The car fun fund - how do you budget for fun car activities?

Robbie said:

I don't really mean making the money to play with cars, I mean more like accounting for what you've made and spent. 

Honestly, I think I might grab an envelope, and put some cash in it on the first of each month. All buys come out of it and any sales go into it. 

At least I'd be able to figure out where I stood.

I used to do $100 a week for car stuff which is admittedly a lot, but that's when I was doing more track days. The important thing was to have an amount that the family budget could handle and stick to it. That money moved to a separate account and theoretically any money I made on cars would go into that account. 

The biggest plus of this whole process was my wife deciding that she needed to do the same thing to fund the thing that is important to her, big family vacations. 

Envelope or separate account isn’t a bad way to handle it. Separating it from everything else can keep it in check, that way you don’t overspend on “but it was a great deal.”

Basically, none of my discretionary income is safe from racing expenditures.

We use a spreadsheet called "withinyourmeans.xls" to manage our entire yearly budget (all expenses, car repair estimate, replacements, etc.).

One of the line items in there is $3000/yr car fun.  I keep a log of everything I buy and sell for my track car and if I run out of funds, I run out of fun for the year.

Any money I spend on “fun stuff” comes from overtime I earn or selling off stuff I don’t use anymore.

Unless there is an emergency, like every time I do plumbing work, the home budget goes untouched.  If I work ot I keep 1/2 the proceeds, wife and kids do whatever with the rest.  If I don’t have any ot money, I don’t do it.

Selling stuff tends to be a challenge because I’m either attached to the thing or it’s only worth something to me.

Take what I need from my own account with the general idea being that if its not consumables can I get at least 80% of what I spent back on that car or assembly. Works well for me though I have a better idea that most about what it all costs me as I track it. As a percentage of my total income after everything is accounted its a number I am comfortable with for how much I enjoyment I get out of it. When I don;' get enjoyment for more money anymore I cut back. 

Many years ago, at the suggestion from someone on GRM, I set up a dedicated account that is specifically the car/hobby fund. My wife and I sit down at the beginning of each year and have one negotiation about how much money goes in the fund. The money is transferred and that is what I have to play with.  Anything I buy, the money comes out of the account. Anything I sell, the goes into the account.

It made life easier. SWMBO knows exactly what is going into the fund. I don't have to talk to her about what I purchase.

My son lives at home and pays me his room and board in cash. That's my "allowance". It certainly makes things less stressful with SWMBO, and it also helps that my toys are procured using the Challenge ethos.    $1000 supercharged Miata, $50 Enkeis, free Hoosier take offs, other stuff off of Craigslist and Facebook Marketplace. I rarely buy anything automotive at retail prices.

DeadSkunk (Warren) said:

 $1000 supercharged Miata, $50 Enkeis, free Hoosier take offs, other stuff off of Craigslist and Facebook Marketplace. I rarely buy anything automotive at retail prices.

I have no idea how you people manage to find stuff like this unless you make it your full time job.  Around here you're lucky if a $1000 Miata has an engine or rocker panels.  It won't have both.

z31maniac said:

Expenses (house/car/food) + Appropriate amount into savings + appropriate amount into retirement/401k = what's leftover for all my fun budget (HPDE, going out/booze)vacation.

This.  Pay bills, max tax deferred savings accounts, pay predetermined amount into taxable investments, leftover stuff is for fun.

Everything is auto-paid from one checking account.  My paycheck is split to fund that account appropriately and send the remainder to my other checking acct.

We have a separate "Sinking Fund" account that we use for irregular or longer term expenses (insurance, medical, car repairs, house repairs, vacations, new floors, track car, etc.). We have a spreadsheet with columns for each item, figure out how much we want to add each month, and have a scheduled transfer into the account each month. The track/fun car column is currently $250/month that I can spend however I want, but I have a feeling that will reduce when Little Bit is born.

z31maniac said:

How long ago was that? The last track day I did in my 1.6 Miata, each day was $110, I'd spring the $60 for both days for covered parking on concrete. Add two tanks of gas (not counting getting to the track and back), food, water, snacks for the day. 

So that right there almost handles the budget without even getting into consumables or the cost of building the car. 

But it's also why I haven't built another HPDE car. 

Last month. The costs between our events are wildly different, so it makes sense you can't make due. A TNiA is $135 and an autocross varies from $45-90. I still have almost $200 for gas, food, consumables that month. Food/water are packed and get rolled up in the groceries budget. I'm using less than a tank of gas for the entire event too. We're past the build point of our cars, but there is enough leftover every month for repairs. We're also in the NE so winter shuts down events and allows for savings.

i cash a savings bond my Mom gave me 7 years before i met my wife, then get yelled at by my wife for somehow always being able to find money for cars but not for carpet.

I just wing it,  but I spend a pile of money on car/motorcycle stuff annually and am by no means saying my way is the "smart" way,  however it does keep me happy. Retirement and living expenses come first,  but after that it is just about anything goes.

Keep in mind we have no kids,  so don't have those types of expenses to plan for and worry about.

Usually I ask "Wife, can I get X?" and being the enabler she is I usually get yes for an answer. That said, I don't ask often. Since we're not very affluent I start to feel guilty if the amount approaches 3 digits. Also I sell stuff off, usually music equipment, or find a way to earn a little on the side.

Wally said:

Poorly, the same way I budget for everything.

Step 1: Identify amount of money available.

Step 2: Multiply by 1.5.