I get two or three emails a day containing coupons to buy new gear. If you’re like me, this gives you the shakes. There’s a part of me that just itches to buy gear every time I see something shiny and new. Giving into these urges can be expensive, and can fill your drawers and closets with gadgets that seemed so necessary a year or two ago that you hardly use anymore.
I have found it useful to ask myself a couple of questions before I buy any new gear. The first question is, “do I need it, or do I want it?” When assessing a perceived need, there are three situations: a piece of equipment that could result in getting more work (see also: gigs, $$$, green, moolah, Benjamins), a piece of equipment that allows you to do something you already can do faster, or a piece of equipment that is going to allow you to do something unique that while good for your career / work may not result in income in any direct, attributable fashion.
In the case of the former situation, balance the cost of the piece of equipment versus what it could mean to you through additional work by figuring out how many jobs/gigs you would need to pay for the cost of the piece of gear in question. If it would take too many gigs to pay it off, perhaps it is not worth it.
In the situation of a piece of gear that allows you to do something you can already do faster, ask yourself how much time would it save me per job? Think of what your time is worth to you, but by considering how much is the minimum amount you would work for per hour. This allows you to put a dollar amount on the amount that you ‘save’ per gig. How many gigs would you have to do to clear the price of the piece of gear.
In the final case, where there is no easily quantifiable result, you have to do some self questioning. What would this piece of equipment allow you to do that you can’t do already? How would this piece of gear improve your work in such a way that it will increase your profile, or make your work more notable? Do you really think this gadget or device will help you attain a higher level of work? If so, it may be worth it (provided you can afford it).
If you have determined that piece of gear is not something you need, but rather is something you want, you have to ask yourself if you would buy yourself a gift that is at that price point. You should follow that question up by assessing how long it has been since you’ve bought yourself a gift. Again, you should keep in mind whether buying yourself a gift is something you can afford at the current moment. Perhaps you might want to set yourself an annual budget for such self gifting to keep yourself in line.
One final idea you could keep in mind when considering a purchase is resale value. Some gear (particularly instruments and microphones) maintain amount of resale value. This could allow a person to use a piece of gear for as long as they want to, and resell it later to recoup some of the value for the item. However, not all gear retains value, and some items go in and out of style. causing the value to fluctuate wildly.
If you do intend to buy a piece of equipment, and resell it later if you feel you aren’t getting as much value out of it, look on eBay to see what used instances of that piece of hardware are selling for. Pay most attention to equipment that is truly used, and not listed as being ‘like new.’ Also, check to make sure that that gear actually sells for those prices, not simply that it is being listed at that price. This can obviously be hard to do with newly introduced gear. However, you can sometimes find used instances of older models of the same piece of equipment to judge value.
You can use this resale value to offset the value of the gear you intend to purchase. However, be honest with yourself. Do not use resale value as an excuse to buy something if you are not the type of person who typically resells old / used gear on eBay or Craig’s List.
A nice coupon or a sale is typically not a once in a lifetime opportunity. It is fine, and in fact wise, to let it pass. If you let the opportunity pass, and regret it, that is something you can take into account and plan ahead for the next time it is on sale (because nine times out of ten, it is only a matter of time before the item goes on sale again).
One exception is used / vintage gear. Some pieces of vintage gear can become very rare, and can sometimes increase in value with time. Before you buy ask yourself whether it is in good enough condition to make it practical. Also, ask yourself if it breaks, will you be able to find someone who can fix it. You may also want to ask yourself whether there are modern emulators of this piece of equipment, and if the emulators would be sufficient. If you are satisfied with your answers to these questions, and buying the vintage piece of gear still seems valuable (and if it is in your budget), feel free to do so.
I’ve found these guidelines to be valuable for my own purchasing habits. While they might not work in quite the same way for you, I encourage you to at least come up with your own criteria for keeping your gear habit in check. If I had to choose one of these guidelines as being the most important, it would be being honest with yourself about whether it is a need or a want. Ultimately it is fine to buy yourself a gift if you can afford it, but try to be honest with yourself. Don’t pretend you need something that you simply want.