The speakers I am looking at (M Audio BX4s) are 4.5".
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I just splurged on these Rokit G4s and I am very pleased.
Unless you can find an incredible deal on ebay or something I wouldn’t bother buying anything yet then. You would be wasting money at that amount really, if you can then save up a bit and buy something at least half decent. Monitors, in my experience, are worth every penny you can afford.
That said, 20+ years ago I had a Sony hifi and when I listen to the tracks I did on them I am surprised how well they translate now. I think the best advice is to spend as much as you can on something well reviewed and then listen to them as much as possible. If you know how your speakers sound then it’s possible to get great mixes no matter what they are.
Also, your room will have a massive effect on how good they sound and the judgements you make from them. You could spend thousands of pounds on speakers but if your room is acoustically bad then it will always be a struggle to get the best from them.
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