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How to fund your hobbies

Hobbies can be an necessary luxury. Here’s how you should plan for it.

All work and no play makes Jack/ Jill a dull boy/girl. This where our hobbies come in, providing us with something fresh and different from the usual. Hobbies carry a lot of importance in our lives: with them providing a creative outlet for individuals to express their thoughts and emotions, which if bottled can have drastic effects.  

How to fund your hobbies
How to fund your hobbies

Secondly, hobbies are the healthiest way to deal with work stress and difficulties. Not only does it physically engage your body, it does so mentally as well. Thus, as hobbies play an imperative role in our lives, taking them seriously is definitely worth the struggle. You may have more than one hobby that you want to fund, but keep in mind to always be practical. Browse through below for tips on how to fund your hobby without going broke: 

Proper Planning:

It is important for you carefully plan the funds for your hobby, especially if you wish to take it to the next level. Some hobbies can really be over- the- top expensive to maintain, whereas others may not cost much at all. Moreover, some hobbies have increasing costs that build up over time. This is where planning a proper budget is going to help you. Say for example, drawing and painting is your hobby. You may have found your artistic streak just by doodling on random pages. But, now you want to take your hobby forward by actually investing in more professional equipment. This is where you need to dedicate a certain sum to your interests.

Along with budgeting you also need to chart your growth periodically. If you are not getting anywhere with your hobby, it may be better to not invest in better equipment. On the other hand, if you feel like you can avail other facilities to improve, note down much you can spend as well. Additional facilities could be anything- from the best brushes to a canvas, or even for professional classes. Also, if your child’s hobby is painting and he/she wishes to go to a design college in the future, proper planning, well- in- advance will help you collect money to fund their hobby.

Thus, along with a plan in hand, you can calculate not only on how to proceed spending, but how frequently as well.

Start Saving:

Saving money is important, not just for your hobbies but for the future and unpredictable situations as well. Hobbies are an important part of our lives, constantly saving us from our mundane lives. Thus, it is only right that we save money for our hobbies. A savings account or fixed deposits can help here. Keep a certain amount of money secure in a savings account and earn an opportunity to earn returns as well on the money in your account. If not a savings account, you can invest in fixed deposits, which are one of the safest and oldest investment products offered by banks. Importantly, the interest rates provided by foxed deposits are generally higher than those provided by savings accounts. Moreover, unlike the share market, fixed deposits offer strong security if the market crashes.

Along with investing in a savings account or in fixed deposits, you can also fund your hobby by saving in different areas. Cut back on your household bills and other unnecessary expenditures. For starters, you could cut back on your electricity bill by actually practicing what we learnt all those years in school: use natural light whenever possible, turn off the light when you leave a room, turn off electronic appliances when not in use. Also, grocery shopping in bulk can help you in the long run.

Finally, the old standbys like cooking your own food whenever possible instead of take- outs can be helpful. Keep in mind, that your funds are finally based how and when you choose to cut back your expenditures and how much you wish to put towards fulfilling your hobby.   

Your hobby is an investment:

Your hobby is very different from materialistic expenses. A car, electronic appliance or a gadget are materialistic expenses; but your hobby is a personal investment, an investment in yourself. Always remember the emotional valance of hobbies and how they help improve your well-being and state of mind.

If anything, people who balance their work life and hobbies are said to be more able to function with renewed zeal. This occurs mainly due to their ability to use their hobbies to recharge from an ordinary life. Moreover, with a productive work life, you can earn to invest more in your hobbies.

Make your hobby work for you:

Other than hobbies creating a stress- free environment for you, you can monetize your hobby to pay for itself! Earn extra cash on the side with the help of your hobby. For example, if you are interested in playing the guitar and are actually good at it, you can earn extra cash by conducting guitar tutorials and classes on the side. This not only helps you fund your hobby, but can also help you in fulfilling other needs and wants. Sites like eBay make earning money even easier if you wish to sell art or antiques which may have interested you before. Expenses incurred can also be deducted here.

Finally, there are some people who turn their hobby into a lifestyle. Say for example, makeup influencers, who monetize their artistic makeup skills to earn returns by which they make a living. You need to take this with a pinch of salt in the sense that continuous investment can lead to your hobby becoming a chore. Different pressures such as deadlines, varying expectations, continuity can take the fun and satisfaction out of your hobby. 

To conclude, keep in mind the purpose of your hobby: to bring you fun and satisfaction. If your hobby is taking more than what it gives, it might be safe to drop it. On the other hand, if you have a very positive cash flow, feel free to practically spend on your budget. What is money after all, if it’s not spent on things we love?

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