How Do You Budget/Prioritize For Tooling Expense?

Isn't it amazing how many projects can come up just making/repairing for your own equipment?
Example, carriage stop for the lathe, collett and drill chuck holder, you get the idea.
An hour a day would drive me crazy. I would be sitting on the couch or walking the dog or... thinking about how I should be in the shop :).
 
Budget???? :laughing: Don't ask this group - We'll help you destroy any Budget!

More seriously though, tooling has been acquired "as needed" for projects as they come up. But I'm just a rank beginner - -

edit: spelling correction
 
I have some suggestions:
  • Be really clear on the difference between NEED and want.
  • Spend money on the items that make a difference in accuracy. Typically, this will be a really good milling vise, collet chuck for the mill, boring head, etc. Hobby guys often say they aren't making parts for NASA but accuracy is accuracy and even hobby guys need that.
  • Before you buy accessories for your machines be sure you know what you need it for. There are thousands of super spacers, tilting angle tables and rotary tables sitting on shelves right now that might see use once a year or less. Collet blocks, angle blocks are used more often and are cheap. Buying something that you "might need someday" or that would be "nice to have on hand" is the fastest way to blow any budget.
  • Be very clear that most machines you buy will cost you as much or more to tool it up. Want a surface grinder? Sure, but hub adapters/wheels/coolant system, etc will add up. How often will you use it? Can you actually machine something accurately enough to get to the point where the grinder is needed? Be really clear on everything before you jump on the super deal from CL.
  • Don't try to keep up with other people. We will tempt you with our new ER collet chuck for our lathes but a basic 4 jaw chuck will be more accurate, albeit slower. When you do buy something, know everything about it so you buy the right thing for the right reasons.
  • Patience saves you money. It pays to buy the best tool available in some cases, like your measuring instruments. I suggest you find out which ones are the best available, then wait until you can find it for a price you can handle on ebay. Want the best? Learn patience.
  • The more you know, the smarter you get. Conversely, the less you know the more likely you are to make mistakes. Newer machinists are wise to ask the forum for opinions, then they research those opinions for themselves before making a buying decision. Do your homework because we will try our best to spend your money!
 
the more patience you have the older you will be before you get anything done. :)

i usually research what i think i need/want. confirm if i really need, or want, it. then i figure out how to make it happen. i have limited patience.
 
Buy stuff as skills needs which will dictate what you buy. If you just go and start buying all types of stuff. You will most likely waste money. On stuff that you probably don’t need or on dollar amount. Which might get cheap when trying to stock a shop in one leap. I’m almost 40 and have used loved hoarded almost six figures worth of tools/tooling. Since a teenager I’ve always bought and received gifts as tools needed for my hobbies. My problems is my three car needs ah addition.
The wife she new what she was getting into but as long as the wife is happy the house is happy so prioritize.
My second problem is the five yr old boy. Just like dad which is great till he’s taking every single thing he likes at the moment then I’m either looking for it or the little bugger leaves everything like a tornado came through. Good luck!
 
Cadillac said:
Just like dad which is great till he’s taking every single thing he likes at the moment then I’m either looking for it or the little bugger leaves everything like a tornado came through. Good luck!
Click to expand...

good practice for when you have employees
 
My old rule of thumb, (and rule of cash disbursment) is if I find that I need it then buy it, otherwise I end up with stuff I never really use and still need to buy stuff as I need it. But then I have a 60+Year collection of stuff and there’s a lot of it that has never been used.
 
How do I budget? Hmm...I balance the checkbook in search of extra funds. If that fails, I sell something. If that fails I work more overtime. If that fails, I search for plans that might be available on the internet for free, in order to make it myself.

I’d guess my budget is 100 dollars per month. If I can buy something I want, for a 100 dollars or less, then I buy it. Mostly, I can’t do that, so I don’t buy it. My time budget is 1 hour per day, if I don’t have overtime. And no shop time at all while pulling OT. I work very hard to enforce “My one hour”. So much so that if I haven’t headed to the shop by 6pm, my daughter will ask, “no 1 hour tonight?” Lol
 
Great advice guys. It appears my dilemma is not unique. Mr. ch2co has a very interesting approach.
 
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