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markbt73

Making a hobby budget for the year

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Yesterday, I did the thing you're never supposed to do: I added up all the money I'd spent over the course of a year on hobby stuff. It was a shocking amount: over $1800. It may not sound like a lot to some, but it got my attention. I could afford it, but it's more than I'd like to admit spending on toy cars in one year.

That includes six new RC models (5 new and one vintage used), parts to scratch-build 2 more, quite a lot of electronics, several body shells, and half a dozen static kits, one of which was a bit pricey, but a good deal ($100, for a Monogram 1/8 scale Corvette). It does not include the 3D printer I bought myself as an early Christmas gift, nor the 3 other RC kits I received as gifts. I got a lot of stuff last year.

Too much, if I'm honest. I have a to-do list a mile long, and an ever-decreasing amount of time to chip away at it.

So this year, I'm putting myself on a budget. Not a strict monetary one, but a strict number of purchases. And no impulse buys, as a couple of things last year were (it was a rough year; I needed some "retail therapy" here and there). I have to sleep on it. If it's still there in a day or two, and I still want it, then I can go ahead. (There is an exception to this, defined below)

Here's what I'm allowing myself to buy:

One "major" RC kit purchase - defined loosely as more than $300, but under no circumstances can it break $500. My guess is that this will be an Optima Mid re-re, if the rumors end up being true. Though if I find something else that I want more, I could forego a Mid for this year. Kyosho re-releases tend to stick around a good long while.

One "minor" RC kit purchase - around $100-200 give or take. This could be anything, but I'm only giving myself one, so it has to be something that really gets my attention.

One or two static kits for the "library" - I'm building up a stockpile of old out-of-production plastic model kits, to be built in my retirement. I hesitate to use the word "collection," because I do plan to build them all. Since a good portion of these are housed in a bookcase, I have taken to calling it the model car library. I'm particularly keen to find a Revell 1/24 scale "Magnum P.I." Ferrari kit, and an Entex 1/20 scale Mazda RX-3. If one or both turn up on eBay for a fair price, I will probably snag them.

One or two impulse purchases at an antique mall/flea market - Let's face it. If I stumble across an old RC model or pricey static kit at an antique store, I'm not going to leave it on the shelf and come back later. Most of my finds are in the $10-15 range, so I don't worry about it. But once in a while, I get lucky. I found a Parma Hemi Coupe at a flea market for $85 a couple of years ago, and that $100 Corvette last year came from our favorite antique mall.

Parts and supplies and miscellany for kits I already have - Paint, repair parts, maybe a pair of tires here and there. Only things that I have an actual need and use for, though, not "oh look at those cool wheels."

This should keep my hobby spending down to a good deal less than half of last year, and force me to decide if I really want something, or if I just think it's cool today. My hobby should not be buying hobby stuff, and that's kinda how it was last year. I already have a lot of really cool stuff, and frankly not a lot of room for much more anyway.

Think it'll work?

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38 minutes ago, markbt73 said:

Think it'll work?

Nope, not at all, for me at least. 

I spent £200/m on modelling stuff, that include static, RC and supplies like paint and tools. My wife tried to set me a budget of £100, and since getting back to RCing last summer, it got blown out of the water. 

Setting your budget based on kit price is pointless, especially for Tamiya as a "cheap" kit on your "minor"will usually end up with you spending "major" money anyway. As a guide, in my experience, the "additions" of a kit is usually 150% of its box price, motor, ESC, RX (and TX if needed), servo, "big three" hop ups. Easily 250% if you go nuts and buy all the hop ups you can get your hands on. 

This year, my plan is to stop Building Tamiya all together and source "exotic" brands from the far east. Their ticket price is not high at all but postage could be. Also there is a risk of getting an import "fine". However, they are very good OOB requiring (almost) no upgrades, and sometimes, no upgrade options full stop. So or will more be a case of pay once for the kit and postage, throw in a servo, Rx, ESC and motor and that's it. Oh the ones I am looking at, will require a body shells, but that is just 20% the cost of the box price. My target is to keep the excess on top of box price to below 100%. 

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What is the cost of your enjoyment in the hobby?  I ask because it is an interesting concept (the budget idea) to someone who is normally OCD about everything else.  I used to have a prized vintage collection of AYK, Nichimo and rare models.  I spent quite a sum to acquire them, but some were so fragile that I wouldn't ever dare try to run them.  Over some time, the value (to me) was less and I ended up selling them when I moved out of the country.  I never considered what I spent on them, only cared that I got decent value for them when sold (I did) and life went on.  

