This is a spin-off from the "shoesstring budget" topic...Aside from "shoestring", the key word in the topic is "BUDGET". I'm curious as to how people budget for their model railroading.
This should not turn into another gripe session about the cost of the hobby. With all the talk I began to wonder how many of us actually budget for the hobby. I personally found it to be a good way to adjust to the increased cost and still purchase what I need/want. I may not be able to splurge on impulse buys but it keeps my objectives focused. I sacrifice plenty of things I see in the hobby shop because even though it looks nice and love to have it, I know it won't see much action on my layout if it doesn't fit my focus.
I personally get enjoyment out of having a seperate budget for model railroading so that it doesn't interfere with my daily household budget (it's part of it but fortunately I'm not "robbing Peter to pay Paul").
"Funding" for my model railroad comes from a number of different sources:
1) Annual appropriation from Tax return (a portion of the tax return goes to the hobby)
2) Wells Fargo Way2Save account (For every purchase you make with your card, a dollar is transfered to a savings account). It's almost a way of taxing yourself a dollar for every purchase you make. That's how taxes work anyway right? You don't get more prototypical than that :)
3) Selling of old equipment
4) Saving coins
5) My main budget (I usually keep this to a minimum and usually I tap into that for odds and ends)
I then take the total funds and create a "wishlist" of things that I need/want and begin appropriating money towards those things. Many things will be partially or fully funded depending on costs and priorities.
Discipline plays a huge part in this being successful. The good thing is that this strategy doesn't interfere with any of the strategies mentioned prior to my post.
~Kyle
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When I was a kid, I started buying models using my allowance money from my parents.
Later when I was out of school and single, I was able to spend the money I earned at work.
Now I'm married and back to having an allowance, only now it comes from the wife...and isn't much more than what I got from my parents.
Whatever change is left over after taking care of the bills and primary needs. With my tiny income that isn't much. Maybe $10 to $20 a month.
Dr. Frankendiesel aka Scott Running BearSpace Mouse for president!15 year veteran fire fighterCollector of Apple //e'sRunning Bear EnterprisesHistory Channel Club life member.beatus homo qui invenit sapientiam
Living in a DINK household (double income no kids) I don't have a budget but at the same time I go willy nilly spending either. Some months I don't by anything and others I might pop a $200 for a loco or two or some rolling stock but usually if I spend that much I run it by the wife first. I feel that the most I can spend without getting too much grief is $50 to $100 a month. But I am going to lay MRR spending for a while, we just bought a new car for me and I don't want to rock boat
Well, I have champagne taste on a beer budget. DJ.
Great topic. I don't really have a budget but my income is inconsistent depending on business conditions, competitors, etc. Last 3 years have been tough, so not that much spending. Over the years I would say I spend about on average per year--4 figures. I really need to sell some stuff and have started doing so also moving from plastic to brass somewhat.
Oh but wait, I have 2 kids and college expenses coming up while the economy is still bad--so this year and the next 8 I'll be lucky to spend a couple hundred. Hard to buy brass with that.
Richard
with my many and varied interests it is a good thing that I have a budget to work from...
I recently bought myself a Mesa Boogie Dual Rectifier amplifier...wanna talk bucks?
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Hi guys
I don't have a hobby budget as such I find it doesn't work well for me.
This pay I spent 80c on model material for a project Three pays ago I sent $50 for something, pays in between nothing spent on the hobby.
The costs are so variable depending on project I just get what I can when I can If I have to save for something thats what I do.
Having said that the priority costs are always dealt with first keeping the roof over my head and food on the table putting some away for that rainy day you know the boring domestic stuff
regards John
Kyle
,Since retiring and living on a fixed income yes I have a hobby budget.
However...
I placed a price limit on what I'm willing to pay years ago when prices began to skyrocket and needless to say if the model I want is above that limit I wait till I find a used one and with this economy the use market is booming since most modelers panics and sell their models at the first sign of trouble water..
I do 90% of my shopping on line in order to buy more on my budget.
Do I go over budget?
Yup-more times then I care to admit and that's mostly due to finding a good deals on e-Bay--and yes if you look and know your prices there are still good buys on e-Bay...
Larry
Conductor.
Summerset Ry.
"Stay Alert, Don't get hurt Safety First!"
