Do you have a budget for your coin purchases and do you stick to it?

TopographicOceans

I have a budget for personal and business finances but not for coins.
I have price ranges for the coins in my type set but no real fixed limit.

My coin budget is really to buy the best I can afford and have more of a grade selection instead of a dollar amount.
So if a AU50 is a price guide 2x+ multiple of a XF45, I'll stay with the XF45 grade.

Even though coins are a hobby for me, financial management of a collection is very important and probably overlooked by a majority of collectors.

Walkerfan

I don't really have a budget. The stuff that I collect is, so difficult to locate, that I usually have the funds available, when the opportunity presents itself. I am not above reaching for a special, high end piece every now and again, either.

Flatwoods

I have been fortunate enough not to have to budget for anything.
Not because I am wealthy, far from it.
I just live simply and know what I can afford and what I can't.

oldgoldlover

I collect a few $20 New Orleans pieces. I try to budget but when a nice piece surfaces and it is more than I want to pay within reason I will stretch to get it. If it is outrageous I pass and often the coin remains on the market. Finding a nice example that has not been dipped and excessively bag marked can be tough. Over the long haul I feel "stretching" a bit for a nice rare coin proves to be the best decision "if it is a low pop coin" measured by pop and the minimum grade I am looking for. I budget from a personal standpoint and only procure a nice coin when I can pay cash for it. Extremely nice low pop coins are a good investment over the long haul based on my limited experience. I am not a trust fund beneficiary nor was I born into money so as a regular person if I get one nice DE a year I want in my collection I am happy. I am in it for the enjoyment of collecting but am very much aware that anything I spend I consider is a significant amount of money must be viewed as an investment for my kids. Just an old rickety guy that still mows his own lawn.

slider23

I have a budget for coins, and a target grade within the budget. I have a tendency to go a little over budget, but I do make adjustments to get back in line.

breakdown

Have not been in buying mode for a while but when I was, I set an annual budget and tried very hard to stick to it. Some years I was at my budget by August. The main thing was to try to put myself in position to stretch for a coin when necessary.

rainbowroosie

Hahahahahahahahahaha. If I like it I get it!

Who needs food?

oih82w8

Nope.

pennyannie

Never had any budgets on the last 35 years. If the price is right and the value is there I can find the money.

TwoSides2aCoin

No. Although I did increase my credit line at the bank.

ricko

No budget... however, I do not buy a lot of coins anymore.... since there are no shows or shops here, the temptations are minimal. I do get some gold though and some forum purchases...Cheers, RickO

Koinicker

Yes, but when opportunity knocks I will try to extend myself.

earlyAurum

I don't have an annual budget. However, I have a plan based on the series I collect which is a view on how much I expect to spend on each coin. My plan is multi year - like 10 years. I expect the most expensive coins to be about 15% of my total spend. To date, my collection is about 75% complete in terms of the number of coins and in dollars spent.

Desert Moon

Yes and No

Cougar1978

I keep my investment position neutral at this time. When I have sales that creates budget for new purchases. Metals prices have been in decline since end of election and RCI indexes I monitor showing no increase or loss. Just buying low (pick off stuff here and there) selling high (sell at retail only).

seatedlib3991

I do not have a coin budget, but I do have a coin fund. If I spend it all I restart the fund with a hundred. I add any cash I can spare at any given time. It usually takes a month or two to get in the three hundred range. Few of my purchases exceed that figure.

johnny9434

yes.

Fairlaneman

If I sell some Fairlane car parts I buy coins for the Grand Daughters Collection that is being put together. No Sold Parts equals No Coin Purchases. I do cheat sometimes.

Ken

OnlyGoldIsMoney

No. The availability of PCGS/CAC coins to add to my set is the most important factor in what I purchase annually.

sjk1776

Yes and no!

CascadeChris

My budget is called a credit card limit

HCumberdale

I keep a coin fund and I stick to what is available but I don't establish a price limit per coin. Generally, I'm not tempted to spend outside of what is there. If I NEED something and don't have cash on hand, I sell other coins to make up for the difference.

Once, I established credit to bid on a once-in-a-lifetime Pogue coin, but would have sold all of my less-important coins, and liquidated all of my bullion "investment" immediately afterward to pay for it had I won. For better or worse, I let it go. I hope that I see it offered again one day, but I'm not counting on it.

Ultimately, this is a hobby that provides enjoyment and I want to keep it that way. If I'm in debt, then I'm stressed. If stressed, I'm not going to be able to enjoy myself anymore.

I see way too many people (collectors and "investors" alike) going into debt over coins, and then finding themselves in financial hardship. It's just not worth it.