How do you decide what to allocate towards cards?

dgbarnes · 07-02-2019, 11:38 AM

This is a bit different in terms of what topics show up on the forum, but I'm generally curious about what other's think.

How does everyone budget, set rules, and other strategic approaches when deciding what they can and can't purchase? I recently got a bit trigger happy with our credit card, and luckily I had a handful of cards to sell to get out of the hole, but it made me wonder how I could adjust my ways for the future and prevent getting tunnel vision and getting behind.

To be clear, I make additional payments every month on our mortgage, cars are paid off, and inject additional money into savings accounts (401k, IRA, 529, etc.) on a monthly basis. Just wondering what other collectors have used as a spending strategy.

buckunteer · 07-02-2019, 11:42 AM

I have never put cards on a credit card that I would need to pay off monthly. That's the bridge to disaster (sounds similar to what you're describing) and I refuse to cross it. Anything I buy is paid for immediately either with paypal budget or my checking account.

As far as an actual budget, I'm ok spending around $100 a month, plus any extra funds from sales as I do enjoy busting the occasional box or scratching the itch with retail at walmart. That's why, at present, my budget is shot to hell as I dropped over $550 on one card...so my pickups will be few and far between until fall haha.

Harper · 07-02-2019, 11:44 AM

I have a monthly limit. If I under spend one month that rolls over to my new budget for rare high priced item that may pop up. I track it all on a big spreadsheet. I have every dollar I’ve spent on my pc over the last 7 years cataloged. If I have a big ticket item and not enough in my budget, I run it by the better half... she almost always says yes. And then I reduce my budget for future months til I make up the deficit.

I use cc for all purchase but have autopay on for complete balance each month so I rack up points without ever paying interest

Budget is a percentage of net pay after retirement. 2.5% for cards

byronscott4ever · 07-02-2019, 11:56 AM

Spend amount depends on what’s out there...but I try to sell stuff to break even essentially

DajuanWagner · 07-02-2019, 12:16 PM

I had this conversation with a local guy recently. He said that he was going to have to not buy anything since he put around $18,000 on his credit cards...…..

chris_ac · 07-02-2019, 12:17 PM

This is where being selective is highly important. In the age of plentiful cards, chasing parallel rainbows or being a completionist is a fast way down a rabbit hole.

Do you have a focus? Specific player, team or set? If yes, still managing the type of cards you’re buying can create a better focus. Like autos or relics better? Rookies or vets? Maybe just your favorite product that is made every year. Glance at your recent purchases and hopefully find a connection and try to block out the peripheral cards. The money adds up better when the cards you snag are a perfect fit to a focus.

buckunteer · 07-02-2019, 12:18 PM

That support from the other half is great. Mine knows if we're ever hurting for cash that badly that I will sell it all, and at this point, any big-ticket item I'm buying is usually a rare 90s Mitch that will likely hold/gain value or an MJ refractor or something else of that ilk that should also hold/gain value.

Case and point: I spent $122.50 on my PSA 10 Mitch Richmond 97-98 metal championship galaxy PMG /50 about 5.5 years ago. No chance that thing sells for any less than 3x that now.

Quote:

Originally Posted by Harper

I have a monthly limit. If I under spend one month that rolls over to my new budget for rare high priced item that may pop up. I track it all on a big spreadsheet. I have every dollar I’ve spent on my pc over the last 7 years cataloged. If I have a big ticket item and not enough in my budget, I run it by the better half... she almost always says yes. And then I reduce my budget for future months til I make up the deficit.

I use cc for all purchase but have autopay on for complete balance each month so I rack up points without ever paying interest

Budget is a percentage of net pay after retirement. 2.5% for cards

jcardstore · 07-02-2019, 12:47 PM

I buy what I want when I feel like buying it because I have self control. I've never put any cards on credit and I don't buy anything with "investment" in mind because I realized sports cards aren't a worthwhile investment a long time ago.

I'm also not interested in high end stuff so that helps I suppose. I spent maybe a couple hundred a month on cards it just really depends if I see something I like or not.

