Question about WW budgets

[Jason Morgan]

Wow,

Didnt think there would be such a response. Great advice one and all.

Thanks!

[Dave Falkenstein]

I do woodworking projects for clients on a part-time basis. My tool "budget" is my income, less expenses, from those projects. I sometimes need a new tool for a project, so the justification is a bit easier when that is the case. Research buying decisions thoroughly, buy the best you can afford, and use those tools for a long time. We have never been good at running our household on a budget, but we do have the understanding that if you cannot pay cash for something you "need", then don't buy it until you can.

[Tom Hamilton]

Jason, like Alan, we have a House account that all income goes into. Out of it come household expenses, and an allowance for each of us. We spend our allowance without accountability to the other.

My wife is a world class knitter and most of her allowance goes for yarn. Most of mine goes to tools and wood.

If one of us overspends one month then there is the credit card interest to be paid also. We each have our own cards and a House card.

Loans are sometimes made from the House to the individual to cover big purchases. These are repaid out of allowance over time without interest.

We will celebrate 38 in December, works for us.

We have taught this type of system to young marrieds in various churches over the years and always get very positive feedback.

Hope this helps. Best regards, Tom

[Vaughn McMillan]

No set budget, but I don't buy any tools or supplies on credit. Cash only. As a hobbyist, I also tend to take any money I receive in sales (gross) and put it back into either tools or wood, usually adding some of my own money as well. More than once have I sold a $50 item, then turned around and bought a $100 tool. Some of my tools have been purchased with the intent that they will pay for themselves, but if they don't, I still won't go hungry.

LOML and I maintain separate bank accounts, and both put money into the House fund. So far she's had no complaints about my tool buying (out of "my" money), and I don't give her grief about whatever she purchases.

- Vaughn

[Andy London]

My shop generates a hobby/commercial income but I have somewhat of a budget. I upgrade one major tool a year anything under $250. if needed is just purchased, anything that brakes down is just replaced. I put 50% of after tax net income into the kids education plan, 25% for around the house (mainly landscaping) and 25% is for misc. I pay cash for everything and have for years, the only debt the shop has is my truck which is pays the payments and insurance on.

Before it became a business, I put 10% of my work income into it in order to build it to where it is today.

The only thing left, as I have two sometimes three of everything is a spiral head for my new planer and then the shop is finished, every tool is now industrial.

[lou sansone]

good question, but sort of like asking folks how much they make.... people are funny about that subject.

I end up spending a few $k per year

hope this helps
lou

[tim rowledge]

I don't have a budget per se, like many others. I try not to buy big tools on impulse (I'm fighting back the temptation to buy a woodrat and festool router and shopvac and L-N chisel set and......) but if I'm doing a project and need a tool for it I get it asap.

I read a really interesting article in Australian Wood Review (*great* magazine) about a year ago about setting up a shop. The author assumed that anyone taking it seriously would surely be willing to spend about as much as a modest car; I think his example was AUS$35k (about US$27k these days) and the spend included things like a MiniMax CU410, drum sander or stroke sander etc. Pretty serious stuff. I've probably spent about that much all in all over the last 10 years.

[Jesse Cloud]

I probably should have a formal budget, but I don't. I agree with the rule that everything is cash, going into debt would ruin the fun of the hobby.

Buying new tools and learning how to use them is a big part of the fun I get from WW, so I don't fight the urge too hard. Having said that, after the Festool bug bites, I take a few months off

One thing I'm getting better at is getting rid of stuff that doesn't help. I used to have three or four different setups for sharpening and about the same for mortise and tenon. Now I pick the best of breed and sell the rest - less maintenance and I can focus better on skill building that way.