Having hobbies has always been expensive. Go back to 2013 and spending data reported that Americans spent around 5.6% of their income on extracurricular activities. As technology has evolved, the amount spent on pastimes has inevitably increased.
The problem is, you don’t want to give them up because they are fun and help you to unwind. This leaves you in a tricky predicament. How do you reduce the expenses involved without quitting your hobbies altogether? The answer is by being creative.
Do It with a Friend
Everything is better with buddies, including hobbies. As simple as it sounds, having more people to lean on offers extra opportunities to split the costs. Think about the next time you go to watch a music concert or a sporting event. Ticket costs are yours to bear alone, yet the cash you spend on gas, for example, can be split between the group. Of course, if you go alone, it’s another costly fee.
Also, studies prove that saving with friends is an effective method and has been for centuries. From the well-known “tandas” in Mexico to “huis” in China, the research shows people are likely to save 66% more by teaming up with friends or family members than trying to save money alone. This is because other people are involved in the process, so it’s harder to drop your standards.
Let’s not forget about the social element of saving, too. If you need money to carry on enjoying hobbies, it’s cheaper to borrow funds from friends than it is to take a loan out with a bank. When the monthly interest rates are 0%, you’re instantly on to a winner! Finally, remember that you can share with your loved ones. If they have something you need and don’t make use of it, they can give it to you, or vice versa.
Reduce the Frequency
As soon as you fall in love with something, there’s an urge to do it all the time. That’s why it’s easy to fall out of love. The key is to strike a perfect balance to ensure the spark remains alive. If you have a hobby that you do all the time, you might want to consider reducing the frequency. Not only will this tactic keep the fire burning, but it’ll automatically reduce how much you spend.
Alternatively, swap the formal events for informal ones. Let’s use exercising as an example. You go to your gym five times a week; hence you pay for a yearly contract. However, you could limit the number of visits to two or three, drastically cutting the amount of money necessary to cover the activity. On the off days, you can simply recreate your routine at home with small weights or cardio bodyweight sessions.
In this situation, there’s no reason to stop doing the thing you love if you replace elements of your routine with at-home alternatives. As soon as you do it in your garden or spare room, the cost plummets significantly and you begin to live within your means.
Search for Discounts
Finding a discount is the Holy Grail of cutting costs as it instantly reduces the normal amount, with the final price depending on the price cut. Say, for instance, you love to shop and buy new clothes. Hobbies aren’t more expensive than that! By only shopping at stores where there are sales, the reductions you stand to save are enormous. The good news is that the same applies to pretty much every activity.
Gym-goers can switch between operators based on their promotions. Film-lovers can attend off-peak screenings, as can travelers who want cheap flights and accommodation. Gamers can find online coupon codes for the likes of Steam, PlayStation, and Microsoft. Another example is online gambling. People who like a flutter can utilize bonuses as they are popular throughout the industry, from no deposit to 100% match and cashback promos.
It’s possible to make them more lucrative by altering your payment method, such as using cryptocurrencies. Bitcoin is a virtual currency that operates globally, meaning the value is the same regardless of location. Currently, the value is huge, with a single coin worth tens of thousands of dollars. This perk, along with anonymity, transparency, and security, is why the best Bitcoin casino sites accept cryptocurrency as legal tender. In fact, to encourage customers to spend their coins, the quality of the bonuses is usually higher than standard offers. Now that the number of providers and variety of games available is significantly larger, it’s not hard to do.
Giving up hobbies should be a last resort because of the impact they have on your lifestyle. If money is tight and you must choose between them and other essentials, remember these ways to cut costs. They could make all the difference to your physical and mental health, as well as your bank balance.