My wife doesn't appreciate my lack of budgeting so she handles all the finances. If I get an angry "why did you buy that" text I know I should probably relax for a little bit

dgbarnes · 07-02-2019, 12:52 PM

Quote:

Originally Posted by Harper

I have a monthly limit. If I under spend one month that rolls over to my new budget for rare high priced item that may pop up. I track it all on a big spreadsheet. I have every dollar I’ve spent on my pc over the last 7 years cataloged. If I have a big ticket item and not enough in my budget, I run it by the better half... she almost always says yes. And then I reduce my budget for future months til I make up the deficit.

I use cc for all purchase but have autopay on for complete balance each month so I rack up points without ever paying interest

Budget is a percentage of net pay after retirement. 2.5% for cards

Man, this is a great approach! I love the idea of 2.5% after retirement, and going from there. I'll also need to look into auto-paying on the CC, as I also benefit from the cash back percentages.

byronscott4ever · 07-02-2019, 01:04 PM

Quote:

Originally Posted by DajuanWagner

I had this conversation with a local guy recently. He said that he was going to have to not buy anything since he put around $18,000 on his credit cards...…..

Were you outside his house at the time? Sounds like a good amount to pay for a security system

asujbl · 07-02-2019, 01:07 PM

I just buy PC items I want. I don’t budget

#baller

DajuanWagner · 07-02-2019, 01:08 PM

Quote:

Originally Posted by byronscott4ever

Were you outside his house at the time? Sounds like a good amount to pay for a security system

Actually, I was in his garage.

byronscott4ever · 07-02-2019, 01:09 PM

Quote:

Originally Posted by DajuanWagner

Actually, I was in his garage.

Sounds like someone needs an even better system

DajuanWagner · 07-02-2019, 01:17 PM

Quote:

Originally Posted by byronscott4ever

Sounds like someone needs an even better system

Pretty sure he doesn't have a system...…..

dwtaylor1055 · 07-02-2019, 01:32 PM

I'll pick up a pack or two from say target or Walmart every couple of weeks. I'll buy one PC card and/or card of great value at the time to flip every two weeks.

byronscott4ever · 07-02-2019, 01:36 PM

Quote:

Originally Posted by DajuanWagner

Pretty sure he doesn't have a system...…..

Your system seems to be solid, even if not fully legal

DajuanWagner · 07-02-2019, 01:43 PM

Quote:

Originally Posted by byronscott4ever

Your system seems to be solid, even if not fully legal

I've been pretty fortunate in about the last year. Right place at the right time....

goldkobe · 07-02-2019, 01:56 PM

I don't have a budget, as long as I can justify the price of the card I want, but I try to avoid emotional purchases. I also don't look at cards as investment, just a hobby I enjoy like many others.

CC_123 · 07-02-2019, 01:58 PM

I spend what I sell. So if I sell a $300 card, I have $300 to spend. It has worked out incredibly well for me to this point.

kukocitb · 07-02-2019, 01:59 PM

Quote:

Originally Posted by asujbl

I just buy PC items I want. I don’t budget

#baller

#THUGLIFE

1dayshow · 07-02-2019, 03:26 PM

I'm not a Budget Baller. As long as it is a card I really want and I know the chances of me finding it is slim to none, I will buy it.

My wife, bookie, and loan shark has no problem with my addiction .....errrrrrr.... approach to cards.

Chain · 07-02-2019, 08:58 PM

What I do every month is pay the house amortization first, then place monthly contributions to the retirement, emergency, and investment funds. After that; I give my set contribution for our next month's family expenses to my wife; her and I basically share fifty-fifty on the expenses which she budgets.

Whatever we have left after those, we have prerogative to spend on our personal purchases and hobbies. I usually spend 30-50% of that remaining amount on cards.

On top of that budgeting scheme, I have also set up very stringent parameters on my PC, so that very few cards fit the parameters. It forces me to think thoroughly about every card purchase and minimize impulse buys. That helps both in hitting my PC goals and keeping me within budget.

Finally, I almost always discuss potential card purchases with my closest and most trusted friends in the hobby to make sure I am not making a bad purchase.

byronscott4ever · 07-02-2019, 09:14 PM

Quote:

Originally Posted by DajuanWagner

I've been pretty fortunate in about the last year. Right place at the right time....

In regards to what you’ve seen unnoticed, no legal issues, or both?

