This post is from our regular Wednesday contributor, Erin.
Do you know how much your hobbies are costing you on a yearly basis?
If not, do you at least have a rough estimate?
You might be wondering why this is important – after all, hobbies are often creative outlets, and they’re meant to be enjoyed!
Well, this post was actually inspired by my dad, because he’s had a penchant for computers for as long as I’ve been alive.
For anyone familiar with building their own PC, it’s not cheap, especially when you want a gaming PC. (I was actually looking at a build for $1,200 the other day; I had to walk away.)
Luckily, my dad has mostly gotten away with getting upgrades for his birthday and Christmas, which means my mom and I end up splitting the bill, and we don’t have to complain about struggling to shop for him. Win-win!
However, it got me thinking: how many people have expensive hobbies? Ones they might not be getting much out of?
In light of our recent post on spending meaningfully, I’m campaigning that we should also aim to spend meaningfully where our passions and hobbies are concerned.
Let’s see if your hobbies are costing you too much, and what you can do about it if they are.
Evaluating Your Hobbies – Questions to Ask
In line with spending meaningfully, we need to take a closer look at our hobbies to determine if they’re worth the money we spend on them.
There are so many hobbies out there that I can’t possibly cover all of them, so I’ll try to talk in generalities and point out specific examples when I can.
- First question – how often do you partake in your hobbies?
If you like reading, you might read every day, and you might have purchased a Kindle to fuel your hobby. I’d say that’s a good purchase if you’re using it on a daily basis!
Or, you could enjoy reading, but find you don’t have much time to dedicate to it. Yet, you’re still buying book after book in hopes of getting around to them in the future. I’d argue that’s not the best use of your money (besides the fact you can get books from your library!).
The gym is another one people love to harp on, but it’s a good example to use in this context.
You’re either dedicated to going a certain amount a week, or you slack off and say, “I’ll go tomorrow”, but never do.
We all reach a point with some hobbies where we need to learn to let them go, especially for the sake of our wallets.
- Second question – does your hobby bring you joy?
If we’re spending a consistent amount of money on our hobbies, it only makes sense to ask ourselves this question.
Any hobby you take up should be bringing you joy, otherwise there’s no reason to spend any time or money on it!
That’s why it’s important to be in touch with our own interests; don’t blindly buy a snowboard because all of your friends suddenly want to hit the slopes. Try it out first and make sure it’s fun!
- Third question – can you truly afford your hobby?
This one is a little unsettling.
If you’re in debt or you’re trying to save up a lot of money in a short amount of time, you might consider cutting your hobby out. But is deprivation really the answer?
I’m going to say no – instead, here’s how you can manage money spent on hobbies.
Is There a Way to Make Your Hobby Profitable?
This isn’t something that everyone should consider, because when you start making money off of hobbies, they run the risk of becoming more like chores.
If you’re okay with turning your hobby into a business, though, then you should definitely be asking this!
I’ll give you another example from my dad. One of his other hobbies is woodworking. His shop is in the garage, and during the warmer months, he’s constantly out there working away at something.
However, the machines used in woodworking, and the wood itself, are rather pricey. He’s had most of his tools before I was born, but he did splurge on a used machine last year.
The great thing is, my dad is handy enough to make furniture, so my parents are saving a decent amount there while getting exactly what they want.
People in my parents’ community also got to noticing my dad working in the garage, and he’s been commissioned several times to create various items for people. That’s a pretty awesome situation to be in!
If you’re making money from your hobby, you probably won’t feel guilty for spending money on it, and hopefully you’re making enough to recoup the costs!
Budget for your Hobbies
If you find that you’re spending a little too much on your hobbies, put them in your budget. This isn’t a line-item I see often.
Depending on the type of hobby you have, it could make sense to spread your spending out. Going back to the PC example, you could elect to upgrade just one part of your PC every two months (or whenever you have the extra money).
If you enjoy video games, then only buy one game a month (or two), and buy them used.
If any friends or coworkers have the same hobby as you, ask if you can share their equipment, or if they can sell it to you at a discount. Hand-me-downs might not be “cool”, but they’re cheap and you know they’re reliable!
It’s Okay If Your Hobby Is “Unusual”
Keep in mind that hobbies are highly personal. Your hobby may not make sense to other people, and that’s okay.
If you’re a car person, for example, you might find some people criticize your choice to drive a fancy sports car, or to buy used cars to fix up.
But, if you’re seriously in love with working on it, driving it everywhere, going to car shows, or going on road trips, and becoming part of a car community, then it’s worth it.
It’s ultimately about what makes you happy – not other people.
Clean Up Clutter Resulting from Lost Interests
Hobbies are not static; they change depending on a number of factors. If you have hiking equipment being stored in a guest room closet that hasn’t been touched in years, then maybe it’s time to part ways and sell it.
You know the “one in, one out” rule that some people go by with bringing new things into their home?
Your hobbies should function similarly. If you leave one behind, clear it away before bringing another in your home. Otherwise, you could end up with a lot of clutter! Don’t let your hobbies cost you space on top of money.
_________________________
If your hobbies are costing you, then cut them out. There’s no sense in holding onto a membership you’re no longer using, or buying things you know you’ll never get to because you haven’t made the time.
Too many people cling onto sunk costs when it comes to hobbies – don’t let that get to you. Instead, try to make a profit by selling some things!
Do you have any expensive hobbies? Have you ever had to leave a hobby behind? What’s one hobby you’d like to reconnect with?
