Filling our spare time doing the things we love is a great escape from the typical working week. However, most hobbies can quite easily go from being a cheap activity to an expensive passion. We’ve put together some ways to save money whilst still enjoying your hobby.
1. Budget for it
Just like you set aside money for your bills, next holiday or your first home, set aside some cash each pay towards your hobbies. The amount of money you spend on your hobby is totally up to you but it’s important to keep track of your spending habits, so your passion doesn’t leave you financially stressed.
2. Use what you have
With technology and algorithms having us convinced Google can hear our thoughts, it’s easy to get carried away with buying more than we need because we’re tempted by advertising. If you want to save money on your hobbies, it’s a good idea to start by using the stock you’ve already got. For example, if you’re into cooking, set yourself a MasterChef style challenge and see what you can make from what’s already in your pantry.
3. Opt for second-hand
Chances are there are many people who have the same passion as you. If you want to save money on your hobbies and don’t mind sorting and searching for what you want, try your luck at thrift stores, garage sales or online marketplaces. Your hobby will be equally as enjoyable with second-hand goods as it is with new items.
On the flip side, if you have material or items you no longer use, considering selling them and using the money from your sales towards new items. It’s a win-win, new items for you without touching your savings.
4. Experience your hobby differently
One of the best things about our passions is they don’t always have to be experienced physically. You can find lots of documentaries through subscription TV such as Netflix or Stan. Better yet, there are hundreds of free videos on YouTube. From sewing to surfing, enjoy your passion from the comfort of your couch.
If you love your hobby because it gets you away from your phone or TV, there are other ways you can enjoy your passion on a budget. For example, if you love painting but don’t want to fork out more for paint and a new canvas, visit your local gallery instead and immerse yourself in art. If you love cooking, consider visiting food markets and enjoy the local produce - you might even be lucky to snag some free tastings.
5. Sharing is caring
If you have a friend who shares the same interest as you, consider sharing your tools and utensils. Not only will you save money on the items you need to buy but you’ll have someone to bounce ideas off, find inspiration from and you can enjoy your passion together.
6. Be realistic
Our hobbies are meant to spark joy in our lives so don’t let it become a financial burden by going overboard. Figure out what you need to enjoy your hobby and think twice before buying something just because others have it. There’s no point buying expensive equipment that looks good if you don’t have time to use it, or worse, don’t know how to.
7. Find low cost hobbies
If cutting costs on your current hobby isn’t an option or not quite the same, consider finding some cheaper hobbies to occupy your time. Whether it be hiking, gardening, reading or volunteering, there are plenty of frugal hobbies that are just as entertaining and rewarding. Who knows, you just might figure out you have a hidden talent?
Any views expressed are the views of People’s Choice Credit Union solely. This information must not be relied on as a substitute for financial planning, legal, tax or other professional advice.