Financially where do you draw the line?

[Oldreefer44]

Fortunately don't have much in the way of financial constraints but reality hits when I look at all the old equipment in my garage that at one time was a "must have". So have revised my spending philosophy to that of: Do I need it or do I want it? If I really need it then I buy it, but if I only just want it because it is new or is getting a lot of hype, then I wait. So many things in this hobby become a fad, just like in life, and then quickly become just another product. To me success is still built on water quality, stability and patience. These have not changed much for decades.

 

[jtl]

We are pretty conservative and past the point age wise of worrying about money so we just spend what is necessary. At this point we are looking for an exit strategy from the hobby so no more corals and equipment only if something breaks. The goal is to grow out what we have and sell, no time frame but certainly within a year.

 

[BigRedReefer MT]

Very low budget. Started this hobby while living with room mates and a very small monthly living cost so spend, spend, spend. Now I have house payments, utilities, car payments, etc., etc.. If I don't need it to replace a piece of broken equipment, then I just look and not touch.

 

[jim_fitz]

if you count bribes (new front garden)
if spent an absolute fortune - with her permission

though i do draw the line at really expensive fish (so far)
i think you can get away with it
my checker board wrasse were £30 each
and i love them

 

[BiGGiePauls33]

The real question here is, "Who hasn't spent beyond their means"?

 

[Hallowhead]

Being recent college graduate and fully invested in a well paying full time job in NYC area it's hard to find my limit... I originally saved every penny but realized there isn't much fun in that. I purchased a new 2019 GC Altitudes and than my reef tank.. I think i've hit the point where I realized I need to tone it back a little lol. My gf is a huge support system when I want to buy something I am honest and she goes do you really need it?? If I do I say yes and when I don't I am truthful.

I would say you need to find your disposable income per month and when you exceed that on fish / corals you need to tone it back.

 

[Signalhead]

I'm spending my kids inheritance...

 

[ScooterV]

I answered "no", because I have never had to borrow money through 37 years or so in the hobby. As my income grew, my hobby spending grew. If something major failed, I've dipped into the emergency fund, but replaced the funds quickly.

ON THE OTHER HAND... Between my last two builds I'd have had enough for a hefty down payment for a decent rental property! So, there's a real cost there. However, I don't consider it to be beyond my means, it just means my early retirement may be a tad less early and was a conscious decision. I plan on many more years of enjoying this

Now, if I could only figure out how to afford a restored 1969 Mach 1 and still retire at 55 I'll be golden

 

[Bob Weigant]

Now that I’m getting older I’ve changed my ways on spending insane money on my tanks. I no longer run out and get corals ( or a new fish ). I need money for later so now I get something here and there

 

[Medic58]

I can truly say i haven’t spent beyond my means. I like to buy good quality equipment so i understand the cost of that within reason. If I see something I need/want it may take me putting a little aside out of each paycheck until I can get it. But I will never blow my budget to over spend. People getting out the hobby everyday just jump over to the selling Page of this site there are some great deals to be had.

 

[Epic Aquaculture]

I wouldn't say I've gone beyond my means, but today was a hit in the pocketbook. I just got a Blue Striped Tamarin Wrasse, and a frag of RRC Rainbow Splice... If you don't know what these are or the price they command, consider yourself lucky!

 

[Biokabe]

I work in sales, so I frequently get blessed with rather largish commission checks. I typically draw the line at about 10% of a commission check. If I'm doing well, I can afford to spend more on my reef. If things are a little tighter, then I pull back my spending. Another 10% of that check is diverted into my "projects" fund for the next tank, or for the next thing I'm building myself. It's a nice self-regulating mechanism so that I can spend more as I make more, but never go overboard just because I got a big check.

Nothing in this hobby is a must-have, and after barely scraping by for a decade in my 20s, I can't ever justify spending above my limits. But on the flip side, after a decade of barely scraping by, I also like enjoying the fact that I'm not just scraping by anymore.

 

[Booger McMoron]

If I can’t afford it, I don’t buy it. People are full of debt now and the economic gurus tell you to buy more and more. Even better if you use a credit card. I can tell you that having cash in the bank is more relaxing than paying debt off.

 

[Rukk]

When I was young, there were times and things that I spent on that were really beyond my means at the time. Being old now, I have learned not to do that and am better off for it. It sucks if you can't afford something you want, but figure out another way, or find something else to spend what money you can afford on. I realize that some folks may not agree with this, and that's fine to each their own. But this is my take on it.

 

[JonoB]

Well, originally my wife was drawing that line for me....but now she is sucked in and almost worse than me! Whoops...

But to answer the question, seriously. I have a sort of "allowance" for myself that my wife and I set up for our spending money. A certain amount of my paychecks get put into my "Aquarium Fund". It's not much, but it adds up and forces me to take things slow in the hobby, which is a good thing anyway.

As of right now, I won't spend more than 60-70 on any fish and I haven't spent more than 40 on any one coral. I feel my tank looks great with the "cheap stuff".

 

[Mastiffsrule]

When this happens

 

[Greaps]

I make sure I save and invest first. Money is automatically invested with each pay check into tax advantaged retirement accounts. We maintain an emergency fund. After that we spend the money on whatever we want. It wouldn't feel right going ham on an aquarium over a family vacation, so there is that. Its a hobby for me.

 

[samnaz]

No... I don’t have any credit cards for this reason. I’ve made it so far debt free.

 

[Salty Lemon]

Have I spent more than I should have on something and knew it? Absolutely.
Have I spent so much that it would affect my bills/responsibilities? No.

 

[Salty Lemon]

No... I don’t have any credit cards for this reason. I’ve made it so far debt free.

My husband and I have zero credit card debt -- just like you, we do it on purpose. We do have a credit card in case of emergencies. It is amazing how much money you have when you don't have to make credit card payments.