Check out some of our favorite personal finance resources:
Are you getting the best credit card rewards? Check out the top cash back credit card offers (updated daily)
Make extra money: 15 ways to make money from your computer
Get the First Chapter Free!
Join our online community and get the first chapter of the book Student Loan Solution absolutely FREE!
Your dad sounds a lot like Mr. Frugalwoods–he loves computers/electronics and woodworking too :)! We’ve found ways to frugalize most of our hobbies, but as you said, some things are worth paying for.
We paid for Mr. FW to learn how to weld and build furniture, which was a valuable investment since he loves it and plans to do it for hire once we’re homesteading.
Similarly, I used to pay for yoga classes before I got my job working at the front desk in exchange for free classes. But, it fostered a lifelong love of yoga and made me an all-around healthier, less stressed person, so again worth it in my book. All about finding a balance and figuring out what it’s worth to you!
I’m afraid we have a couple of expensive hobbies. Our whole family loves to ski and Jim plays golf. We save as best we can by pre-paying for lift tickets or getting a local’s pass for the golf course and we always buy used or last season’s gear, but it’s still expensive. We try to make hobby money from other sources than our regular salary, which could mean selling stuff or earning side income. I still feel a bit guilty, but there is honestly nothing like being on top of a mountain in the winter. It’s great family time, and I think the memory of watching our daughter learn to ski is priceless.
We were just talking to a friend last week and they used to love building their own PCs and couldn’t believe how expensive it can get. We like to try and budget aside some money for our hobbies so we can do it relatively guilt free. The latest hobby I’ve picked up, well about two years ago, is homebrewing. I love doing it and it saves money compared to buying craft beer. The problem is that it takes so long to be ready to drink that you go out and buy beer and thus lose any cost savings, lol!
My hobby actually makes me money :) I’ve been blogging for a little while now and it recently (within the last 6 months) started to turn a decent profit. This isn’t new for me, my other hobby is woodworking and like your dad I sell my creations to bring in a little extra cash. Having a hobby that makes money, saves money, or is at least cost neutral is a very smart/frugal choice.
Mrs. Frugalwoods That’s awesome! I’m actually not sure how my dad got into woodworking in the first place; I just remember him always having a shop and tons of tools. =) I’ve told my dad to make furniture for the people in their community, but for the most part, he’d rather keep it as a personal hobby.
Hobbies that are investments in your future and health are always great to have!
Eyesonthedollar I’ve been skiing and I was pretty blown away by how expensive it can be, but it’s an awesome experience – there’s nothing quite like going down the slopes your first time! Like you said, there are ways of keeping the costs down. It’s not like you’re vacationing at a mountain resort for a month. ;)
FrugalRules Prices have come a long way with PC parts at least. There are so many choices out there, you can pick and choose as far as how expensive you want to go. I love the point about homebrewing, haha. You have to get a constant cycle going!
Thomas at ineedmoneyASAP Turning a profit on your blog is awesome! It’s a nice feeling when all the hard work starts of pay off. Great to see others into woodworking – I’d love to learn, but sadly it’s not the best hobby for apartment living!
My biggest hobby is reading and since I got my kindle and found book bloggers who suggest a lot of free or $1.99 books, my hobby has gotten significantly less expensive. My dad on the other hand has a wine collecting hobby which definitely costs him too much, but he has already reached financial independence as has some money to spare.
blonde_finance I love that Kindle books are so cheap, and that libraries have been offering bigger selections of ebooks to borrow. I hadn’t thought of wine collecting as a hobby…that’s a nice indulgence in retirement!
I have too many hobbies to list, but because of my job its hard for me to really enjoy any of them. The only hobby that I can actually do is writing, which I get to do everyday and love it.
What an interesting post Erin – I definitely struggle with the balance of devoting time and money to hobbies, and whether to cut them out or invest further in the ones I really love. Golf is a game I’ve always absolutely loved, and is reasonably expensive (but there are definitely ways to play cheaply), but it’s the time factor that probably gets me the most. I tend to only play a few times a year now, but fortunately I also enjoy other things like running (pretty much free!) and reading. This new blogging adventure is also taking up most of my very small ‘hobby time’!
Debtfreemartini Writing is an awesome hobby! It’s been one of mine since I can remember.
Jason@Islands of Investing It is hard to have more than a few hobbies; I find that one of mine always gets shoved to the side in favor of another. While I love blogging, my reading has gone down significantly. My fiance ran cross country in college, but he’s been struggling to get back into a routine for a while now, just because he’s up at 5:30am for work and tired by the time he gets home. I’d eventually like to just dedicate weekends to my hobbies!
Hobbies can get expensive, quickly. That’s one of the awesome things about blogging… it’s relatively cheap, and has the potential to be cash positive! I know that is far from the case with a lot of things. I think being a book worm is one of hte cheapest things you can do, as long as you are BFFs with your library card.
moneypropeller Very true, Anne! It’s great to find a profitable hobby with low (or no) expenses associated with it. Totally agree on being a book worm – I certainly love my library card!
You hit on more good points than I could have even imagined. Great tips all around. I’m trying to think of any hobbies I’d like to take up again, but once I get bored with something, I stop and don’t seem to look back. I wonder what I can take up next though. Hmmm …
kay ~ lifestylevoices.com Thanks, Kay. I have that habit with some things I try to take up as well (like knitting). Experiment and see what happens!
If your hobbies are costing too much you can easily turn most hobbies into a form of spare income. Depending on your hobby this is a good option! Eg. If you like house cleaning you can do extra work during spare time and earn extra money!
<a href=”https://plustime.com.au”> PlusTime Services </a>