How to budget for some major purchases?

[Metalhead]

I am a fairly low income individual, but I do want to make some improvements to my man cave after I clear my debts. Clearing my debts come first.

I want a Xbox Series X, a PS5, a decent gaming PC, a working laserdisc player, and an upgraded 4K TV. This will take some serious cash.

Maybe I should learn to be content with what I already have.

 

[honeytoast]

Honestly, I'd just get a PC because that'll keep ya running for a long time vs gaming consoles. For those, nothing wrong with buying secondhand. Look at what games/appeal to you more for a console that will get plenty of use rather than just consuming for the newest product.

 

[tjlxlh]

I agree with @honeytoast on both fronts.

I bought a used Xbox series s, had it for a couple years now. Still works perfect, but I use my gaming laptop WAY more.

 

[Gerontius]

PS5s will be available used in awhile if you are willing to hold out. I'd get the laserdisc machine first and hook it up and enjoy that-- output resolution isn't going to be fantastic but an OLED display makes sense instead of LCD for watching analog-era stuff.

Contentment with the current state of a collection is key because then you can really enjoy what you have, and if opportunity comes up and you can get something else, then that's nice too.

 

[Outdated]

Maybe I should learn to be content with what I already have.

That should definitely come first.

It took me many years to learn, saving money does take a bit of personal discipline. The problem is all the quick and easy conveniences we have in cities. Want a drink, just buy something cold and fizzy and full of sugar. Quick snacks, fast food. $2 here, $5 there, most people can't leave home without bleeding money left right and centre.

Change that habit and you'll never be broke again. Before buying anything big or small, just ask yourself - Do I really need it?

 

[Aspychata]

You can moonlight and work the weekend, or find a remote job for the weekend until you get what cash you need. If you score a decent p/t job, you could save up for a car. Maybe start reading car reviews, and then that may spur you forward to find a hobby that pays, like try writing articles, or a side gig. But at least giving up one habit, freed up some dinero. Sounds like you decided not to move out of state? We will be looking closer to the beach, since that is where we spend a lot of time together, to buy a house. Prices are coming down, because the market slowed down.

 

[Fino]

I think we can be content with what we have while simultaneously striving for better.

 

[jsilver256]

Each individual item you've listed is a gigantic time sink in and of itself. And an additional ongoing money sink if you count the games you'll have to buy, if you want a Playstation Plus membership, etc.

IMO, start out by not just listing the budget outlay, but also listing the ongoing costs for each item. For instance, what games do you want to play on the PS5/PC/XBox? Are they exclusives or can they be played elsewhere? Do they come with a monthly subscription?

Also, do you need 4K? We use streaming services and they tend to downsample all the way to SD.

 

[VictorR]

How far along are you on selling stuff you don't currently use?

Perhaps in reviewing what you have, you may rediscover something that brings joy.

 

[Misery]

Wait, correct me if I'm wrong but dont you already have an Xbox? A series S, I'd guess?

I have an X myself, I can tell you, if you already have an S, there's not much reason to get an X. It's one of those things where you hear talk of "oh it's such an upgrade" but no, it really isnt. Not enough to be worth the purchase of a whole new console.

PS5 on the other hand, aint gonna be much different... same games, different box, mostly. Consoles dont seem to do all that much in the way of exclusives these days (that I'm aware of).

Maybe look at some of these purchases like that? Like, they might LOOK shiny, but how much do they ACTUALLY give you when compared to things you already have?

 

[Aspychata]

Great advice, but to get out in the world, maybe downsize to a scooter to drive? Cheaper then a car? Could you park this at work? You can get a cheap car by looking for people who sell privately on Next Door, Craigslist, etc. Sometimes, they have an older car, runs great, and they just are asking a couple thousand dollars because grandma and grandpa can't drive anymore. If you give yourself a goal to work towards, it helps with you feeling better about yourself.

 

[Yeshuasdaughter]

Do it like single moms. Figure how the minimum amount, without overtime, and with days off, of money you make in an entire month. Weekly salary is too messy.

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Write out a long list of bills that you will pay on the first. You will not be paying bills in the middle of the month anymore. Or at least in your head you won't. That money, even if paid later in the month, as far as you're considered, is gone on the first.

Subtract bills from wages.

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For an entire month, you are going to save every single receipt from every grocery store, restaurant, gas station, etc, to find out how much you really pay for food, transportation, and supplies. Do not scrimp and save during this time. You are not trying to reduce bills for this period, you are trying to ascertain how much money you need to feed yourself and keep your household going in the lifestyle in which you are most acquainted.

Subtract that from wages.

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And then there are the unexpected that you need to expect. Dr. bills, repairs.

But also.....

Are you a pinball wizard? Phone calls to the gangster party line? Hair gel for those liberty spikes? Movie passes?

All your frivolous expenses should also be put on the list, as these are what I call "libations", the innocent little expenses that keep life livable.

All work and no play...

Write all those down, and be honest with how much you pay.

