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Payday


PansPurse

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Ah that glorious day where my desire to plan and budget sensibly wrestles with my urge to buy ALL the shiny. That said, last month I more than doubled my tiny gold stack so this month I mean it when I say I'm taking a pause (unless I get some freelance work, in which case that's ok to blow, right?)

How do folks here work around budgeting? Does buying PMs at the end of the month work well as a motivator for not overspending?

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I usually spend all of my allowable budget within a day or two of it being available. I then spend the rest of the month desperately waiting for a £1 maximum selling fee offer from eBay, in order to sell some things, to then buy other things that appeared for sale 10 minutes after I ran out of money. Then I do exactly the same thing the next month, having sworn to myself that I wouldn’t do it again. I’ve now  been doing this for approximately 92 months.

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I find the discipline really tough as I don't have to wait for payday, I already have my PM fund to hand (allocated percentage of savings), and the monthly budget is self imposed.

All I have in my favour is the steely look in the other half's eyes when the postman walks up  the drive with another parcel, that and the fear of reaching the end of the fund and then no more buying fun, unless of course I just allocate a tiny bit more... :rolleyes:

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21 minutes ago, PansPurse said:

Ah that glorious day where my desire to plan and budget sensibly wrestles with my urge to buy ALL the shiny. That said, last month I more than doubled my tiny gold stack so this month I mean it when I say I'm taking a pause (unless I get some freelance work, in which case that's ok to blow, right?)

How do folks here work around budgeting? Does buying PMs at the end of the month work well as a motivator for not overspending?

I do the same as @shawy2510 and @Shinus73 buy what I wanted and if i run out, then hit the eBay, list stuff here and at last resort the credit card and pay back the month after.

By the way is it rude to ask what work you do? I work on sites and digital marketing - so always try to pick up some freelance work to get more shiny. 

New Forum Sponsor! See Items for sale here  Also on Instagram: Bargain Numismatics 

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23 minutes ago, PansPurse said:

 

How do folks here work around budgeting? Does buying PMs at the end of the month work well as a motivator for not overspending?

Absolutely. I put my order through on Goldsilver.be as soon as the money hits my account. Whatever is left is my living expenses for the month. Pay yourself first as the Richest Man in Babylon said.

Currently stacking 10oz Unas and Britannia bars 

 

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For the last few months I have been lifting cash savings first then allocating an amount to pms. If i end up over spending on pms with the money in my bank account i have the cash to fall back on but havent yet had to use it. Only time used is when we phone a chinese and im the only one with cash :)

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Yes. I have changed my wasteful spending ways quite a bit. No expensive coffees at work or on the way. Always take lunch with me. Cut down on bills where I can. 

However you still have to have some fun and enjoyment. 

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27 minutes ago, Shinus73 said:

I usually spend all of my allowable budget within a day or two of it being available. I then spend the rest of the month desperately waiting for a £1 maximum selling fee offer from eBay, in order to sell some things, to then buy other things that appeared for sale 10 minutes after I ran out of money. Then I do exactly the same thing the next month, having sworn to myself that I wouldn’t do it again. I’ve now  been doing this for approximately 92 months.

Story of my life! :rolleyes:

Instagram: gildeon_67

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My budgeted monthly amount is somewhere around 3-4 sovereigns.

At the moment I prefer buying at auctions, and these auctioneers don't wait for my payday. So, I have to rely on some safety net sometimes ;) 

Anyway, I have bought wayyyyy to many sovereigns this year already (after a lull in 2017).

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Started less than a year ago and went to a buying spree, trying to get everything that moves, as a typical beginner!

In the last months I have settled, cut down my collections in half and decided against stacking/investing but only collecting what I like and hoping that it will keep its value. My monthly budget at the moment is split between a monthly allowance (to myself!) and selling what I have stopped collecting.

Instagram: gildeon_67

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Payday is weekly for me ( aka pro footballer, joke). Stopped all the BS and nonsense with the aim of using some of that money for PMS. I love a good deal or bargain inc non PMS so if there is a deal about I try to pounce on it. 

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I put £500 in my Lifetime ISA and the rest  towards flipping shoes or maybe some gold.

PROUD to be TRANSRACIAL.

Biology IS bigotry.

Coronavirus is made up and no-one has died from the imaginary virus.

 

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1 hour ago, ilovesilverireallydo said:

 @shawy2510 @Shinus73

By the way is it rude to ask what work you do? I work on sites and digital marketing - so always try to pick up some freelance work to get more shiny. 

Well my business card says consultant, which is about as vague a job description as it's possible to get.

My freelance stuff is more creative and uses basically none of the skills of my day job

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I don’t have an allowance I just use my best friend mr credit card with interest free. Luckily I’ve made a few bob buying and selling which funds most of my collection. However there’s always that one coin I must have each month which always happens to be over 1k which puts me back in the negative.

 

im a logistics/Warehouse manager in Manchester currently looking for a new role closer to home ?  

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I don’t have an allowance I just use my best friend mr credit card with interest free. Luckily I’ve made a few bob buying and selling which funds most of my collection. However there’s always that one coin I must have each month which always happens to be over 1k which puts me back in the negative.

 

im a logistics/Warehouse manager in Manchester currently looking for a new role closer to home ?  

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I barely buy anything nowadays 

I'm just waiting for the right coins/oppertunities to come along, either new releases or deals on Ebay

Just have some money set aside waiting 

The longer you buy PMs the more you have to swap out and change around your stack for things you do like, so it often becomes swapping rather than spending 

Help thread for members new to silver/gold stacking/collecting

The Money Printing Myth the Fed can't and don't money print - Deflation ahead, not inflation 

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Whilst I not advise anyone to go into debt for buying precious metals, in the UK firms are not allowed to charge for credit fees for purchases. 

If you combine this with a cash back credit card like Aqua which pays 0.5% on an bog standard 1oz gold coin of spot at £1000oz will get £5 cashback which covers most of your postage

You can also benefit greatly from knowing the exact billing dates of your credit cards. 

Say my billing date was  yesterday the 24th if i bought today i get the maximum amount of interest free period as i have to wait until 24th for the statement to be raised and then have to pay it by the due date on the next statement.  At its maximum you can benefit for up to x56 interest free cash 

This explains a litter clearer than me

https://www.choose.co.uk/guide/credit-card-interest-free-period-explained.html

Having a few cards can help you maximise this to your advantage. 

Six different card and six different billing dates (see picture below)  I just need one card for around the 1st and i'm all sorted :) 

Using this I have flipped four figures worth of product not just precious metals in under x56 days for a little profit using other people money

Also doing this, being rigid willpower to pay it off in full will send your credit profile scoring over time the more you do it and lastly you also far better protected using credit card companies money as opposed to using your own via bank transfer/debit card. 

They will take investigations much more serious when it is the 'credit card companies money' they are searching for not your own hard earned cash

cards.JPG

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