How to save money whilst doing your hobbies

hobbie photographyDO WHAT YOU LOVE AND THE REST WILL COME

 

We all know how expensive hobbies can be.

Shelling out for that new pair of running shoes, or extra flying lessons for those a little more adventurous can leave serious holes in our pockets.

The thought of giving it up simply doesn’t cross our mind.

In the day-to-day stresses of life hobbies are becoming an important aspect of keeping us fit, healthy and stress free.

They offer a relief and change of mind-set from our everyday lives so giving them up due to financial constraints can often leave us feeling down. But, why should you give them up?

There are plenty of ways to save money while still continuing to do the things you love and in some cases you can also make a nice profit yourself.

Of course people spend vastly different amounts on their hobbies every year. A woman hugely passionate about skiing is almost guaranteed to spend a lot more than a man who enjoys sitting by the fire and playing guitar but whatever your interest you could save yourself a small fortune.

Gardening for example is a particular favourite for people across the globe. But even a simple hobby like spending time on your flowerbeds can save you dollars.

People of all ages are enjoying getting out in the garden more and more, but equipment can often be pricey. Purchasing second-hand tools and then maintaining them properly will keep more cash in your pocket, whilst what you plant can help you elsewhere.

 

Using your hobby to become self-sufficient

 

What we eat especially in today’s economic climate is becoming more and more costly. There’s also a growing trend of becoming more environmentally friendly.

Health food stores are bustling yet there’s a great untapped source we fail to use to pick up our produce, our gardens.

While we aren’t suggesting you invest in chickens a vegetable patch means you can become self-sufficient with your groceries as well as eating much fresher and much healthier.

 

Be sensible with your costings

 

Meanwhile other hobbies can leak money drastically if you don’t take care. Equipment in games such as golf and skiing can mount up to huge prices on top of paying resort fees and competition entries, whilst the ever popular gambling industry can be hugely beneficial one minute and problematic the next.

However, sites such as www.riverbellecasino.com implement their Responsible Gaming policies to ensure you don’t lose too much money. Players can self-exclude themselves as well as also adjusting maximum and minimum deposit limits at any time.

But it’s not just in the gambling industry where you can think about how much money you put into your hobby. With pretty much any passion there are key aspects you can look not just to keep cost down but also profit from possessing a skill.

 

Selling your skill

 

One of the most common ways to cut down on spending is to supplement it with earnings. There are plenty of ways to make money from your hobby, particularly if you’re musical.

Amateur musicians have a wealth of options to make the money for that next Rickenbacker or jazz flute. Busking and gigging are popular ways of boosting funds as well as being able to do what many musicians love, performing.

It isn’t just performing which can have a positive effect on your bank balance either. Selling CD’s can also contribute whilst becoming a tutor is the choice of many when looking for extra income.

Of course this isn’t exclusive to music, knitting, photography and craft-making can all be worthwhile money makers, using the likes of Etsy to sell your items.

 

Turn your hobby into a business

 

However, it’s important to take one step at a time when you begin to earn from your hobby and if you’re serious about turning it into a career there are a number of steps you must take.

Understanding the basics of business is a must, and you should probably seek advice before throwing yourself into a project. Things such as declaring your business can often be overlooked when switching from hobby to career so it’s important you do plenty of research in order to become a legitimate business.

Most importantly however is that you don’t let business take the fun out of your hobby. When money becomes involved stress can often creep back into your life.

Your hobby is a hobby for a reason and your enjoyment should not be compromised although there is little better than earning from doing something you love.

 

Blogging

 

A blog or webpage is perhaps the easiest way to do that. Not only does it have the ability to show off your talents to billions of people across the globe it’s a platform for you to be passionate about what you love, and can often lead to it become a hobby in itself.

Quite often if a blog is ran well enough and updated regularly, some businesses will wish to advertise on your website. By keeping on top of a blog and creating high quality content you can earn money for every bit of advertising space you offer to brands and other websites.

This could be worth considering if you don’t want to turn your hobby totally into a business.

 

Simply save

 

Of course most people just simply enjoy their hobbies because they don’t rely on them. They are stress free ways to get out in the world and forget about troubles such as money.