The experience of having my sought after dream collection was priceless.  I still admire those models, but no longer have a desire to purchase or own them.  Even now, my fully functional collection of running models gives me great joy.  I can't put a price on the return-on-investment I get from it.  I haven't bothered to wonder what I spent to make each model "perfect" to my liking.  It is purely an emotion thing, an enjoyment of the hobby that has brought a lot of happiness to my life.  

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1 hour ago, markbt73 said:

Yesterday, I did the thing you're never supposed to do: I added up all the money I'd spent over the course of a year on hobby stuff. 

Yea, I definitely don't want to do that...Good luck sticking to the plan :)   

As @Killajb said, if the hobby makes you happy why limit yourself?  Especially if the money is not an issue.  I always think about how much I've spent and how ridiculous it seems at times, but in the end it makes me happy and if I ever get tired of it I can just sell it all.  Obviously if it starts to effect you (or anyone) financially that's just idiotic in my opinion.  My family will never suffer or want for anything due to my hobbies.  As long as everything else in life is taken care of and you're investing/saving a substantial amount for the future then no reason not to buy what makes you happy. 

If it's a matter of just having too much that makes more sense.  I may be getting to that point...I just keep finding more places to store RCs/building more shelves when I should probably be thinning the herd a little.  I barely have enough time to enjoy them as it is.  

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Sounds like a solid plan. Sticking to it is the hard bit ;) For me at least.

I guess the $ debate depends on how you view it. Spending a load of money on ‘toy cars’ might seems OTT but spending $1800 over 12 months on a hobby seems pretty reasonable. Especially when you get something tangible, usable and sellable. 

I’ve only been back in to Tamiya for a few months and have been surprised how little the base kits cost but then you factor in ESC, motor, radio gear, a spare shell, some retro or vintage decals and then my real weakness… hop-ups!!!

I’ve got lots to keep me busy already and work will be full on for the next few months but I’m sure I will still buy plenty along the way. Given I’m new to all this I don’t yet have enough of a pile of shame to keep me in check!
 

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Funny you mention this, as I just got done with a spread sheet last night to tally up everything I've spent since I got back into RC two years ago with a used RC10 T3. It's just over $2100 USD. I've gotten up to speed with the current industry trends, and I've definitely settled on one type of car (1/10 buggies). I'll probably settle into one big kit per year, and $40 per month for parts and track time. Used isn't an option, as everything locally is just clapped out Arrma and Traxxas being listed for retail prices.

I know there's a possible Mid release coming and that was what I raced as a kid, but if it's more than $400, I might pass for the next TD variant. 

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Several points...

1. Money is very much an issue. I should not have spent as much as I did last year. It put a sizeable dent in my savings.

2. I don't do "hop ups." No interest at all. I either build the thing as is, or completely hack it up into something else.

3. I'm running out of space.

4. I hate, hate, HAAAATE selling stuff. It's a massive pain in the backside, and I always feel more ripped-off selling something for less than I think it's worth than I do just letting it sit around. So I won't buy anything with the assumption that it can be sold later.

5. The point is not to put a price on my happiness, the point is to make each purchase count. It has to fit in with what I have, both thematically and physically. It has to resonate. That's what will make me happy.

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@markbt73 those five principles seem like a good way of making sure your plan to reign it in works. Best of luck with it.

 

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I like the hop up thing. It lets me play and tinker and whatever.  And it’s relatively cheap.  $20 this-and-that and it’s like a new car.  I only have room for 5 cars at most, so I have to limit myself to one car per year, and then I collect hop ups as needed/wanted…

Albeit, I went overboard on my Dragon and ordered it all at once rather than piece-meal…

This year it will be a CC02…

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7 minutes ago, markbt73 said:

Several points...

1. Money is very much an issue. I should not have spent as much as I did last year. It put a sizeable dent in my savings.

2. I don't do "hop ups." No interest at all. I either build the thing as is, or completely hack it up into something else.

3. I'm running out of space.

4. I hate, hate, HAAAATE selling stuff. It's a massive pain in the backside, and I always feel more ripped-off selling something for less than I think it's worth than I do just letting it sit around. So I won't buy anything with the assumption that it can be sold later.

5. The point is not to put a price on my happiness, the point is to make each purchase count. It has to fit in with what I have, both thematically and physically. It has to resonate. That's what will make me happy.

Well said.  Now that you mention it selling stuff has become a huge pain.  I've been using my wife's FB recently since its free, but I usually end up listing on Ebay since everyone on FB wants a $3-400 RC for $50. 

