Make Sure Your Hobby Doesn't Break Your Budget

I've suggested that you can make extra income by turning your hobby into a money maker, but here's the opposite side of the issue. The Street gives some thoughts on how you can make sure you don't spend a fortune on your hobby. Their suggestions:

The key is to pick a leisure-time activity that you'll stick with long enough to justify the expenses involved. It can mean the difference between a blatant money-waster, such as trying to break the cross-country speed record by car and one of the many relaxing and rewarding pastimes.

Here are key factors to consider:

• Do your research.
• Take a test drive.
• Rent, don't buy.
• Buy used.
• Focus on necessities.
• Share and trade.

The one hobby I have that costs a fair amount of money is cycling (bicycle variety, not motorcycles.) Of course you have the cost of the bike, but there's also clothes, shoes, helmet, heartrate monitor, mileage meter/speedometer, sunglasses, and on and on. If you buy the top-of-the-line item in all of these categories, you're talking about dropping some serious coin.

I did what the tips above suggest. I started small with good but not excellent equipment. I added to my collection bit by bit, year by year. And now several years into cycling, I'm at a point where I'm not spending that much extra on cycling items every year.

To me, all the costs have been worth it. Not only do I enjoy cycling, but the sport has dramatically improved my health. Looking at it in light of the health benefits, I think my cycling spending has been a very good investment.

What about you? What hobbies do you spend on? How do you keep your hobby spending under control?

Comments

[MMJ]

I love photography. Talk about an expensive hobby. For now I am keeping costs low by buying used. The prices of the DSLR body can be cheap, but the lens' can really add up. If I can turn this hobby into some side income, then I would be able to get the good stuff.

[steve]

I personally love golf. It can add up over time (ie. clubs , green fess,etc.) However, it can be great exercise if you walk the course. My only wasteful hobby is snowmobiling,but winter can get rather boring.In regards to cycling, in the long run the savings tied to health will outweigh the cost of equipment by far in my opinion.

[FMF]

Steve --

Do you live in Michigan? If so, this winter's been a blast for snowmobiling!

[Odnal]

About a year ago, I got involved with running, and it has been great. All you need is a decent pair of running shoes for around $50 - $100. As I got into it more, I bought some clothing, but that isn't very expensive, and since you can make due with current clothes, you can be patient and buy only when you find good deals. I probably spend $200-$300 on shoes per year, and maybe $100 on clothing.

The best part though, is that I've lost a bunch of weight and am much healthier overall. I understand that running isn't for everybody, but would encourage people to give it a try. Before I started, I never would have thought that I would enjoy it as much as I do.

[Anitra]

I've always loved cycling, but I've never done enough of it to feel justified buying expensive equipment and accessories. I made a major upgrade last year from a hybrid bike to a road bike, though it's a hand-me-down from my husband.

My philosophy is that once you have the basics, any new purchases are dependent on hobby-based goals. In my case, I set mileage goals each year (ie. if I bike 100 miles this summer, I'll buy some gloves; if I bike at least 3 trips over 15 miles, I'll buy better bike shorts and a jersey.) It's easier to set these kind of goals with sports hobbies, but you can do it with other hobbies too, by setting goals related to finishing craft projects or qualitative improvement in your art.

Obviously, you should start with good enough equipment that you'll be comfortable and not quit right away (in my case: good fit bike, good seat, helmet, lights, repair kit, rear rack, cheap bike shorts) but you can often start small and ramp up to additional or more expensive equipment later.

[Julia]

I am a triathlete, so I understand the expenses of cycling! I bought a used road bike from a coworker who gave me a good deal on it. Then finally decided to get a top of the line custom bike. I did my research and had the bike made with C+C couplings, so that the bike frame can come apart into two pieces. I can pack it all up into a piece of luggage that can be checked in on the airline for free. This saves me from $70-100 EACH WAY on a trip versus using a large, awkward bike box. I have taken this bike with me on at least 11 trips, which has saved me up to $2,200 in airline fees. This bike is about halfway done paying for itself!

I've also picked up photography in the last year and that, too, is expensive. I try to focus my time into learning how to do more with what I have than buying gear any chance I get. I saved a lot on photography gear by putting off buying a digital SLR until last year.

While my cycling won't ever bring in income, I can reduce expenses and increase my health by biking to work instead of driving. Photography is something that could easily bring in income.

(However, I know there are more expensive hobbies than either of these two. How about flying planes, collecting fine art, world travel, playing the lottery?)

[EmilyG]

One great place to reduce the price of hobbies is eBay. They have so many great crafty products for such a lower price. Especially in photography, which MMJ mentioned is expensive -- darkroom equipment and older cameras can be found on eBay for pretty cheap.

[Steve]

FMF,
Actually just across the border In Ontario. Toronto to be exact.

[Bobby]

I love hockey. Play goaltender, very expensive, but the equipment last a long time. I bought used, not that bad. i have been playing for almost 2 decades.

[99kby2011]

I sew - little things usually, toys and stuff, but it's amazing how much money you can lose in a fabric store!

I also love photography, but new eq is always slated and planned for for special occasions (i'm getting a new flash for my birthday this month. next up - maybe a macro lens!)

[Mark]

Skiing is a very expensive hobby. Other than staying in discount hotel rooms booked along with car rentals and airfares on sale, the biggest cost is the lift tickets and all the great resort food. I bought my last pair of $800 skis ten years ago, and I only ski ten days a year. Now I just rent performance skis, or demo the latest pair of skis to try out on the best powder days. My boots are also ten years old and they fit just fine.

[R.J.]

I've always wanted to get into cycling but there's so much out information out there getting into the hobby is a little intimidating. What kind of bike is a "good" bike, but not an "expensive" bike? The same goes for all the other equipment you mention. If you don't waste the money to compare products, how do you know what you'll enjoy using?

[FMF]

RJ --

I started with a "basic" bike that I went in and got at a local shop. I rode it a ton and then knew more of what I wanted, so I upgraded. A few thousand miles later, I upgraded again. Not sure I could have gone from newbie to the last purchase on my own, so the stepped-up approach is what I'd recommend.

I run, which is relatively inexpensive, but I like to run a big marathon once a year, and that has upped the price of my hobby considerably. We usually tie it into our yearly vacation, though.

Running has increased my fitness, but not, unfortunately, my overall health. Darn genetics trump EVERYTHING.