Even hobbies such as hiking, swimming, running can all run on lower costs by making minor adjustments. Staying in your local area rather than travelling a few hours out of town will cut down on petrol, whilst joining a club is often beneficial with the options to lone equipment, car share and ultimately meet like-minded people.

A recent study in Britain showed that one in 10 had given up their hobbies due to rising costs but with so many ways to cut down on spending the question still remains, why should you give them up?

 

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Photo Credit: Stock Images/freedigitalphotos.net

 

Mr. CBB
I’m from the UK and now a recent permanent resident in Canada. I bought my first house at the age of 21 after University then my second at the age of 24. I’ve always been fascinated with personal finance, savings, learning to make money and watch it grow while combating debts along the way. Canadian Budget Binder is a place where I get to share my experiences with personal finance and learn about yours along the way. I hope you stick around and check me out on Twitter, Facebook and Pinterest where I am active on all social media sites. Cheers, Mr.CBB
Mr. CBB
Mr. CBB

Comments

  1. Mark Ross says:

    I think blogging is the perfect hobby, especially for those who likes to write or share their knowledege to others and also wants to earn extra income at the same time. Great article by the way!
    Mark Ross recently posted…15 Inspiring Quotes From Steve Jobs That Will Surely Change Your LifeMy Profile

    • Blogging started as a hobby for me but soon became more like a full-time job. It’s great but I think that we have to define ‘hobby’ when we start out blogging because as you know it can grow pretty fast depending on how much effort you put into that hobby. Cheers mate

  2. Luckily, my hobbies are relatively cheap. I love writing and blogging, reading, and cycling. You can read for free, blog for the cost of the internet and a laptop, and cycle whenever as long as you have the bike!
    Daisy @ Add Vodka recently posted…Weddings and CraigslistMy Profile

    • That is true Daisy and same for me as I read, blog and workout at home so it’s all pretty cost-efficient on my end. Cheers mate

  3. Christine Weadick says:

    I sew, knit, crochet and garden for the most part. These all started out as hobbies but were and still are a creative outlet. I made my own clothes for years and when the kids were young I made theirs as well. I have made a few bucks here and there doing alterations and replacing zippers in coats. That is one fiddly job with the zippers!!, I did 3 kids coats just before Christmas and expended my vocabulary of abuse in the process (I turned the air a nice shade of blue cursing those coats!!!) I have never made enough doing this Ina year to claim it but I have mentioned it to our accountant. People know I sew so these jobs tend to come looking for me, which is fine. If I did more then I do of the alterations and such it would take the fun out of things. I have saved nicely on the sewing supplies by paying for a membership card at Fabricland stores. In most cases I have saved more than the fee the first time I use it! last I checked it was. In the $15.00-$20.00 range and I am getting at least 25% off anything I buy there. During sales I get even more tha that as I will get 10% more than the sale price.
    For my yarns and such I watch sales closely. Or I look into the Thrift store for goodies. I also inherited a pile of yarn and such from my Mom and my mother-in-law.
    I try to grow a couple of herbs and veggies like tonatoes in my flower garden to help the budget. There is not a lot of room but I try. I grow perernnials too so I can divide them to get more plants.
    Hubby used to be into photography back when and he loved the fact that I was working for a phone lab then. I got a nice discount on photo finishing!!! He took full advantage!!! Lol!!

  4. My very good friend loves to take pictures, at first she only had a digital cam but she really wants to buy a nicer camera but DSLR cameras are pretty expensive. After several days she bought a DSLR camera and now she’s a professional photographer and she also has her own website too
    Clarisse @ Make Money Your Way recently posted…Make money with cleaning servicesMy Profile

  5. My hobbies are pretty cheap, but also cost some money if I want to go further. I’d like to take language classes (online only does so much for me), take dance classes, continue reading, writing, biking.
    Dear Debt recently posted…Your Self-Worth is Not Your Net WorthMy Profile

Trackbacks

  1. […] The good folk at Canadian Budget Binder believe that you can have your hobby cake and eat it too. This guide will tell you how you can turn your sideline passion into a nice little earner. […]

  2. […] How to save money whilst doing your hobbies (www.canadianbudgetbinder.com) […]

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