Totally agree on number 5 as well.  I never buy an RC (new or used) that I don't have a plan for when the purchase is made, so 100% agree on that one. 

Couldn't agree more on the hop-ups either, I never got that.  For most kits I'll build them stock and run them, upgrading as needed.  For my monsters I'll do upgrades here and there as needed, but even most of my pro-mod trucks are pretty much stock with upgraded power and they do just fine...

On the money side do what you have to do.  Never let a hobby get in the way of regular life, family, or savings.  

 

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Lol selling…

Id rather just give my car away to someone here than try to sell it on facedork or Craigslist.

 

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1 hour ago, Frog Jumper said:

Lol selling…

Id rather just give my car away to someone here than try to sell it on facedork or Craigslist.

 

When I upgraded my M05 I had virtually a basic bare bones chassis left over that I knew I’d never do anything with so I posted it to a fellow member free of charge who made an enquiry of my intentions for it  to get a non-runner running again, and that felt good 👍🏻 
 

I believe a lot of people do that on the ‘Pay it Forward’ thread. 

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I don't have a specific budget but I keep track of most RC stuff in a spreadsheet.  Once I decide on a new model I start adding up what I need to complete it and pretty soon I cross it off my list for another 6 months.  Sometimes even just seeing a big list of what I already have is enough to tell me I don't need to spend any money.

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I might just have to stick with the adage that I won’t add up everything I’ve spent the last year or two. The amount may be too much to handle. 

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3 hours ago, markbt73 said:

Several points...

1. Money is very much an issue. I should not have spent as much as I did last year. It put a sizeable dent in my savings.

2. I don't do "hop ups." No interest at all. I either build the thing as is, or completely hack it up into something else.

3. I'm running out of space.

4. I hate, hate, HAAAATE selling stuff. It's a massive pain in the backside, and I always feel more ripped-off selling something for less than I think it's worth than I do just letting it sit around. So I won't buy anything with the assumption that it can be sold later.

5. The point is not to put a price on my happiness, the point is to make each purchase count. It has to fit in with what I have, both thematically and physically. It has to resonate. That's what will make me happy.

Points one and three are significant drivers here. From my experience they will help drive you to concentrate on point 5. 

I have been in a similar position and whilst I still spent money last year, the majority went on parts, sundries and paints. Well, apart from the cars I bought of course :ph34r:.

Like you, I hate selling stuff but I won't say never, I might write some off to make some space.

Is there anything small and cheap that you can use to satisfy the retail therapy cravings? Maybe hold off on sundries like paint and servoes until you need to scratch that itch?

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2 hours ago, Re-Bugged said:

When I upgraded my M05 I had virtually a basic bare bones chassis left over that I knew I’d never do anything with so I posted it to a fellow member free of charge who made an enquiry of my intentions for it  to get a non-runner running again, and that felt good 👍🏻 
 

I believe a lot of people do that on the ‘Pay it Forward’ thread. 

Just before Xmas I turned up a brand new factory sealed Absima LiPo charger (still a current model), offered it on here trying to help someone out & posted it to a member foc. I didn’t do it for a medal but a thank you would’ve been nice, or even just an acknowledgment. Hey ho.  

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4 hours ago, Frog Jumper said:

 And it’s relatively cheap.  $20 this-and-that and it’s like a new car. 

$20 this AND that will be $40.😁

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I've given up years ago trying to limit myself financially! Some years I've spent very little and some years like the past few I've spent a lot more than I would of liked simply because my annual holidays have been limited! (Very annoying) but hopefully that's going to change this year so I think its basically compensation for pretty dull holidays that I've spent more on my rc hobby! What I've done to curb my spending is limit the amount of space I have for new kits,  so in order to buy new kits I have to sell cars and if I like all my cars in my collection and really don't want to sell then I can't buy new kits!.........so one of my ultimate favourite buggies will have to be sacrificed in order for the optima mid to take its place when its eventually released!.......oh that's going to be fun???

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5 hours ago, markbt73 said:

2. I don't do "hop ups." No interest at all. I either build the thing as is, or completely hack it up into something else.

I am starting to go down this route as well, but not with Tamiya. In the decades I had spent in the static model world, Tamiya is known as the "shake and bake" brand, good enough for most people but not great. Even though I had only been RCing since last summer, I notice the same for their RC too. Most of their kits are good enough for most kids OOB but to make them great, hop ups are a must. So now I am starting to explore other brands. Two reasons here, first, they do not usually have much or even any hop up options, and second, they usually have what Tamiya will sell as hop ups OOB. Basic essentials like bearings and CVAs are included as default, along with "nice to have" things like universals, metal motor mount, etc... I just totalled up my spend on a recent non-Tamiya build and it is probably the cheapest build I ever had yet had the most "nice parts". Even a "budget/basic" Holiday Buggy build had a bigger spend.

