Gear Finances

I remember when the first of my little circle of friends got a credit card. It was kind of amazing. I grew up in a middle class family and seeing one of my parents pay for anything via that little piece of plastic was kind of a rare thing. I remember getting one was kind of like joining a exclusive club.

By the time I came of age, in the early 90's Credit cards were all over the place, it was no longer exclusive. It wasn't long you heard people in their 20's talk about having credit card debt in the thousands.

Music stores got into the credit thing too, with 0% financing. I admittedly fell into this trap. Buying my 1st PRS(used mind you) in 1995, for $899. $0 down. by the time I paid that off, with all the finance charges, interest, and late fees (No on-line payments back then, so a Check had to be mailed). I think I probably could have bought 2 decent PRS's and a really nice amp. I cringe thinking about all that money that went off into the ether.

Over the years I've seemed to maintain a small amount of credit card debt, from various sources, car repairs, household stuff, etc. Thankfully I have a decent interest rate, and a card that does have a rewards program. But it never seems to get to zero. So I ran the numbers and right now, coming out of the xmas season, I put myself on a strict spending clampdown to get this to zero by June 2017. But you do have to live a little, and budgeting is key for any financial situation.

These days, I budget my music stuff sparingly. I have a separate Savings account at a local credit union, who's ATM card doesn't act as a credit card. Each paycheck I direct deposit $25, it's not alot, but enough to add up over time. My wish list is still pretty long, and expensive, but it has made me prioritize what I spend my money on. If I don't have the money for it cash wise, I don't get it until I do. I've funded a few purchases this way, and the time it takes me to save up the $, gives time to reflect and internally debate any purchases. Some times it's a passing fad of just newness that makes you want something, and in most cases later on buyer's remorse sets in. Now I have to say I have less buyer's remorse, and less stuff/crap.

Every month or so I go into my storage unit, and I find some music gear gadget or gizmo that I grabbed because I "needed" it. It was so important I purchased it, either via cash or credit, and now it's in a closet or drawer and I forgot about it, or serves no purpose. Even worse, it's something that I doubt someone would want to go through the hassle of buying it from craigslist.

The idea of "I need this item to complete my musical vision/project" isn't new. But it is a false statement. I've gotten through alot without getting these items. Yes it could make things easier in one sense or another, but after being in music for decades, I shouldn't need anything over the top to make my music.

I know alot of musicians that got themselves in debt on gear, and regular (over)spending. Even worse was hearing of them selling off their guitars and amps to make rent, in some cases selling off everything to the point they stopped playing altogether.

Now that NAMM has passed, and lot of the goodies that interested me are becoming available. I know my wish list will get longer, and more expensive, but I know I'm going to be reasonable on my future purchases. New gear is cool, but less debit is better.