There is nothing the wife and I do that is not part of the budget. As for "Mad Money" we each get a small amount from each paycheck that we can spend on ourselves (without question) which is where the "Hobby" money for me comes from. We strive to not pay interest on anything so if it's not in the budget it doesn't get bought. When the unexpected happens it's generally covered under the "Emergency Fund" part of the budget and if there is not enough there then money is taken out of another budget to cover the difference.
Darren (BLHS & CRRM Lifetime Member)
Delaware and Hudson Virtual Museum (DHVM), Railroad Adventures (RRAdventures)
My Blog
LION expounded on budgets on the other thread.
The professor took out a glass jar and filled it with several large rocks.
The class agreed that the jar was full, but the professor took out a bag of small stones and was able to several pounds of these stones.
The Class then agreed that the jar was full, but the professor took out a bag of sand and added even more to the jar.
Now the class was not sure what more the professor might try, but still agreed that the jar was full. Now the professor added some water to the jar, and asked what this experiment showed.
Many suggested that there was always room for more.
He replied, no, it means that you put the important things in first.
If the train is important you make it part of your budget, if you don't *have* a budget, then you probably need one of those credit recovery companies that advertise on the talking radio.
ROAR
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Yes I do have a budget, and a very tight one. The maximum I can spend a month is $10
When grown up boys with plenty of cash enter the hobby, here is what they build:
watch?v=CLISENMynEY&feature=playerdetailpage
My hobby budget is technically zero. There's not enough to go around all the places we need (or want) it to go, so the trickle-down is all soaked up before it reaches the "fun and toys" level.
I think I may have spent somewhere around $30 so far this year on trains. Lucky for me I generated a nice backlog of projects when the streams flowed a little deeper in years past.
Jim
"I am lapidary but not eristic when I use big words." - William F. Buckley
I haven't been sleeping. I'm afraid I'll dream I'm in a coma and then wake up unconscious. -Stephen Wright
Since the OP did not give specific dollars, it might be wise to avoid talking about who spends how much, since things could deteriorate into typical flames about, ultimately, who's (budget) is bigger. Nobody cares how much anybody else spends.
I don't have a budget. I'm just careful how I spend. To me, a calculated budget implies a monthly amount of hobby spending. I spend sporadically, not evenly. I tend to be naturally thrifty, so I just figure that when I haven't spent much on the hobby for a while, I can spend a little more this month, and visa versa. And I try to stay informed about products and their value and try to always find a good deal. I seem to stay out of trouble that way.
BTW- humor involves both: a little truth and a little exaggeration. I don't see the need to take serious offense from the exaggeration of a point within a response that was obviously written with tongue in cheek. That's generally how things deteriorate.
- Douglas
Good points "Doughless".
Even with our "Mad Money" budget we let them build month over month so if we want something that is "expensive" we just wait until the money is there or in some cases borrow from the future and repay the budget back buy not spending for awhile. But, to allow our "Mad Money" budgets go into the "Red" does take joint approval and the money has to be there to barrow from...
I have no official budget.
However, when I want to buy something, I most often find something else to sell on Ebay, so that in most cases, I'm not spending new cash out of my pocket.
Of course I lose some money selling/trading trains, but the reality is if I had an official budget, it would not be very much.
In order for me to have decent motive power, I usually have to sell something--and given the high price of freight cars, I have a few very nice ones (Tangent, Red Caboose, etc.) but just not many of them at all. As I'm adjusting to being a steam branchline (81 LF single track railroad) I'm finding I don't need as many freight cars, but prefer illuminated passenger cars instead.
I have become very bargain conscious lately, buying recent locomotives for respectively: $67, $76 and $77 dollars in the last couple weeks after selling a beautiful EM-1 that I just really didn't need to keep. The replacement engines are in order: a new Athearn Roundhouse 2-6-0, a new Intermountain LV F-7A, and a new old stock P2K LV PA-1.
I only have 7 engines, 7 freight cars, 2 cabooses, and 2 passenger cars at the present time.
The most expensive engines on hand are Bachmann Alco 2-6-0's with sound and DCC.
Respectfully submitted--
John
For a number of reasons, not the least of which include what I consider to be extremely poor artwork currently being provided by manufacturers seeking "pre-orders"--the artwork is so bad I cannot trust them to make a quality model (I refuse to pre-order based upon a drawing--if they want my pre-order they will provide quality photographs of a pilot model) I have chosen not to pre-order anything anymore.