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I think setting a budget or objective for the year is a very good idea. There is nothing wrong with exercising restraint, which is a great quality greatly missing in the world nowadays. Awareness on what & how much you consume is part of being responsible with anything, irrespective on how much money you have. Plus, adding the budget dynamic makes you think better what to buy and also value it more once you do buy it.

A few things come to mind:

  • Each person is in a different situation and therefore a different strategy will work best.
  • I don't see anything wrong to enjoying what makes you happy. However, some people become addicted to buying/shopping and then hardly touch what they buy. A much wholesome way to enjoying it's go beyond purely buying and actually using. Using can be building, running, shelf-queening, or even collecting, just make sure it is the "use" that brings you joy, not the "buy".
  • If you have kids at home, it is paramount you teach by example. Demonstrate restraint, thought and planning to your kids. Worst thing is to raise kids who think money grows in trees because they see dad's toys keep coming out of nowhere.

In my case, I am fortunate enough to have the possibility of indeed spending significant amounts each year, however I choose not to. I set a fixed $500 USD RC budget each year that no-matter-what I cannot exceed. Now that I have reached a Tamiya RC collection of 30 models, I have just now added another rule to not increase it beyond 30. If I buy a kit I have to sell another one. The sell price can go to increase the $500 USD budget. This way I keep both money and space in check. It has worked for me well so far, even though I already burned my entire 2022 budget! :)

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Good luck with this, @markbt73, I'm more-or-less in the same boat so I'm with you, we can be virtual accountabillabuddies.

Here at Chez Ax we have a monthly budget, that covers all the money we need for essentials and accruing for various things we might need down the road, whatever is left over at the end of all that is "percy", which then becomes my fixed monthly "leisure budget."  All the household essentials are taken care of, but my leisure budget must include any clothes, shoes, haircuts, alcoholic beverages and non-household food, RC event entry fees, club memberships, takeaways or nights out, music equipment, as well as the "big one" - RC car and parts.  I'm not a heavy drinker, I don't go out a lot, I cut my own hair, most of my clothes are 10+ years old, and (inversely to the Vimes 'Boots' Law of the Economy)*, I buy cheap walking boots that last 5+ years instead of buying expensive walking boots that last a few months, so the majority of my percy goes on RC cars and parts.

My budget could easily get me a new RC car every month, or if I wanted something more tasty, a car every 2 months.  But as @alvinlwh wisely points out, a new car costs way more than book price by the time it's built.  That +150% estimate is pretty good.  I've almost filled the model memory on my FlySky transmitter now, so I've either got to go back to receiver-swapping (****, I really hate that) or get another Tx.  Or, y'know, just STOP MAKING MORE CARS, DAMMIT!!  So in reality, it's a new kit box once every few months.

I've noticed throughout 2021 that general parts are getting more expensive.  That, or I'm less likely to buy cheap parts now - I want to see tangible performance improvements, not alloy bling, so I want to buy parts that work.  I had quite a lot of spare cash every month at the end of 2021, but I was easily blowing my entire leisure budget, plus eating into my savings, just to keep my projects ticking along.  Usually I'm waiting for the 1st of the month to roll around so I can order the backlog of parts I need to unblock my projects.  Then inevitably a new idea worms its way into my brain and I add more stuff onto that list.  I overstretched a lot in 2021 - after a lonely 2020, I signed up for just about everything going in 2021.  I had to buy cars for all different events, I had to buy hop-ups to make them competitive, I had to get them all built in mornings, evenings and lunchbreaks.  Sometimes it was quite stressful.

But it's got to change in 2022.  I really have run out of space.  Plus, projects-in-potentia notwithstanding, I don't need anything else.  I can only drive one car at a time.  2019 plan of having 2-3 running options on every type of car, so that if I went out with friends we could all play together, kind of fell apart in 2020 when friends were given a solid excuse for not wanting to meet in person any more, and that seems to have created a long-lasting mindset change in the people around me.

