Hobbies offer a way of unwinding and having fun outside your stressful life.
However, hobbies can also be costly, causing a strain on your budget.
Considering the many cheap hobbies available such as reading, language learning, juggling, card tricks, drawing, yo-yoing, etc., you probably wonder whether expensive hobbies are worth it.
So, Are Expensive Hobbies Worth It?
The simple answer is yes! Whether an expensive hobby is worth it depends on various factors, such as how expensive the hobby is, how much money you have, and how happy it makes you. Yes, for most individuals, most of the costly hobbies aren’t worth the cash compared to cheaper hobbies they would engage in instead.
For those passionate about a particular hobby and have the cash to spend on it, an expensive hobby is entirely worth it.
So, as long as you find the hobby enjoyable and get a sense of accomplishment, it’s completely worth it.
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Of course, you should prioritize your necessities, utilities, car loans, mortgage, and savings when organizing your budget.
It is worth it if you still have enough money to spend on your hobby after taking care of your bills and setting aside the recommended 10 to 20% of your income for savings.
What Are the Most Expensive Hobbies?
Some of the most expensive hobbies in the world include;
- hot air ballooning
- cigarette boat racing
- mountain climbing
- flying planes
- big game hunting
- drag racing
- horseback riding
- collecting art
- tornado chasing
- ballroom dancing
- playing polo
It is essential to note that your hobbies should be relative to your income and lifestyle level.
For instance, a person making millions per year can afford to spend more cash on their hobbies.
What would be a costly hobby for you might just be taking one percentage of another individual’s income.
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This means that the amount worth spending on a hobby differs for every person as your budget is unique.
How Do You Evaluate If You Need to Cut Out or Cut Back a Hobby?
While you might be enjoying engaging in a particular hobby, it might be taking up a significant part of your income and limiting the ability of your savings.
When deciding if you require to cut back on if you require to cut back the budget or cut out a hobby, here are some questions to consider;
1. How Much Does It Cost?
When evaluating a hobby, the first thing to consider is determining how much you spend on it.
During the evaluation, consider the hidden expenses such as membership fees, replacement gear, and fuel.
Most people don’t think they spend as much as they do.
2. Is The Hobby Hurting Your Finances?
If you are spending more on the hobby than your savings, you need to cut back or cut out the pursuit.
3. How Much Does the Hobby Mean to You?
Although your hobby is expensive and takes up more space in your budget than it would usually be healthy, it might simply mean a lot to you.
In a real sense, hobbies are closely linked to your personality and who you are.
If you take this hobby away, you might be robbing yourself of living your life to the fullest.
Some of the benefits such as physical fitness, health, helping people, mental health, or giving back to your community makes the hobbies worth more than the amount they cost you, even if you can’t estimate that into cents and dollars.
4. Can You Make the Hobby Less Costly Without Forfeiting Your Enjoyment?
Although a specific hobby might be worth the expense, there are typical ways of saving money without forfeiting its quality or your enjoyment of it.
The costs of engaging in your hobby are rarely directly proportional to your enjoyment of the activity.
Therefore, if there is a way of saving money, you should also do so.
5. Can You Turn Your Hobby into A Moneymaker?
Most of the hobbies don’t need to be strictly budget-draining.
If a hobby is possibly profitable, you should consider looking for ways to make money and pay for itself. You might even make enough money to begin a small business and quit your day job.
There is no better way of enjoying your hobbies than when you can still make money from them.
How Can You Afford A Costly Hobby?
1. Budget For the Hobby
One of the best ways of affording an expensive hobby is planning for the amount you will spend on your hobby.
Set aside the amount you want to spend on your hobby and plan accordingly to ensure you don’t end up eroding it by other impulse buys.
2. Try Monetizing Your Hobby
If you have been on a hobby for some time, you should look for the possibility of turning the hobby into a job.
Have you perfected the art of racing motocross bikes?
You can begin a YouTube channel.
If you design cosplay outfits, you can prepare a website in the process.
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You can sometimes monetize the website with ads.
However, you should do it in moderation to offset the cost of your hobby slightly instead of turning it into an entire side income.
3. Rent Or Buy Second-Hand Equipment You Require
If you are beginning out, you don’t need to over-commit yet. You can consider either renting or buying used equipment or gear to support your hobby. This will allow you to try out your hobby without making a full financial commitment.
You can easily find good second-hand deals on various online sites such as Carousell, eBay, etc.
4. Join Organizations and Clubs
Becoming a member of clubs and organizations is one of the best ways to make a hobby affordable.
Fellow enthusiasts often re-sell and trade with each other.
And because of the close ties between individuals with similar motives, fellow enthusiasts might be persuaded to sell you something for less than they would do to other strangers.
5. Don’t Go into The Debt
Whether it is video games, golf, or photography, you should never allow it to get to the point where you are dependent on credit to engage in the hobby.
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Otherwise, it could cause financial damage that might deny you of your hobby for years. So, never take a personal loan to purchase a hobby item.
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Generally, whether an expensive hobby is worth it depends on your passion for the hobby ad if you can afford it.
If you can accommodate its cost comfortably, it’s worth it.
Using the tips discussed above, you can help lower the prices without giving up on things you like doing.
The important rule is sticking to your budget.