Are You Overspending On Your Hobbies?
Pursuing a hobby is a way to escape from the stress of life. Hobbies can help you unwind, have a great time, and do things that you love doing. All in all, hobbies are good for your overall health as well as mental well-being. But, pursuing some hobbies can prove to be costly and can burn a hole in your pocket. Your budget can take a hit as well.
For a few, a hobby can put them under financial stress. As per reports, the lion’s share of Americans feels the urge to spend more money on their hobbies owing to lockdowns, though the amount of money varies from one individual to the other. Are you among them who are overspending on your hobbies?
What Are Some Hobbies That Can Cost You a Fortune?
Hobbies that can cost you a fortune are sailing, mountain climbing, flying, horseback riding, drag racing, playing polo, sky diving, big game hunting, tornado chasing, ballroom dancing, collecting expensive antiques, memorabilia, etc. Some of these can force you to shell out millions of dollars every year. You must keep in mind that the hobby that you choose to pursue must suit the lifestyle that you follow and, of course, your income level.
If anyone rakes in several million throughout the year, they can afford to shell out more on their hobbies. If not, then pursuing an expensive hobby can be disastrous for your financial health. A hobby that seems costly for you can only be 1% of someone else’s annual income. The budget allocated for a hobby is different for different people. There is no fixed percentage as everyone’s budget is unique in its way.
You Can Set Aside a Fixed Sum
When you chalk out a budget, the issues you must prioritize are your savings, utilities, necessity, car loans, and mortgages. If you have a substantial amount of money to spend after you have cleared your bills, then it’s up to you whether you would want to spend a portion of it or the entire sum on your hobby. Some people keep aside a certain sum of money to spend after meeting all the expenses in a month.
They can utilize the amount by spending on entertainment, luxuries, anything they would like to buy, or their hobbies. When you keep a fixed amount for your use, you can readily use it without having any feeling of guilt. Most importantly, you don’t exceed your budget. If your hobby is cutting deeper into your budget, it’s for you to decide whether you need to cut out that hobby. While deciding, you need to ask yourself the following questions.
How Much Does Your Hobby Cost?
You must first evaluate your hobby to figure out what’s the cost you have to incur. You need to seek out hidden expenses like membership fees, gear replacement, fuel, etc. It often happens that your expenditures on your hobby extend beyond your budget, and you don’t realize that.
Is Your Hobby Harming Your Financial Health?
Once you get an idea of how much you are shelling out, you can figure out the actual percentage of your earnings concerning the other categories of the budget you have chalked out. And that will help you find out if you are spending excess on your hobby than the sum of money you are saving.
Is Pursuing a Hobby Really Important to You?
Pursuing a hobby is a way you express your individuality. It’s pretty normal for someone to be passionate about their hobbies. If you take that out of your life, you might lose out on enjoying your life. A hobby can be an integral part of an individual’s lifestyle. Therefore, even if your hobby takes a toll on your budget, it might hardly be an issue for you.
Pursuing a hobby has immense benefits that can make them worthwhile. Mental health, fitness, physical health, helping people, or contributing to the community’s welfare are few. These benefits can outweigh the fact that the hobby is costing you a lump sum. It is not possible to measure everything in this world in terms of dollars and cents.
There are ways through which you can save money without having to compromise the quality of a hobby. Hobbies can be profitable too. You can make a living off them.
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