeting to review what we spent the past year and what we anticipate needing for the coming year. We have a category for just about everything including our separate spending money. So, if I want a donut or a coin, it comes out of that $150 per month account. Sure could spend more but it works well for our circumstances.