JMarchand1981 · 07-02-2019, 09:20 PM

I spend out of my brokerage account gains. I don't spend all the gains but I spend some.

rittdk01 · 07-02-2019, 09:24 PM

I like to sell my collectibles and use that money to buy new collectibles. Don’t put this crap on credit cards.

07-02-2019, 11:38 AM	#1
dgbarnes Member Join Date: Oct 2017 Posts: 657	How do you decide what to allocate towards cards? This is a bit different in terms of what topics show up on the forum, but I'm generally curious about what other's think. How does everyone budget, set rules, and other strategic approaches when deciding what they can and can't purchase? I recently got a bit trigger happy with our credit card, and luckily I had a handful of cards to sell to get out of the hole, but it made me wonder how I could adjust my ways for the future and prevent getting tunnel vision and getting behind. To be clear, I make additional payments every month on our mortgage, cars are paid off, and inject additional money into savings accounts (401k, IRA, 529, etc.) on a monthly basis. Just wondering what other collectors have used as a spending strategy.

07-02-2019, 11:42 AM	#2
buckunteer Member Join Date: Mar 2013 Posts: 5,575 scuba_34 buckunteer	I have never put cards on a credit card that I would need to pay off monthly. That's the bridge to disaster (sounds similar to what you're describing) and I refuse to cross it. Anything I buy is paid for immediately either with paypal budget or my checking account. As far as an actual budget, I'm ok spending around $100 a month, plus any extra funds from sales as I do enjoy busting the occasional box or scratching the itch with retail at walmart. That's why, at present, my budget is shot to hell as I dropped over $550 on one card...so my pickups will be few and far between until fall haha. __________________ I collect Michael Jordan, Mitch Richmond, and Ohio State football and basketball cards in their OSU uniforms! I strongly prefer 90s era cards and use newer cards primarily as trade bait.

07-02-2019, 11:44 AM	#3
Harper Member Join Date: Oct 2013 Location: Dunlap, IL, USA Posts: 2,622 mmil3768 mdmille2	I have a monthly limit. If I under spend one month that rolls over to my new budget for rare high priced item that may pop up. I track it all on a big spreadsheet. I have every dollar I’ve spent on my pc over the last 7 years cataloged. If I have a big ticket item and not enough in my budget, I run it by the better half... she almost always says yes. And then I reduce my budget for future months til I make up the deficit. I use cc for all purchase but have autopay on for complete balance each month so I rack up points without ever paying interest Budget is a percentage of net pay after retirement. 2.5% for cards __________________ Check out my Ron Harper collection and wantlist! https://www.flickr.com/photos/144848597@N06/albums http://ronharper.weebly.com/ Last edited by Harper; 07-02-2019 at 11:50 AM.

07-02-2019, 12:17 PM	#6
chris_ac Member Join Date: Apr 2010 Posts: 8,269	This is where being selective is highly important. In the age of plentiful cards, chasing parallel rainbows or being a completionist is a fast way down a rabbit hole. Do you have a focus? Specific player, team or set? If yes, still managing the type of cards you’re buying can create a better focus. Like autos or relics better? Rookies or vets? Maybe just your favorite product that is made every year. Glance at your recent purchases and hopefully find a connection and try to block out the peripheral cards. The money adds up better when the cards you snag are a perfect fit to a focus. __________________ PC (NFS/NFT): Anze Kopitar/Justin Jefferson/Victor Wembanyama IG: playerclector

07-02-2019, 12:47 PM	#8
jcardstore Member Join Date: Mar 2014 Posts: 21,725 Jcardstore	I buy what I want when I feel like buying it because I have self control. I've never put any cards on credit and I don't buy anything with "investment" in mind because I realized sports cards aren't a worthwhile investment a long time ago. I'm also not interested in high end stuff so that helps I suppose. I spent maybe a couple hundred a month on cards it just really depends if I see something I like or not. My wife doesn't appreciate my lack of budgeting so she handles all the finances. If I get an angry "why did you buy that" text I know I should probably relax for a little bit __________________ Just moonwalking through hell on my last brain cell

07-02-2019, 11:56 AM	#4
byronscott4ever Member Join Date: Nov 2009 Posts: 11,355	Spend amount depends on what’s out there...but I try to sell stuff to break even essentially

07-02-2019, 12:16 PM	#5
DajuanWagner Member Join Date: Sep 2011 Posts: 7,425	I had this conversation with a local guy recently. He said that he was going to have to not buy anything since he put around $18,000 on his credit cards...…..

