How to Afford an Expensive Hobby

3:59:00 PM

 

Many hobbies start off cheap, but can get expensive as you start to take them more seriously. Common costs in the long run may include equipment, training or travel. Funding these expenses can be difficult, however you shouldn’t have to give up your hobby just because you can’t afford it. Below are just a few tips for affording an expensive hobby.

Set a budget for your hobby

It could be worth setting a budget for your hobby so that you don’t go too crazy. Make sure that basic living expenses are prioritised and then working out how much of your disposable income you’re able to pour into your hobby.

It could be worth starting some savings for your hobby each month for big expenses. For instance, if you want to take a ski trip abroad or want a better amp for your guitar, you can start saving up a little each month.

Hire, share and buy used equipment

When it comes to acquiring equipment, buying new equipment may not always be necessary. Consider whether you can hire or rent equipment - when getting into a sport, this is often an option. You may also be able to share equipment with fellow hobbyists  - if you’ve bought a classic car to restore, you may be able to borrow tools from a fellow car enthusiast rather than buying your own. 

Finally, there could be the option of buying used equipment - this may not be as high quality as new equipment but could be all you need in some cases (for instance, a used sewing machine could be all you need for basic sewing). 

Make the right investments

Occasionally, it may be worth paying a lot of money upfront in order to save you money in the long run. If you’re playing golf every weekend and hiring clubs each time - it could start to add up. Buying your own clubs could be a better investment. Similarly, there may be annual memberships or season tickets for events that are cheaper than paying for individual tickets every week or month. 

Develop a side hustle

To help fund your hobby, you could consider developing a side hustle. Any money earnt from this can be put towards your hobby. There are lots of part-time freelance jobs that you can take up to earn more money. You could become a freelance writer getting paid to write reviews or web copy. Alternatively, you could start trying to bid on loads to haul and make some extra money as a delivery driver. There could even be simpler ways to make extra money such as selling clutter or answering paid surveys.

Find a way to make money from your hobby

By finding a way to make money from your hobby, you could make your hobby pay for itself. This could include selling home-made crafts, becoming a diving instructor or playing live music to make money. You’ll likely have to have reached a certain level of competency to start making money and there may be other investment required to get there such as completing a course or buying extra equipment - work out whether these investments are worthwhile.

Until next time.

Cheerios!

***Hollie***


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Random Beauty by Hollie is licensed under a Creative Commons 4.0 International License.