How do you save for your gun purchase(s)

[CainA]

I'm curious if anyone has a creative(or not so creative) way that they save for their gun purchase(s)...Piggy bank or whatever. I'll start and I can say that this may not be the most creative, but it works for me. I have a CD(certificate of deposit) and every time it matures, I take the interest that it earned and pack it away. When I get enough of that packed money to purchase a gun I've been eyeballing, I go for it. Then I do it all over again.

-Cain

[anygunanywhere]

Expense report proceeds and monthly contributions to my credit union account.

Anygunanywhere

[thankGod]

American Express.

Everyone knows that if you can charge it, then it doesn't cost anything. It's like being on a diet. If nobody sees you eat the food, then the calories don't count.

Actually, I save until I have the bucks, then put the purchase on Amex.

[Lodge2004]

Actually, I save until I have the bucks, then put the purchase on Amex.

Same here. Since Amex must be repaid each month in full, it's the same as cash but you can gain "points" through their rewards program for every dollar you spend. Between business trips, car gas, firearm related purchases, etc...you can rack up a sizeable number of points and then redeem them for something useful like a Home Depot gift card. Rewards points purchased my lawnmower, generator, numerous tools and they will be getting me a shed this year.

[seamusTX]

I have a credit union account separate from our joint checking and savings. I put any "found money" like income from side jobs, rebates, refunds, etc., into it. This system works for me. I'm not a serious collector.

I avoid leaving credit card trails, just because.

- Jim

[Skiprr]

I don't do anything special to save, but it's interesting you ask the question now. 'Cause what I do try to do--and stick to--is create an annual budget over the holidays for the upcoming year. Guns, ammo, and accessories (magazines, holsters, decent blades, and good flashlights all add up) are in the equation. That way, a certain amount of income isn't considered discretionary; it's spoken for just like utility bills and property taxes.

At least, that's what I started to do around mid-2007 because I realized 2006 was mainly impulse-buy spending on guns & stuff (I'd bought some things I wouldn't have bought had I really planned out my purchases), and by late summer 2007 I realized my spend rate was already far too high for the year.

I can't say I do this very well, though. My single, largest gun purchase of 2008 was to be a Patriot Ordnance Factory .308 gas-piston carbine for about $2,500 plus another $1,000 for optics. Ordered mid-May, I'm still waiting, and have gotten no response to my first "ping" email sent mid-November, at the 6-month wait stage. Which would normally be neither here nor there on the budget front, except that as we all know the firearms market has gone way wonky thanks to the President Elect. If I had opted back in May not to wait on the POF and gone with a less expensive DPMS AR-10, I'd have a .308 at pre-election prices and have saved a few hundred bucks. As it is, I can't say if my May order is going to be honored, and to start shopping for a .308 EBR at this stage will cost me a lot more than it would have six months ago...not to mention that availability has dried up. My 2008 plan may have backfired.

So I dunno. Maybe the best option is to just open a savings account at INGDIRECT, and plop as much extra money into each month as you can. They're FDIC insured, and there are no fees for the account. Think of it exclusively as your 2nd Amendment savings account, and don't withdraw funds for anything else. Then when a good deal comes along or something tickles your fancy, see if you have enough in your 2A account to cover it.

Right now, the only thing I'd advise against is using a stock-based mutual fund as your 2A savings account. I'd stick with low yield and FDIC insurance.

[russ]

Side Jobs !!! No credit cards been there done that.. other than house and cars cash for everything..

[flintknapper]

I have a credit union account separate from our joint checking and savings. I put any "found money" like income from side jobs, rebates, refunds, etc., into it. This system works for me. I'm not a serious collector.

I avoid leaving credit card trails, just because.

- Jim

+1

Identical to my program. (or the other way around since you posted first)

[CHLSteve]

Just FYI for many online saving accounts like ING (I use FNBO personally) you can setup "sub-accounts" as part of your main account. So you could have your main savings account, and then it's broken into smaller sub-accounts for things like guns, vacations, cars, gifts, or however you do your budget. That way you can see your savings in one place, you get all the interest, and you can easily move the money between sub-accounts.

I do a similar system, but I track my sub accounts in MS Money instead of online.

[seamusTX]

Great minds think alike.

There's a financial advice guy -- Dave Ramsey, I think -- who says "pay yourself first" in the form of regular savings that you always, always deposit in a separate account.

I've never had the discipline to do that consistently, other than my automatic 401(k) contributions.

It does sound like a good idea, though.

- Jim

[pedalman]

Two side jobs.

[Rex B]

I just keep my cost of living low enough that I can buy whatever strikes my fancy, within reason.
I drive used cars, kids are grown, and have a wonderful wife who works. We have his, hers, and Ours accounts.
The limiting factor is my other interests.

[Mike1951]

It's all a matter of setting your priorities. Mine, for example:

1. guns
2. ammo
3. reloading supplies
4. food
5. diesel for my truck
6. internet access
7. other utilities
8. clothes
9. other household expenses
10. misc

It should be noted that I live alone in a home that is paid for and I have no dependents to care for.

Otherwise, this might be a bit difficult.

[thankGod]

That's funny, but personally I would need to have food a little higher on the list. Come onnnnn CheeseBurger!

[Captain Matt]

Saving for guns is no different than saving for anything else. I stopped trying to keep up with the Joneses and now there's plenty of money for things I want.