I hate the wait for pre-ordered items, which is never accurately reported, but always growing longer. I hate the financial commitment of money hanging over my head. The skyrocketing pricing of new models has helped me to realize that if it isn't found in Bachmann's, Atlas's or Athearn's "economy" series of motive power, then I just won't need it, period.
All of this is tempered by the fact there are large numbers of previously released but still new in box models to be had on Ebay and at train shows--that can be a much better value than the "new" product coming out.
I don't have a budget, but I don't spend much. I find good deals and buy things on sale and usually do pretty well. I do need to start going through my things and start putting them on Ebay to thin out my collection.
RJ
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We budget $150 per month for my hobby. That supports my 15x19 all Lionel O scale layout and a 4x8 N scale empire. It also covers snacks and beverages for the basement "lounge".
I find a monthly budget combined with a separate savings account is essential to buy the occasional "big ticket" (over $50) item. Basically an envelope system for model railroading. By buying everything hobby related (includes magazines and tools) out of the budget and savings, I also eliminate complaints about taking money from other household priorities.
Because the budget is modest - $40/month - I am forced to prioritize and avoid spending on things that are nice, but don't fit or won't be used on the layout.
For pre-orders, I don't order unless I already have the expected full cost in hand in my hobby savings. That means I have much of the savings that is ear-marked, but there is no scramble when the item is finally available. If my methods mean I miss out, then I miss out. I didn't have the item before-hand, so I'm not losing if the pre-ordered item gets delayed or canceled, or I didn't have funds to pre-order. And I always have the right to cancel a pre-order for a better alternative prior to production beginning, although I have never done that yet. The same is true for a pre-order falling through at the manufacturer's end. I can simply shift the ear-marked funds to an alternative purchase.
my thoughts, your choices
Fred W
If you have the money then buy it if you dont then dont. I dont set aside a budget for model railroading if there is something that im interested in and I have the cash I will purchase it.
Regarding the original post........
Budgeting is probably a good idea if you are living near the edge of your income and seek to remain truly solvent, long term. The idea of creating "slush income" on the side like the numbered points in the first post, such as selling old MR stuff or spare time light "for pay" work that you enjoy almost as a hobby can really help out, too.
For us dinks (double income no kids) who are not in hock or living to the limit of our incomes, we can go a bit crazy if we wish. I mean like hitting a transhow with $300.00 cash to blow on trains and wind up pulling the credit card out for the extra $700.00 you spend there. I tend to do that, but play economic catchup over the next couple of months paying the card down while enjoying the kilobuck worth of toys over that period. It all balances out of course, sort of like a "faux budget" if you will.
Smart folks do what they need to do in this economy to stay afloat. Part of that might mean budgeting for almost everything for those on the ragged edge. I remain stunned at how many folks put themselves out there on the edge, too, trying to live the good or high life on incomes that do not match their tastes. Obviously, these folks need a budget, but just will not strap on gravity boots.
I do not think, or would not like to think, that model railroading, by itself, could sink or be the ruin of a family, econmically, but it could be one of probably many factors and excesses that might figure into the equation.
If I can't fix it, I can fix it so it can't be fixed
If you're suffering from budget anxiety -- from anything, not just model railroading -- you should find one of those household budget programs and start plugging in numbers. Not much anyone here can do to help you.
In fact, this sort of hand-wringing sounds to me like some hair-shirted cult trying to recruit new members for their 12-point model railroading recovery program...
Mike Lehman
Urbana, IL
TA462 BroadwayLion: If the train is important you make it part of your budget, if you don't *have* a budget, then you probably need one of those credit recovery companies that advertise on the talking radio. ROAR WHAT???? Were do you get off saying something like that????
BroadwayLion: If the train is important you make it part of your budget, if you don't *have* a budget, then you probably need one of those credit recovery companies that advertise on the talking radio. ROAR
WHAT???? Were do you get off saying something like that????
I got off in Hoboken, where do you get off at.
Don NOT enter a food fight with a LION. To LIONS all things are FOOD.
mlehman If you're suffering from budget anxiety -- from anything, not just model railroading -- you should find one of those household budget programs and start plugging in numbers. Not much anyone here can do to help you. In fact, this sort of hand-wringing sounds to me like some hair-shirted cult trying to recruit new members for their 12-point model railroading recovery program...
