Two simple self-balancing limits of either €1000 a month or €12.000 a year. So if a really unique (and often expensive) card comes up, I can ignore my monthly limit, but it will deduct from my yearly limit. That way I don’t have to adhere to a super strict budget, but I also don’t bankrupt myself in the process. Yin and yang, as it were.
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I don’t have a budget and I have no problems with that. There are months I will spend nothing on Pokemon and there are months I will spend what is probably an inadvisable amount of money. My decisions are mainly based on what cards come up at the time, what I need to do for my collection, what the money situation is like, and occasionally a somewhat informed market judgement. This summer I probably overextended myself in terms of the purchases I made but I’m really glad I did because I completed a huge collection goal and some of the other cards I bought have gone up quite a bit even since then.
For some people a budget is really helpful and can be a big factor in not spending too much while still allowing you to build a collection, so I certainly understand those who use them. For me though I don’t like setting that limit and prefer to analyze each purchase individually.
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My budgeting changes year to year.
When i was going for my base bulbasaur global set I was spending maybe $30/month max.
Last year was my year for impulse purchasing constantly
This year im trying to only spend $200/month
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I have money that is strictly for cards, but if I do dip into my actual bank account I always pay it back as soon as possible. Currently I owe over 5k back to myself, but I have the cards to make that back eventually lol
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Even when I was a kid, my collections came first. I’d always spend my lunch money on 1960s baseball packs, comics, and Mad Magazines. Then, when I was in college, my second job supported my hobby’s. And now today, I can retire from everything but not my collections. It’s normal for me to dip (or plunge) into my retirement and savings.
Listen, these are the things that make me happy so there were never what you would call sacrifices. It was a path of my choosing void of any regrets.
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Ive always looked at my passions and collecting as the main source of my enjoyment. Similar to you I’d save up all my lunch money throughout the week and when saturday came around I’d head to the library where my pokemon league would be held. Set up the room an hour before even the league leaders would get there, go to the local news agency that stocked pokemon boosters and go back to the library room and sought the cards i pulled into my binder. Times were simpler, before I started having bills but at least I have the flexibility at work to indulge myself in my hobbies, even if the boss doesn’t realize lol.
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i just sort of pay as i go. this years resolution pokemon wise is to start selling off some of my collection filler and save for bigger ticket items rather than lots of smaller ones. try and get the collection to start paying for itself like others are doing in this thread. aiming for a psa7 1st edition zard and blastoise by the end of the year.
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I really don’t have a budget or follow how much money I use on Pokemon in monthly basis but I keep myself away from 50 € + purchases most of the time (excluding new Japanese set releases because I buy a booster box of each set). If I want to spend more than 50 € at once I really think about it: do I really want this card? Is this what I definitely need for my collection? Those are the questions I ask myself before I buy.
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I try to stick to no more than $500 USD/month absolute max.
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Great to hear all of your different strategies and how y’all go about saving/spending for Pokémon. I figured I’ll share my method also.
When I get paid, I always pay my bills first. Then I take out the cash I need for daily expenses, until my next pay check. I prefer to use cash for my daily expenses. It’s harder for me to break a 20$ or 50$ than it is to swipe my debit card, so it helps me be more frugal. So whatever money is left after I pay my monthly bills and daily expenses, I put 75% of it in my savings and the other 25% goes into my PayPal (Pokémon money). It’s usually about $200 a month I put into my collection fund. I don’t always spend that amount though. I like to let my Pokémon fund build up that way I’m always ready for a good deal, like a few of you mentioned. Also anytime I sell Pokémon that money goes back into my Pokémon fund. This method has worked very well for me. I’m still always trying to be more frugal and spend less on daily expenses (food, entertainment, etc).
Thanks to everyone who shared!
A bit late to the party, but here is my strategy:
About 10 years ago when i first got a regular job, i kept track of my monthly expenses (utilities, food, accommodation, etc). From there, i made a baseline amount with wiggle room for miscellaneous expenses. That amount has remained consistent the past few years and only saw an increase when I started getting into hobbies.
I also do my budgeting on a yearly timescale, and every year i set aside cash for 6months worth of expenses, lumpsum for medical emergencies and another sum for non-medical emergencies. Then, long-term healthcare plans, life plans, retirement/savings. Anything leftover after that is fair game.
With my system above, it’s easier for me to manage large purchases since i can visualize my finances so far ahead and adjust/prepare accordingly.
Edit: the above strategy isnt exactly for collecting, but i was already financially aware when i started doing hobbies so it was just a natural transition.
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For me its like this. By the time my direct deposit hits. My retirement savings plan contributions and my company share contributions have been takin off (my company matches 25% of what i contribute). Then i pay my monthly expenses and bills, take out the money i need for entertainment and things like that for two weeks. And what’s left i spend on pokemon. And everytime i use my dept card it also deposits 5 bucks to my savings account.
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I tend to go on the extreme side. I do have a business and I throw absolutely everything I have into it. I live well within my means. I rent out a one room apartment, and invest pretty much everything I make. I keep my account as low as possible because if it’s in my account, it’s not making money. And any time too much is in there, BAM. Pokemon card!
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Try using the “every dollar” app. It should help you be able to plan your spending.
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I haven’t spent a cent of my actual earnings for years, my collection is self sustaining and makes money
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I just recently started collecting but I’d say this is more or less what I do. I’ve had savings I intended to put into the market but haven’t had the guts to do it. So for better or worse that’s become my source of card funds. I can definitely say it makes other people question my life choices.
Out of curiosity, what did you do prior to retirement? Sorry if it’s been answered before
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I use the Mint App to budget pretty much everything from Bills to Discretionary spending. I Honestly should add a Pokemon tab just to see how much I’m spending on average each month, but generally it varies because I only purchase If I find good deals on sets I’m collecting or under market deals on cards/boxes that are investment opportunities. So one month could be $100-200 the next could be $1000-$2000.