But the biggest change for me is the fuel budget.  Back in 2019, I could claim fuel mileage on work-related journeys.  I did a few, and it usually netted me enough to pay for my cross-country RC journeys.  In the first half of 2020 we went nowhere, so my fuel budget didn't get used.  It paid for all my trips in the second half of 2020.  In 2021 I was able to expense some mileage to my office, but it wasn't enough to cover all the extra journeys I did, and the budget was royally blown.  So we now have a new rule at home - any non-household mileage must be paid for out of percy.  Since a run to Tamiya Junkies and back can be more than a single tank of fuel, that's over £100 just to do a one-day bash.  £100 to go to Revival, before the entry fees, food, drink, tyres, parts, etc.  £100 to do the scaler nationals.  That's a sizeable chunk of my monthly budget gone.

Plus, I want to invest in some home gym equipment.  Not a lot - less than a year's gym membership at today's prices, and it will get me exactly what I'll use, but it's a big initial outlay.  I need to start putting money by for that.

Plus, I still want to think about doing some live music, and I'll need new equipment and software for that.  I need to put money by for that.

I'm hoping that a re-focus on what's really important will help me enjoy more of life - but having to do less cross-country events is going to hurt, I pretty much live for road trips.

*to paraphrase slightly, a rich man spends 10 dollars on a pair of boots that will last him a decade, while a poor man can only afford 2 dollars on a pair of boots that will only last him a year.  Over a ten-year period, the poor man spends twice as much on boots as the rich man.  And although this is a perfectly valid economical law, 10 dollars no longer necessarily buys you a ten-year boot.  Sometimes it buys you a two dollar boot with an eight dollar nametag.  Determining what brands provide quality and what brands are simply selling a name is rather tricky, these days, but you've never see me buy anything with Nike, Levi or Beats written on the box, and I've also discovered that Tesco sell two dollar jeans with a ten-year lifespan (assuming my waist doesn't get any bigger).

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@Mad Ax I think in 2020, things appear very uncertain, we all are very careful about how we spend. Then things seem to settle down and WFH (for those who can) seem to work and is mostly stable, we relaxed and started to enjoy life (as much as possible) again. And WFHing allows us much more chances to build, and saved on travel time to work for most (not me as I live 5 minutes walk to work), thus speeding up many build time. If I am not WFHing, I will have to get home at 5pm, spray paint something, have dinner while the paint dry, and spray/work after dinner. With WFH, I can wake up, spray, work, spray again at lunchtime, work, and get into the dinner routine at 5pm, with bits sneak in like "making a cup of tea" time.

Before I got (back) into RC last summer, I was on static models, and then Gundams since the beginning of WFH on 4 April 2020. In that period, I had completed dozens of kits, filling up trays of Lidi produce boxes as it is impossible to display them all. The top of all my kitchen cabinets are all Gundams now.

Before I restarted RCing, I had a Lunchbox and a TT-01. So last summer to now the middle of winter, about 7 - 8 months? I had an additional M-05, Thunder Dragon, 2 x SW-01, SU-01, M-06 and MG Evo.

My Facebook has an album called "Working from home", yes with the "" and it is filled with hundreds of pictures of dozens of models (of all kinds). Good thing is I have a rule of not adding anyone I work with to my friends list.

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@markbt73 Looks like you got a bunch of fun projects waiting for you!  I think it’s smart you made your budget and committed to keeping within those lines.  

I too plan budgets for everything.. I tend to buy a lot of things and one thing I learned early on in my life is to get the best one you can possibly afford and keep it for life instead of getting a cheaper version only to be replaced with the one you really wanted later.  That is a huge waste of money and time.  

Anyway, have fun with your hobby!  :D

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I think the budget planning is an excellent idea.  The fact that you have the ability to go beyond the budget but still plan to stay within it speaks volumes to you being grounded on life.  

I've been in RC in the late 80's.  Started with a Blackfoot and then got in to RC planes for long time.  Still into the planes but also just got back into the cars/trucks since Covid.  

I've unfortunately witnessed several occasions where guys got into the planes and all the sudden when ballistic with purchases.  I mean really bad.  I recall a guy having to sell some planes at the end of the month so he could pay rent.   I'm sure it happens with the RC cars too.   I remember buying a Clod Buster from a guy who happened to be a customer at the local hobby shop I was at.   I think this was the early/mid 90s.   At the time I was only flying planes and had no desire to buy a Clodbuster but I felt bad for him and he only wanted $75 for it.   I bought with the idea to update it with newer electronics sometime.   Just sat in the shop for years and I sold it at an RC flee market maybe 5-6 years ago.   I think I got my $75 back on it.   Oh......and I'm not positive but I think it had the bowtie grill.   :o  Had no clue at the time.   Oh well.....

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