Money doesn’t grow on trees. I think that’s something that we all should know by now, especially in the economy we are in. And trust me when I say that I know domaining can be quite the addictive activity. It keeps you glued to your computer all day every day. But for most, if not all of us in the domaining community, we really need to make sure our spending doesn’t get out of line on domains, or spend more money than we planned.

When searching the forums, I know there are tons of domains that are good buys that we all would love to acquire. But your purchases can really add up. I remember one day I made a few offers on a couple of different domains, figuring that I wouldn’t win all of them, and they were nice domains anyways. Of course, what do you know, I win all of them, and before you know it, I spent hundreds and hundreds of dollars on a couple domain names all in one day.

I wasn’t planning on buying those hundreds of dollars worth of domains, they were for the most part on the spot purchases. That’s a habit that can cost you a whole lot of money. So in order to prevent that, something I have started to do, and highly suggest you start doing is creating a daily or monthly budget. Let’s say you want to spend $600 in a month, maximum. Then you tell yourself you can spend a maximum of $20 a day. Feel free to give yourself rollover cash Like if you don’t spend anything one day, then you have an extra $20 to spend another time during that month.

This is one of many ideas to keep yourself on a budget, and control your excessive spending. Best of luck to you domainers, and I would love to hear your comments and thoughts about this. Also, look forward to Part II where I will be sharing more ways to keep your domaining on a budget!