Hobbies are a vital part of achieving a balanced life. Hobbies provide an opportunity to wipe out stress, enjoy ourselves, and give us sanity. All to often, however, we often only see the cost of hobbies, which can be particularly difficult to come to terms with while paying off debt or bettering our finances. You may feel guilty whenever you choose to invest in a hobby. Or, you may find that you spend too much on a hobby.
Like anything, it’s important to balance hobbies. We need hobbies in order to be successful on our financial journey, and it is possible to have hobbies without blowing your budget. Everyone has a hobby they enjoy, and no matter your budget, it’s important to invest the time and a little money in the hobbies you truly enjoy.
No matter where you are on your financial journey, if you don’t invest in your hobbies, you will likely feel deprived. A feeling of deprivation may lessen the chances of your long-term success. That being said, it is possible to enjoy your hobbies without draining your bank account. Here’s how.
Rent Before You Buy
Have you ever bought equipment for a hobby you thought you were into, only to have it sitting and collecting dust? It is expensive to be fully invested in a hobby. When you’re first trying out a hobby, it can be tempting to buy all the gear, equipment, and memberships immediately. Unfortunately, we may find that we aren’t as interested in that hobby as we thought we might be.
If you aren’t willing to make time for a hobby, it probably isn’t worth a major investment. Luckily, you can still enjoy some hobbies without the major expenses. If it’s a hobby you occasionally do, you can rent equipment, or pay for a pass for a single day versus a membership. This can drastically reduce the cost of having hobbies, all while allowing you to enjoy and try out more hobbies.
DC here – A while back I was going to purchase two kayaks for my wife and me, and I’m glad I didn’t. Life gets busy and you may not have as much time as you thought to go out in a hobby. Renting is the way to go until you are sure that you are in a hobby for the long haul – and that you actually have time for it.
Ask for Hobby-Related Gifts
The best gifts are the ones you want, but don’t necessarily need. You can reduce the cost of your hobbies by asking for equipment related to your hobby as a gift. Plus, family and friend are typically happy to gift you something they know would bring you true enjoyment.
Turn Your Hobbies Into a Profitable Side Hustle
Have you ever considered if or how you can make money from your hobbies? While not all hobbies are guaranteed to earn you money, it is more possible than you think to earn money from doing things you already enjoy.
For example, I enjoy writing and money, so I started a personal finance blog, and now I earn money as a freelance writer. Many hobbies, like photography, crafting, coaching, or playing an instrument for example, are all able to earn you cash.
Get Creative
A little creativity can save you a large wad of cash. Instead of investing entirely in hobbies, find alternatives to your favorite things to do, or look for free events in the area.
For example, if you are a huge movie buff, you can Redbox a recent release and watch it at home for much less than going to the theater. If you enjoy the cultural scene in your city, you can peruse the local calendar for free or cheap events in the area. Or, if eating out if one of your favorite things to do, try remaking your favorite dishes from local restaurants at home. Not only does creativity save you money, but you will likely find that coming up with creative alternatives to your favorite hobbies is often more fun.
Budget!
Too often, we forgo budgeting for things we enjoy. You can eliminate the guilt associated with spending money on hobbies by making room for them in your budget.
The idea of budgeting may sound restrictive, but that’s contradictory to the whole idea of a budget. The purpose of a budget is to give yourself money for your financial priorities. Whether you are paying off student loans, saving for a house, or trying to afford a vacation, budgets are a tool to get you there. When you budget for your hobbies, you are less likely to overspend and more likely to stay on track financially.
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How do you budget for hobbies? Do you have any tips for saving money on your hobbies?
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Love this! While I don’t think I have expensive hobbies (yet), it’s great to know that you can have different hobbies that MAY be expensive but still cut costs and save.
Thanks, Chonce! It’s funny, because I have very frugal hobbies (working out, reading, etc), but my husband is so opposite. He wants the boat, the golf membership, etc. We are both trying to find the balance.
I look for trails or places to walk with a friend. We walk our dogs and chat instead of going out for coffee or lunch. Free, the dogs and people get exercise. We enjoy the social time but feel like we accomplished something. If we pickup a coffee or ice cream too, it is still easy on the budget.
Those are great ideas! What a great way to knock out 3 birds with one stone. Thanks for sharing!