Hobbies are an enriching part of our lives, so it’s natural to want to spend money on them. However, the costs can get out of control if you aren’t careful, especially if your favorite pastime is expensive or you have multiple hobbies.
It’s easy to get sucked into a hobby and start buying lots of equipment or materials because you think it will make the activity more enjoyable. But you don’t need fancy gear to have a great time doing what you love. Here are five ways to keep your hobby spending in check so you don’t have to give up your favorite pastimes to meet your financial goals.
Turn Your Hobby Into an Income Stream
Making your hobby pay for itself by turning it into a side hustle is a great way to save money. Say you love knitting sweaters and giving them away to family and friends. Instead of gifting all your sweaters, you could sell some of them online or at the farmer’s market to recoup the money you spend on yarn.
But if you don’t want to sell your lovingly hand-knitted items to strangers, you can find ways to turn your knitting knowledge into profit. Selling knitting patterns on Etsy or Ravelry can help you earn income from your knitting expertise.
You can also teach others to knit by making a beginner’s knitting course and posting it on Udemy or Teachable. If you enjoy working with kids, you can teach groups of children to knit over video through an education platform called Outschool.
Don’t be afraid to get creative and come up with out-of-the-box ways to make money from your hobby!
Limit The Number of Hobbies You Take On
My partner is one of those people who’s always trying out a new hobby. But jumping from activity to activity can get expensive. The startup cost of a hobby is usually higher than the ongoing cost. To start painting, for example, you may need to invest in oil paints, an easel, paint brushes, canvases, an artist smock and palette, and painting lessons to learn the basics of the art form. But after that initial investment, you’ll only have to occasionally replace paints and canvases as you use them up.
Minimizing your hobby spending may be as simple as focusing on the activities you can do with the supplies you already have. Instead of chasing after brand new hobbies, focus on activities you’ve put on the back burner and try to rediscover your love for them. My partner has been able to save a lot of money by focusing on one hobby at a time instead of juggling several activities.
Swap Expensive Hobbies for Cheaper Alternatives
Another way to reduce your hobby spending is to swap out expensive activities for cheaper alternatives. For example, if you love taking exercise classes in your spare time like yoga and Zumba, you could switch to at-home workouts to save money. You can usually find free exercise videos on YouTube and follow along with them, which is much cheaper than attending a workout class at a gym.
Collecting is another hobby that can get expensive because you’re constantly buying new things to add to your display case. Instead of collecting comics or action figures that come with a high price tag, try hunting for seashells, rocks, or coins on the sidewalk. You’ll still get the joy of collecting and displaying unique items without spending any money.
Get Equipment and Materials Secondhand
Buying the equipment and materials you need for your hobby secondhand is another great money-saving strategy. Thrift stores often have secondhand fabric and sports equipment like golf clubs and tennis rackets. Craigslist, Facebook Marketplace, and OfferUp are also good places to check for used hobby supplies. My partner was able to buy two downriggers for fishing for $100 on Facebook Marketplace. They retail for $500 and were barely used, so they were an awesome find.
Sometimes you can even hobby supplies for free if you keep an eye out. Search on Nextdoor and your local Buy Nothing group to see if anyone in your area is trying to get rid of equipment or materials you need. I was able to get a bunch of free yarn from one of my neighbors who was clearing out her craft room. I won’t have to purchase yarn for several months thanks to her generosity, which will save me a lot of money.
From guitars to drums, and even a loop pedal, you shouldn’t have a problem doing this.
How do you keep the cost of your hobbies down? Let me know in the comments section below!
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Vicky Monroe is a freelance personal finance and lifestyle writer. When she’s not busy writing about her favorite money saving hacks or tinkering with her budget spreadsheets, she likes to travel, garden, and cook healthy vegetarian meals.
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