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Do you keep track of your WW expenses?

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Forum topic by Pete Mohr posted 09-26-2010 02:43 AM 1529 views 0 times favorited 28 replies Add to Favorites Watch
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Pete Mohr

75 posts in 2548 days


09-26-2010 02:43 AM

Topic tags/keywords: expense tracking question

I ask this question here rather than in the Business section as I am asking this of people that consider WW’ing a hobby, not a profession.

I’m recently retired and just decided to do an inventory and start tracking how much I actually spend on my WW’ing. I was a little surprised at how much stuff I’ve accumulated over the years and how much it would cost to replace it in the event of a major loss.

So . . . Do you think tracking $$$ is a good idea or are we better off not knowing where all are money is going? ;-)

For those that do keep track: What method do you use? Log Book? Excel Spreadsheet? Online service like mint.com? And do you find it useful to do so?

Just thinking . . .

pete

-- "Man is so made that he can only find relaxation from one kind of labor by taking up another." -Anatole France


28 replies so far

View Kindlingmaker's profile

Kindlingmaker

2656 posts in 2986 days


#1 posted 09-26-2010 02:55 AM

I have every reciept for every tool, board, finish and everything else since the start but they are all bury in the filing cabinet. I would like to see someday, what the costs have been but i am still too afraid I might have a heart attack if I knew!

-- Never board, always knotty, lots of growth rings

View wrenchhead's profile

wrenchhead

49 posts in 2624 days


#2 posted 09-26-2010 03:04 AM

I don’t keep track but my wife sure does!!!!

-- I could quit if I wanted

View Claymation's profile

Claymation

165 posts in 2276 days


#3 posted 09-26-2010 03:47 AM

You’re traveling down a dark, dark path. Like demons and witchcraft, it’s best not to ask these types of questions… ;-)

Uncle Sam helps me keep track of my stuff. That way I’m only shocked about once a year.

-- Clay (Master Kindler) ~ Central VA

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MickeyD

130 posts in 2986 days


#4 posted 09-26-2010 04:31 AM

This is some information I’m not sure I really want to know. I have done so little yet…Yet is the key word. I hope to get a lot of use from all this equipment.

-- -Willing to try

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Kindlingmaker

2656 posts in 2986 days


#5 posted 09-26-2010 04:41 AM

oh, oh, MickeyD is MY wife! I’m busted!

-- Never board, always knotty, lots of growth rings

View Abbott's profile

Abbott

2570 posts in 2764 days


#6 posted 09-26-2010 04:52 AM

I often keep track of project costs for my own information…I like to know what some of them cost. But overall tools, fasteners, material and miscellaneous I never give it a seconds thought. And my wife doesn’t…and I don’t care what my wife spends on her quilting. We are both pleased that we each have something that we like to do and we help each other whenever we can.

-- Ohh mann...pancakes and boobies...I'll bet that's what Heaven is like! ♣ ♣ ♣ ♣

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jusfine

2405 posts in 2386 days


#7 posted 09-26-2010 04:58 AM

When I built cabinets, I tracked everything on an Excel spreadsheet, now not too much… just loading hardwood on my lumber racks and estimating that value was hard on my heart…

Don’t know where the money came from to buy it all.

-- Randy "You are judged as much by the questions you ask as the answers you give..."

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Abbott

2570 posts in 2764 days


#8 posted 09-26-2010 04:59 AM

Yeah, hardwood is just to darned expensive! I try to watch for bulk buys.

-- Ohh mann...pancakes and boobies...I'll bet that's what Heaven is like! ♣ ♣ ♣ ♣

View ajosephg's profile

ajosephg

1878 posts in 3021 days


#9 posted 09-26-2010 05:23 AM

Being somewhat OCD, I keep track of every check or credit card purchase using a personal finance program, and I categorize it as “Entertainment/Workshop.” Usually when I sell something I put the money in an envelope (that I keep in the shop for obvious reasons) and use it to offset purchases. Once in a while I might deposit the sale proceeds into my checking account and credit it against the “Entertainment/Workshop” category.

I inventory tools and equipment on a spreadsheet that is backuped on Mozy.

-- Joe

View Chip's profile

Chip

1904 posts in 3552 days


#10 posted 09-26-2010 05:37 AM

As Claymation says, this thread is traveling down a dark, dark road. Woodworking is something to get lost in, to escape from reality and get high on. And with this thread, you Sir, are harshing my buzz! ;-)

-- Better to say nothing and be thought the fool... then to speak and erase all doubt!

View CharlieM1958's profile

CharlieM1958

16241 posts in 3678 days


#11 posted 09-26-2010 05:44 AM

Put me in the “doesn’t want to know” column.

-- Charlie M. "Woodworking - patience = firewood"

View kosta's profile

kosta

946 posts in 2814 days


#12 posted 09-26-2010 06:17 AM

I usually know how much I spend on each project but other that I dont care

-- kosta Virginia Beach, VA http://www.kostasworkshop.blogspot.com/

View davidroberts's profile

davidroberts

1025 posts in 2946 days


#13 posted 09-26-2010 06:43 AM

On a serious note, a fire or theft is not out of the realm of possibility for most of us. Insurance companies usualy don’t just take your word on the investment you have in your tools. Larger tools usually need an insurance rider. Replacement costs are typically more than you think, and usually more than insurance companies are willing to reimburse. While time consuming, but worth it, you can take still photographs and load them onto a site like photobucket, or your backup hard drive or a CD in a safe place. You can also take video, or both. I just makes since.

I started an excel spreadsheet as a wish list. I wanted to set up shop on a budget so I put what the tool would cost new and what I thought I would pay used. I’ve saved about 45% buying good quality, well maintained, used power tools. Not the best money can buy, but good functioning tools. I have bought some tool new, i.e. sander, jigsaw.

I add every purchase to that list. Since I’m a tool junkie you can imagine, it goes on forever. But I don’t feel guilty becaue I know I bought the tool at the best price I could find, and I’ve waited a considerable time to make some of the purchases. I try hard not to make a stupid purchase.

I rarely buy at retail prices, FOR ANYTHING. I have also loaded up on 50% off, clearance sales at Rocklers and Wood craft, expecially for clamps, jigs, consumables. Equipment I normally wouldn’t buy but worth the money, i.e. Incra 100SE miter gauge at 40% off.

Lastly, I set a loose monthly budget and I stick to it (usually). Spend your budget, don’t overspend. Use cash. Good Luck

-- Better woodworking through old hand tools.

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becikeja

643 posts in 2273 days


#14 posted 09-26-2010 01:45 PM

Woodworking is my stress relief from the day job. Why add the stress back in? Just reading this post caused me to think of the money I spent this month. The thought has now raised my stress level. Please don’t ruin this hobby for me. Kill the discussion.

-- Don't outsmart your common sense

View Abbott's profile

Abbott

2570 posts in 2764 days


#15 posted 09-26-2010 03:51 PM

First. Welcome to Lumberjocks! :)

Second. Instead of killing the discussion over it causing you stress I would suggest that you do not click the link :) That way those who find the topic of interest can enjoy it :)

-- Ohh mann...pancakes and boobies...I'll bet that's what Heaven is like! ♣ ♣ ♣ ♣

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