As a guy, you’re likely to have expensive hobbies. You may love your car and love to work on cars in general. You may have an affinity for technology and want the latest and greatest things from your favorite tech brand.
Some hobbies can cost up to $10,000 a year, which can put a big dent in your budget. Rather than give up your passion, you can learn how to create a budget that you can stick with and do what you love.
Read on to learn about keeping a budget so you can do your expensive hobbies on a regular basis.
Take a Good Look at Your Finances
Your first step in being able to comfortably afford those expensive hobbies is to look at your income and spending levels.
You don’t want to go into debt paying for your hobbies. You can be smart about how you look at and spend your money.
Be honest about your spending and ask yourself if you have any room in your budget to accommodate your expensive hobbies. If so, that’s a great start.
If not, then you’re going to have to do some creative budgeting.
Prioritize Expensive Hobbies
Do you know where your money is being spent every month? Do you find that you spend more on going out to eat than most other bills? Do you have a ton of debt that you have to pay off? Maybe you spend a ton on cable TV.
Americans spend about $3000 a year on dining out. If you find that you spend just as much or even more, there’s an opportunity to prioritize your spending.
You can cut down on that part of your budget and apply it to your hobbies. You don’t have to cut out all enjoyment out of your life, but you do need to show discipline when you set an amount to spend. You have to stick with it.
Get a Loan to Help Your Financial Situation
You might feel a little hopeless after taking a look at your finances. You might find that your bills are overwhelming that there’s no possible way to pay for your hobbies.
You may have a lot of debt in your budget that you have to pay every single month. You want to look at your debt and see how much you have to pay off and how much interest you pay every month.
If your debt is primarily credit card debt that you want to pay off, you may want to consider a loan that has a lower interest rate. You can consolidate your debt, lower your monthly payments, and use the loan to pay off those high-interest cards.
There are a number of loans that you can take out, such as instant approval loans. These loans will give you the money that you need right away.
Be Smart About Spending Money
Spending money on expensive hobbies can drain your budget. It doesn’t have to be if you can find creative ways to spend money without sacrificing your hobby.
For example, if your hobbies are expensive because you need to invest in equipment, you can always buy used equipment. That will cost less than
Let’s say that your expensive hobby is golf. You can buy used golf clubs that are just your size, which will cost a great deal less than buying new clubs.
Another expense is paying for green fees. That can add up if you play golf once or twice a week. The green fees will vary depending on the course and when you book your tee time.
Public courses tend to be much less expensive than private courses. You can also book your round during the week after work to take advantage of a lower rate.
Even world-renowned golf courses have times that cost less to play than peak times. Torrey Pines Golf Course in San Diego, CA is a public golf course. It’s going to host the 2021 U.S. Open Championship and has hosted many other PGA events.
If you were to pay to play there during the day Friday – Sunday and holidays, you can expect to pay $252 per 18 holes. If you play at Twilight, which is later in the day, you can play for $151.
If you wanted to play during the week, Monday – Thursday, you can play for $202. Playing Monday – Thursday at Twilight hours will bring the green fees down to $122.
No matter what your hobbies are, there’s always a way to do them for less without compromising your passion or quality. It just requires a little creativity.
Make More Money
Budgeting for expensive hobbies doesn’t always have to be about cutting expenses. You can think outside the box and figure out ways to make money on the side.
That will add income to your budget that you can allocate towards your hobbies. There are countless things you can do. You can start an Amazon FBA business for extra cash.
Another option is to turn your expensive hobby into a profit center. You can start a blog about your expensive hobby and bring in enough traffic to earn ad revenue. Once you do that, then you can use that money to finance your hobby.
Budgeting to Save for Expensive Hobbies
Expensive hobbies can be a drain on the budget, but they don’t have to be. There are plenty of creative ways to save up money for your passions in life.
You can cut down on everyday expenses like dining out. You can also pay down your debts by taking out a loan. Cutting down on the costs of your hobbies is another way to save money.
On the other side of the spectrum, you can turn your passion into a hobby by starting a blog. You can also find other ways to increase your income to spend on your hobby.
Do you want more tips on living a great life? Head over to the Fine Living section of the blog for more great articles.