Having an expensive hobby – Clever tricks to manage expenses easily

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By: tiarajoseph11
on 6th Aug,2015

Check out the method of maintaining expensive hobbies without hampering your saving and wallet.
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Hobbies spice up your life. They make your otherwise boring life interesting. But there are some hobbies, which are really expensive and time consuming.

Rich and famous people easily afford expensive hobbies. But what about the middle-class people? They can’t possibly exhaust their funds and break their budgets to pursue expensive hobbies. So, what’s the solution for them?

The first solution would be to pick up those hobbies which are budget-friendly. This would help them avoid complicating their finances. The second solution would be to use some tricks to manage money and expensive hobbies.

But before I get into all the details, let’s look at some costly hobbies people often pursue nowadays.

A brief glance to 3 costly hobbies

There are several hobbies which are very interesting as well as costly. Let us check out some of them:

A) Race car driving - Race car driving is one of the top hobbies which will require a big amount to invest. It is an extremely fun filled and expensive hobby. Having a fast car is a dream of every race car fanatic. If you spend at least 15 minute on the track, it will cost you approximately $360 excluding other costs like annual registration fees, insurance, etc. Above all, owning a sports car is a grand expenditure, costing minimum $1 million depending on the model you choose.

B) Horse racing - Horse racing is a very expensive hobby. If you buy any filly or colt, it will approximately cost you a thousand to millions depending on the breed. You would have other related costs too, like stable, food and grooming. As per reports, maintaining a racing horse will be worth $40,000 per year.

C) Antique collection – It is a favorite hobby of the rich and the famous nowadays. It is because of its uniqueness and value. Antique collections like old coins, vintage cars, old carpets, may cost you millions. All over the world many collectors haunt for several artifacts in various auctions and seminars. The more antiques you get, the more will be your social status.

Apart from the above three hobbies, there are several others which you can surely consider as an expensive hobby. These are namely poker, yacht racing, world tour, flying planes, scuba diving, keeping exotic pets etc. Apart from the above options, there are many more which consume low but significant amount in your wallet. These are stamp collection, digital photography, expeditions, old book collection, cooking, video games, music and many more.

So, now the question is, how can you manage your pocket while maintaining these hobbies?

Tricks you can try

Trick 1 - Make sure you loved it, not liked

You were at the hunting grounds once may be with one of your friends. You of course loved the sheer thrill and the suspense. Even you have killed a few animals too. But, that doesn’t mean hunting game will be your most anticipated thing you were looking for. Ask yourself, would you have the guts to train yourself as a perfect shooter? Do you have that patience to wait for a hunt for long hours? If you're sure that it was the activity which you loved, that’s cool. But, there is no meaning of rushing into the store and purchasing an expensive set of rifles, binoculars, hunting kit etc. You must prepare yourself by taking lessons, renting required hunter’s gear and giving enough time to feel its greatness. Think several times before sinking serious money into it.

Trick 2 – Arrange the money

There are several ways to earn more money. Like celebs, make your own fortune, as a businessman, as an actor, politician, writer, singer, dancer, sports person, etc. That’s how you can earn enough money to fulfill your dreams.

You can try out some easy techniques for arranging a small amount of money. You can give a garage sale, exchange your old stuff in return of money and sale your unused commodities online. You can also cut back on dinners, save from your daily expenses, make handcrafted gifts to sell. So, after getting the money, calculate total cost of everything related to your hobby. Include other costs too like transportation and maintenance. Balance your income with the cost you just have calculated, and move accordingly.

Trick 3 – Use your equipments

Never buy extra or new devices if your existing gears are fully active and in well condition. You dont have to buy a new car just because the old paint has withered away. Just get a new paint done according to your desire. If you are breeding horses, sell them out before their maintenance cost reaches beyond your limits.

Learn to tune up your bike or skis, and clean and store your golf clubs. If you really need to buy new stuffs, make sure you sell the old ones first. You will get a fair price from them and can use the money to buy new goods. If you want cheap prices with heavy discounts, go and look into the online stores, paper classifieds and local ads. You can get free alerts, demo, and relatively newer models at a cheap price.

Trick 4 – Increase your income to meet the additional costs

If you are seriously dedicated towards your hobbies, you must increase your income to balance your finances, unless you are a millionaire. For this, you have to work hard, give extra efforts towards a part time job or do a freelancing job. If you are staying with your family, consider the extra expenses toward them also. Hobbies are important but, not more than your relation with your family.

Be realistic. If you don’t have funds, but have interest in a creative hobby, like painting or music, you can borrow or rent instruments to use your talent. By this way, you can arrange a few bucks more to buy an expensive gear. If your hobby is not so creative like scuba diving or bungee jumping, you can gather money and wait for the perfect time to execute your plan.

Conclusion

So, what do you think? Is it worth spending your income on an expensive hobby? If yes, then you need to manage your finances in such a way that even a pricey hobby won’t create any financial problems. Just be practical, calculative and futuristic to assume how much you are getting back from your expensive hobby.

Check out what other things you can buy second hand and save significant dollars. You can even buy products that can be used for multiple purposes - and this includes pursuing an expensive hobby. What do you feel about it? Isn’t it a nice idea!

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