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

Log in or Sign up to hide this ad.

Non_Cents, I truly do appreciate your question. I find myself wandering all over the collecting landscape, buying totally unrelated items at times. It seems I buy out of boredom, cruising around Ebay for a coin or a deal I find attractive.

What has helped me is two things. One, make searches detailing specific coins you are looking for, and only use them. I no longer just peruse around coins generically on Ebay, I have specific searches I look at. I am sure this saves tons of random purchases. Second, if your budget is running tight, simply stop looking. I know its fun to look at coin auctions, but if I truly am running short of cash, I STOP. Do not look at auctions at all. Only go to websites that are informational with no coins for sale at all.

I know if you don't search Ebay you can worry about some great coin you are missing out on. Please trust me on one thing I have learned over 35 years collecting, "There is always another coin to buy". No matter how great a coin is, there is almost always another great one a few weeks later that will get your attention. This is a hobby, you should never feel rushed into making a purchase.

 

Several good answers and I really like Pauls selling advice. At the same time you spend you should be investing(not in coins). So you spend $20 on a coin, put $20 dollars in an emergency fund or an investment account. It seems you know how to spend, now practice on saving also.

 

Non-cents,
I have 6 children ages 15 to 26. I give you a lot of credit for understanding the importance of spending wisely and asking for advice. I think eBay and not coins is the problem here. They make it too easy and immediately painless to buy anything. Is there a coin store nearby? Traveling to the retailer and handing over the cash makes spending your $ very real. Could you use a new coin as a reward for doing well in a class? ( If I get an A on this final, I'll buy myself a certain coin.) Write up a budget and develop the self control to stick to it. I'm sure you'll do fine; it took some maturity on your part to bring it up in the first place. Best of luck with your studies and your collecting!

 

I can attest to what the OP is going through. When I first started I was buying any coin that I liked regardless of series, design or country. This led to many mistake buys and "what was I thinking" buys. When I decided to downsize my excess coins I realized all the mistakes I made.

So I think one of the most important thing is to limit your collecting habits. Instead of buying everything that catches your eye, focus on a series or a theme you like. And like others have said, try selling some coins yourself. You will realize if you made any mistakes and will try to control your buying habits.

Another thing which I don't know if it helps. We all have that urge to have that fix to buy stuff. Go online and browse at the really expensive coins you know you can't afford. It will either satisfy that fix to look at coins or drive you to set a budget to eventually buy that coin.

 

I learnt so much by reading this thread!

Thanks to the OP for your honesty.

Thanks to those who shared their wisdom and experience.

 

save up for better quality coins- the cheap stuff usually does not appreciate well

 

I worked as a cook in college and thus got pretty much unlimited free food..but I totally understand the idea

 

I think that you need to get off eBay so that you don't make as many spur of the moment purchases just trying to get a deal on something that you didn't know you needed prior to seeing it offered online. If you have make the effort to carve time out of your schedule to drive to a coin shop or a finding a coin show that might be effective in limiting your spending somewhat. Also you need to create a rigid budget for your hobby and set money specifically aside for that. Pay for your purchases in cash and not by credit card so that you cannot spend what you don't have. I'm currently in college so I can relate to your situation. Try to get a part time job related to your major (Even if it is basic clerical work. Working alongside around the professionals in your field is invaluable and will serve you well making connections) so that you can get practical experience as well as a little spending money for your hobby.

Sincerely,
Joe

 

Thanks guys.
I used to buy problem coins for pretty cheap on ebay, but the thing about problem coins is...they are always a problem coin. I managed to part with a few recently after realizing that I need too go for quality coins in my collection, and not just buy something because it looked like a "good deal". Only got about 75-80% returns on them...definitely put things in perspective.