Hobbies can bring a sense of achievement, fulfillment, and happiness into your life. For some, a hobby may generate some side income. For others, it may do the opposite and cost a small fortune.
If you’re looking for a new hobby to develop as an adult, here are a few affordable ones that won’t break the bank.
A hobby is something we do out of pure enjoyment. It could be anything from fixing cars and baking to rock climbing and painting. Each hobby has its own associated costs, and many will have an initial expense to get started. Here are a few examples of hobbies that tend to require little to no money to get started:
Some hobbies may have ongoing costs associated with them. Here are a few hobby ideas that require a little more money but can still be affordable. An added benefit of these hobbies is that you may be able to use these skills as a side gig to earn some extra income.
Without a budget, it can be easy to overspend when pursuing something you love. For example, tennis is a fun, laidback sport many like to play. But problems can occur if you don’t properly budget for larger investments like a fancy, new racket.
While some expense is often worth the experience and memories associated with treasured pastimes, it’s still vital to keep track of your funds. Everyone needs a safety cushion and firm financial footing before spending money on a hobby. If you end up spending more than your budget allows, you’ll find yourself in debt.
Here are a few tips when choosing and budgeting for your hobby.
You can also designate a specific percentage of your monthly income for hobbies, and budget accordingly. A popular formula to follow is 50/20/30, where you spend 50% of your salary on essentials, such as bills and food, 20% on repaying debt and building savings, and 30% on wants, such as entertainment and hobbies.
Once you’ve landed on a hobby, it’s time to get started. But before you head out to get what you need, consider joining PSECU if you’re not already a member. Why? Because we have a generous cash back credit card that lets you earn unlimited cash rewards, so while you’re purchasing supplies, you’re also earning! Members enjoy other benefits, too, like low-rate loans, free checking, and surcharge-free ATMs.
We’re all about helping you find ways to make the most of your money. Find more of our financial tips on our WalletWorks page.