Could you elaborate? I'm not sure how to read that post. Are you suggesting that the intent of the original post was to seek assistance or advice?
Narrow Guage,
Well said. I've learned at an early (childhood) age that it's much less stressful to "know your financial limits". For me; keeping a budget helps to keep my purchasing habits in check (and that goes for model railroading as well) in addition to protecting my savings and long-term investments. I enjoy the hobby but would like to enjoy retirement life as well. I think many, often spend all of their money from paycheck to paycheck (not just on the hobby but in general) and it won't be until its too late that they realize that they haven't saved anything for retirement to supplement their social security income (I'm not speaking about anyone here in particular, please take not offense to this general example) or enough to retire earlier like they would like to.
I basically do all my thinking up front. Yes, I'll shuffle things around when things come up but ultimately I budget my hobby within my limits.
I look at budgeting my hobby like I budget everything else such as:
Vacation
Retirement
New Car
House (not til I'm married apparently but that's ANOTHER story :(, lol)
Emergencies
When kids come into the picture, the first thing likely to get "raided" is money for the hobby depending on who the wife is and what her income may bring to the table.
I don't. But over the years I have a had sense of how much I can afford after meeting all my obligations to my family. Not much when the kids were little and I was the only one that worked, later when we were both working full time and kids were grown, I bought quite a bit, now that we're both retired, I don't spend much. But I have enough in S to build the first phase of the "big one" and more than enough engines and rolling stock even if I ever get around to filling the whole basement. I also have enough in HO, Sn2, and O for smaller layouts in each scale. I also have some O27, N, and G.
Now, I mostly look for good deals on older stuff that appeals to me in whatever scale. And will pick up basic stuff like track and scenery as I need them. Even retired, I have a very busy life that only allows for small amounts of time for the hobby so I don't need to spend much to keep going.
Enjoy
Paul
I indicated above that I don't currently have a budget for the trains.
However, with 2 small kids at home and being the only earner in the household, I will have to budget in the future.
That's what it's coming to.
Now, how much the amount should be? I don't know yet.
ksax73 mlehman: If you're suffering from budget anxiety -- from anything, not just model railroading -- you should find one of those household budget programs and start plugging in numbers. Not much anyone here can do to help you. In fact, this sort of hand-wringing sounds to me like some hair-shirted cult trying to recruit new members for their 12-point model railroading recovery program... Could you elaborate? I'm not sure how to read that post. Are you suggesting that the intent of the original post was to seek assistance or advice? SNIP
mlehman: If you're suffering from budget anxiety -- from anything, not just model railroading -- you should find one of those household budget programs and start plugging in numbers. Not much anyone here can do to help you. In fact, this sort of hand-wringing sounds to me like some hair-shirted cult trying to recruit new members for their 12-point model railroading recovery program...
SNIP
Kyle,
It's not so much the original question -- all good ideas to scare up some $$ to finance our hobby -- but the all too typical fretting and rationalizing about what each of us spends that tends to arrive in these discussions very quickly.
My hobby is where I go to get away from the world and some of the awful stuff in it for a little while....OK, long and longer as I get older.
Whatever I spend, it'll be less than what will cause me to worry. If it ever does start worrying me, then I do have a problem. It's a little like drinking, OK, so long as it causes no problems, but when you wake up with a hangover on Monday morning and can't remember where the weekend went...again... then, yep, you've got a problem, drinking or budget.
Now, putting a sharp pencil to things, running a bunch of numbers, and then getting a bottom line -- if that's you're cup of tea, that's cool. It's a little like those guys who operate and have a suite of two dozen forms to be filled out just to get to the next station. Some people really do enjoy that.
I don't worry about budgets. I worry about customer requirements, improving service, updating things so they're more efficient. More numbers? Heh, I'm a historian, in part because I hate math.
I guess it's also that I'm weary of virtually everything in our society being reduced to a monetary value. Admittedly, I still have to pony up the $$ to buy it, but that's as far as I let that seep into my railroading.
There's good reasons to have a budget and bad ones. Then there's those of us who just don't want to worry about budgets, which I think was my only real point. My apologies if I'm causing this thread to drift.