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Day 8 – Show Me The Money

166 Days to IRONMAN 70.3 Chattanooga

Budgeting The 2020 Season

DSICLAIMER: I’m not an accountant as you will soon find out!

My 2020 fiscal year starts the moment I make a decision for racing or training in 2020. That usually occurs right after IRONMAN 70.3 North Carolina which occurs a week after the big K: KONA. I have a cash accounting mindset so this causes a little trouble when I pay for a race a year ahead of time (of course, that’s just a prepaid expense, but still…). My challenge this year is to force myself to think accrual. Either way the same money gets spent.

What I do is look at the season ahead and plan for the money I’d like to spend (WANT) and the minimum amount I think I need to spend (NEED). The most likely amount (LIKELY) might end up somewhere in between or even lower than the minimum amount (remember. I’m cheap). In these lists I do not account for saving for a new bike or depreciation or weird non-cash things like that. In this post, I’m going to share with you my triathlon budget categories and comment on some of the items.

Numbers Don’t Lie, But People Do

All the expenses are divided into four categories just to make things simple: swim, bike, run and general. If I get everything I want in 2020, I might spend almost $9000. But who really ever gets everything they want? Me neither. I’ll probably spend closer to $4500.

[ If you haven’t noticed yet, the table below is wrong. The General item in the WANT column should be $5,686.04, not $3,656.52. ]

2020 Season Summary Budget

These numbers are just estimates and I almost always spend more than I plan, but it gives me a good idea of what lies ahead for the season.

General Expenses

I would love a NormaTec recovery system so I might as well dream big. If there’s an extra $1200 hanging around, maybe that’s where I’ll put it. For nutrition, I just threw out some numbers because I haven’t really put a lot of thought into it yet.

I do like to use Training Peaks because the analytics are very good. For basic usage it’s free, but the paid version offers better analytics and functions that are worth the money.

Coaching. Is it worth it? Based on the coaches I’ve had in the past the answer is yes. In my case, self coaching is OK, but not good enough for me to reach my potential. I’m still looking for a training plan and I expect a good coach will help me with that.

2020 Season General Items Budget

Swim Expenses

Have you ever used FORM goggles? Neither have I, but they look pretty cool and at $200/each they’d better be. But do I need them? Probably not. Yet if I can find an extra $200, I might just go for it. If you actually have used them, drop me a line or say something in the comments to let us know how you like them.

2020 Season Swim Items Budget

Bike Expenses

There’s a line item for a Wahoo KIKR: another wish list item that will satisfy the techy, nerdy, geeky data person I am. It will also make riding indoors less boring. On the other hand, maybe I should be looking at the Tacx NEO. It does have a more realistic road feel. Decisions, decisions. In reality, I’m likely to pay for neither this year.

2020 Season Bike Items Budget

Run Expenses

… and finally, the run expenses. Why do I want four pair of running shoes for the season? If you don’t know the answer to that, you’re probably not a runner. Realistically, I can get more miles out of the two pair I have now, so I could probably get away with only two new pair in 2020.

2020 Season Run Items Budget

Are The Numbers Accurate?

The numbers here, of course, are only as accurate as I force myself to stay within their limits. Those FORM goggles are pretty cool, aren’t they?

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