07-02-2019, 01:07 PM	#11
asujbl Member Join Date: Jun 2010 Posts: 62,329 ohiosundevils	I just buy PC items I want. I don’t budget #baller __________________ https://ohiosundevils.smugmug.com/ Browns/Cavs/Tribe/Buckeyes/Jackets/Devils TheFrenzy - “Blowout ain't a place for normies”

07-02-2019, 01:32 PM	#15
dwtaylor1055 Member Join Date: May 2019 Location: Bloomington, In Posts: 342 mears13geico	I'll pick up a pack or two from say target or Walmart every couple of weeks. I'll buy one PC card and/or card of great value at the time to flip every two weeks. __________________ Looking for Aaron Holiday Hoops RCs: Artist Proof Black #/1. (19/20 = 95% complete) Looking for Romeo Langford Revolution RCs: Galactic (SSP), Chinese Emerald #/88, Sunburst #/75, Cubic #/50, Lava #/10 and Chinese Holo Gold #/8 (6/13 = 46% complete)

07-02-2019, 01:56 PM	#18
goldkobe Member Join Date: Mar 2018 Location: Toronto/Canada Posts: 676 gold_kobe	I don't have a budget, as long as I can justify the price of the card I want, but I try to avoid emotional purchases. I also don't look at cards as investment, just a hobby I enjoy like many others. __________________ IG: goldkobeca Collecting High end Kobe Bryant & Lebron James cards. Always open to trade and talk about the hobby

07-02-2019, 01:58 PM	#19
CC_123 Member Join Date: Dec 2010 Location: United States Posts: 21,388 CC_123	I spend what I sell. So if I sell a $300 card, I have $300 to spend. It has worked out incredibly well for me to this point. __________________ ALWAYS LOOKING FOR RARE ERIC DECKER (NFL), BOBBY JACKSON (NBA), AMIR COFFEY (NBA). ALSO VIKINGS CONTENDERS AUTOS! CARDS FT/FS https://www.flickr.com/photos/150768054@N07/albums/with/72157680856431204

07-02-2019, 03:26 PM	#21
1dayshow Member Join Date: Jan 2012 Location: Parts unknown Posts: 3,872	I'm not a Budget Baller. As long as it is a card I really want and I know the chances of me finding it is slim to none, I will buy it. My wife, bookie, and loan shark has no problem with my addiction .....errrrrrr.... approach to cards. Last edited by 1dayshow; 07-02-2019 at 04:31 PM.

07-02-2019, 08:58 PM	#22
Chain Member Join Date: Jul 2016 Location: Philippines Posts: 1,115	What I do every month is pay the house amortization first, then place monthly contributions to the retirement, emergency, and investment funds. After that; I give my set contribution for our next month's family expenses to my wife; her and I basically share fifty-fifty on the expenses which she budgets. Whatever we have left after those, we have prerogative to spend on our personal purchases and hobbies. I usually spend 30-50% of that remaining amount on cards. On top of that budgeting scheme, I have also set up very stringent parameters on my PC, so that very few cards fit the parameters. It forces me to think thoroughly about every card purchase and minimize impulse buys. That helps both in hitting my PC goals and keeping me within budget. Finally, I almost always discuss potential card purchases with my closest and most trusted friends in the hobby to make sure I am not making a bad purchase. __________________ Autos PC: filipinosmacker.weebly.com Inserts PC: filipinosmacker.weebly.com/inserts IG: @filipinosmacker Last edited by Chain; 07-02-2019 at 09:01 PM.

07-02-2019, 09:20 PM	#24
JMarchand1981 Member Join Date: Jul 2013 Posts: 34,438	I spend out of my brokerage account gains. I don't spend all the gains but I spend some. Last edited by JMarchand1981; 07-02-2019 at 09:23 PM.

07-02-2019, 09:24 PM	#25
rittdk01 Member Join Date: Sep 2014 Location: Indiana Posts: 2,416	I like to sell my collectibles and use that money to buy new collectibles. Don’t put this crap on credit cards.