Calculate the max for Dr/ vet bills and repairs. Calculate the minimum for the silly stuff.

Remember, the silly stuff is often more effective than therapy.

But you can kinda live without some of it if you're budgeting for something important.

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Maybe you'll see too, how much you're spending on emotional support gardening supplies, and have a moment of clarity where you cut back on spending. But still remember to leave a minimum amount of money for fun.

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After all that, there you go. That's your disposable income. What will you save? And what for?

Pick an amount that is reasonable for you and your lifestyle. It is not the same for everyone.

Put it aside every month on the first.

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[Forest Cat]

Phone calls to the gangster party line?

 

[MildredHubble]

I have an Xbox Series S. I don't really use it much though. I kinda got it with the hopes it would capture my interest and pull me out of a rut but it didn't really work for me. I don't have much money either so I used an interest free payment method and paid it off darned quick.

Not probably a method you want to use if you don't want debt but if you can be sure you won't fall behind on payments, it can be a way of paying for things in a staggered way. I usually save enough to pay off 50% immediately then stick to paying off 15-20% per month without fail. If I can't do that, I don't give in to temptation.

My cousin has a Series X and honestly I don't think I'd appreciate the difference compared to the Series S. Maybe at 4K but for me the novelty wears off quite quickly and I don't really notice the difference compared to 1080p.

Saving is probably a better strategy though

 

[Judge]

First always contemplate your most necessary things you need to acquire. Once you get them out of the way, then consider those luxury items. And above all, have money for those unforeseen events that we all know and hate.

Learn not to allow whatever money you have to be "burning a hole in your pocket". And yes, it takes a certain amount of discipline to get there.

 

[Aspychata]

These are great ideas. Another idea, is if you have direct deposit, considering having 50 dollars taken out, and put in a savings account. You go to your bank, set up savings account, and it happens automatically before you spend it. You can always change the amount, but you will feel better about something aside, it will give you some confidence in yourself. So set up automatic withdrawal to happen twice a month or once a month of 25 dollars × 2, or 50 dollars x 1, like 5 days after pay deposit. You pick the amount, when it transfers to savings.

 

[Metalhead]

Wait, correct me if I'm wrong but dont you already have an Xbox? A series S, I'd guess?

I have an X myself, I can tell you, if you already have an S, there's not much reason to get an X. It's one of those things where you hear talk of "oh it's such an upgrade" but no, it really isnt. Not enough to be worth the purchase of a whole new console.

PS5 on the other hand, aint gonna be much different... same games, different box, mostly. Consoles dont seem to do all that much in the way of exclusives these days (that I'm aware of).

Maybe look at some of these purchases like that? Like, they might LOOK shiny, but how much do they ACTUALLY give you when compared to things you already have?

I own a One X, but I would use the hell out of a Series X.

I probably would ignore the PS5, seeing as I ignore my PS4 for the most part currently.

When I had a gaming PC, I used it quite often.

 

[Misery]

I own a One X, but I would use the hell out of a Series X.

I probably would ignore the PS5, seeing as I ignore my PS4 for the most part currently.

When I had a gaming PC, I used it quite often.

Yeah, that was my experience with the Playstation stuff as well as time went on.

PS2 I used *a lot*, particularly with the fighting games on there. The stupid things broke if you looked at them too hard (particularly the Slimline model, that was possibly the worst piece of electronics I've ever owned) but the game selection was amazing. PS3, not as good but it had LittleBigPlanet on it, so I used it a lot for that.

The PS4, for me, was a doorstop. Bought it, almost never used it... there wasnt really anything to do on it. I played Dont Starve on it every now and then but really I can just play that on PC just fine. Eventually I outright lost it, no idea where it went, didnt care enough to look for it, and that was the end of my time with Playstation products. Mostly. I did buy PS4 & 5 controllers to use with my PC here. Though I ditched those once I got my hands on the Xbox controller, which I'm convinced is the best one ever made. I've been *almost* tempted to get the PS5 because of Dreams, but... ehhhh. Buying a console for ONE game seems dumb.

As for a gaming PC, the nice thing about that is that requirements for games arent even remotely as strict as they used to be... there's no need whatsoever to try to go for ultra high end mega super duper parts. Yeah I know the "PC master race" sorts will tell you otherwise, but no, you dont need to do that. Even with mine... I have a 3090 card but the actual reason for it is to render fractals, it usually doesnt matter at all with actual games.

Another thing to consider is what specific games you're after? If you arent after Xbox exclusives, I'd suggest skipping the Xbox and just going straight to PC, as the vast majority of games that appear on the S/X are also on PC, and the Xbox controllers all work perfectly. It's something to think about at least, since going for both the console AND PC would cost quite a bit.

As it is, I do like my own Xbox Series X, but I dont think I'd have bought it on my own (it was a gift from an incredibly generous friend of mine) just since the selection is so similar. On the other hand though my PC's hard drive is nearly out of space, so having some games be on the Xbox is nice (I really should have gotten a bigger hard drive though).