It's a wonderful time to be a Geek, companies are creating more and more merchandise of things that we want and love. And I know we love buying our stuff whether it's comic books, collectibles, video games, etc. However, I was wondering if we're putting the same amount of effort into saving for our futures as we are in acquiring merchandise. Because unless you have a mint condition first print edition of Action Comics #1, don't expect to retire on the value of most of our stuff. Granted there are some exceptions for items that may increase in value over time. But there is no definitive way of predicting what items may turn out to be valuable.
So, this got me thinking about creating a new column where I could point out or discuss financial tips that could help us Geeks. It led me to create Geek on a Budget, and the purpose of this first post was to discuss ways we geeks can still enjoy buying our favorite stuff while putting money away not only for our future but in general.
When I think of not having enough money saved, my go to image is always of Carrie Bradshaw. In Sex and the City's fourth season 16th episode "Ring a Ding Ding", Carrie didn't have enough money to purchase her apartment. As much as I love Carrie Bradshaw, I don't want that to be me or you. That episode showed that all of Carrie's financial mistakes finally caught up with her. She had been living beyond her means for quite some time. Her closet was jammed packed with designer clothes, shoes, and accessories yet she didn't have enough money in the bank for the down payment. But I think she learned something about herself besides finding out that over the years she spent a total of $40,000 on shoes. She learned that for one thing she had a good friend in Charlotte (she's the reason Carrie was able to buy her apartment) but she also started a second career as a freelance writer to increase her income.
So what can we geeks do to avoid the Carrie Bradshaw Effect? Not wanting to have my shelves jammed packed with books and collectibles with nothing to show for it. I decided to come up with five money tips to help you (as well as myself) not only save money but perhaps make us look at our geek consumerism in another way.
1) Financially Match Your Geek Purchases
If possible, put the same amount of money you spend on a geek purchase in the bank. For instance, whatever the cost of your weekly comics simply put that same amount into your saving account. Same goes for anything else geek related you may purchase. This tip might make some second guess buying a $300 statue when you realize you have to put that same amount in the bank.
2) Save for Big Ticket Items
As a collector, I have seen some of the high quality statues and action figures that are out there and I can understand why so many want them. There is a Hot Toys Captain America figure and a Hot Toys Black Widow figure that I would love to buy but both are over $200 each. I simply can't see justifying spending or charging that much money on two items. I am currently saving up to try to get them but if they sell out before then. Oh well, it won't be a big deal.
Another big ticket item is attending Comic Cons. They can be rather expensive especially if you're going to ones that are out of town. You have to factor in so many costs from attending the event to traveling and hotel accommodations just to name a few. However, if attending one of the big Cons (that may be out of state) is something you really want to do, then why not save for it.
3) Put a Freeze or Limit to your Collectibles Budget
What's the highest you can afford to pay for collectibles? It will depends on your budget, whereas one person may be able to afford to pay up to $1000 someone else can only afford $20. You have to know what you can safely afford to spend without wreaking your budget and the thing is you have to stick with it.
4) Weigh your Wants and Needs
This tip doesn't mean you can't buy anything it's just to help you be aware of what you're buying. And that you're not shopping out of boredom or letting your moods make your decisions. We all know what we need to buy: food, shelter and clothing. Not to mention taking care of our bills. So that leaves everything else as a want. We have to make smart choices in what we buy so we don't end up broke or in debt with a lot of stuff. So as you're looking at yet another statue, t-shirt, book or action figure, ask yourself is it something that you need or want?
5) Be Careful going Cold Turkey or Doing Extreme Money Challenges
As with dieting, going cold turkey may cause in some cases, you to overspend if you drastically cut yourself off from small indulgences. For example, doing this Essentials Only Challenge started out great I was able to stick to the plan and only buy what I needed. But then my challenge recently hit a snag, I ended up overspending on a book purchase. Cutting myself off from buying books backfired. Because although I had a gift card, I went over that limit and had to put the remainder on my credit card.
I'm at the point where I'm really considering ending the challenge. It's mainly because I have come to realize that buying something every now and then is actually a good thing. And that there is no need to stop shopping (or doing extreme money challenges) if we follow good money management. This tip I feel will save you money because you won't overspend from lack of shopping.
I hope that when you go shopping you take these five tips into consideration. My goals is that we geeks can become as wealthy as Bruce Wayne and still be able to buy some of the things we want without feeling like we are as broke as Peter Parker by the end of the month.
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