Spending on hobbies/special interests ?

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firemonkey
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06 Nov 2019, 8:04 pm

Can this be a problem for you in terms of managing your finances? With me it's spending on things like the DNA side of genealogy . I don't get into debt doing it but some months I spend quite a lot , and don't save much .


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CockneyRebel
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06 Nov 2019, 9:10 pm

I spend at least $100 on my arts & crafts each month. I'm going to challenge myself by seeing how many months I can go without spending that $100 on that stuff.


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Mountain Goat
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06 Nov 2019, 9:53 pm

When I had a good job, I used to spend a lot on model raillways.
When I then had no income or very limited income, I changed scalw and make my own things to save on costs. I have had far more fun then I ever did before. :)


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firemonkey
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06 Nov 2019, 11:18 pm

I could never make anything myself. My father was a great model railway enthusiast(I'm not sure if he still is). He had a shed when I was a child especially for his trains etc . Coming from Birmingham he was very much into the GWR. He had several books about the GWR.


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Edna3362
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06 Nov 2019, 11:48 pm

In my case...
As frugal as possible.

There are times I do get caught up with spending a lot in special interests -- or special interest as a motive to save and buy later.

Either way.
As frugal as possible. That means I'd recycle, improvise and have the cheapest alternative as possible.


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EzraS
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07 Nov 2019, 2:53 am

I've plunked a lot of money into the online video game I've been playing for years. But compared to many players I'm a lightweight spender.



EzraS
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07 Nov 2019, 2:55 am

firemonkey wrote:
With me it's spending on things like the DNA side of genealogy .


What is that?



firemonkey
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07 Nov 2019, 3:34 am

This explains better than I can.

https://en.wikipedia.org/wiki/Genealogical_DNA_test


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07 Nov 2019, 8:11 am

My special interests tend to be quite short lived (at high intensity, sometimes they become normal hobby level interests once the obsessive phase has passed) so I very much try and avoid spending too much money on them when I first get into them. I know there's a high chance I will get obsessed for a few weeks and then lose all interest completely. If I absolutely feel the need to buy things, I put work into finding things second hand, getting things on sale etc, finding free things.

Not always successful, I got really into golf in the summer, I tried not to spend any money on it and managed for a while and then thought it was going to last so bought a load of golf stuff (I did try hard not to go all out-I got second hand clubs, and shoes on sale, and picked up a few pieces of clothing at charity shops)...and then my interest kind of waned and I've not used any of it in months, want to find time to go and play again because I do still want to do it, just it's not all encompassing like it was when I was first into it (where I was watching youtube videos and practicing swings every evening, and desperately searching out places I could practice, and telling everyone excitedly about how I was learning to play golf...) so motivating myself to actually plan to go and play is more difficult. I had a thing for really wanting to do metal detecting at one point, but managed not to spend any money on it (I realised I had no way of actually going out and doing it really-I don't drive-which caused me a lot of angst for a few weeks until the urge passed).

I knit, and that tends to be what I spend most of my money on when I'm going through an intense phase. Not too bad though, I get clothes and accessories and gifts to give to other people out of it and usually manage to set price limits on what I spend on yarn (and I don't get into 'trends' so I actually avoid spending money on expensive 'trendy' yarns and patterns-like r/knitting is full of people who like the same yarns and designers and patterns and I'm resistant to all that).



domineekee
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07 Nov 2019, 8:34 am

About once a year I sell a load of second hand stuff on eBay that I've accumulated and buy a few new items. This works pretty well for me as it enables me to refine the shopping list over a period of months, or make do with the things I've picked up cheap throughout the rest of the year.



Fireblossom
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07 Nov 2019, 9:04 am

What counts as a problem? I've certainly never had any trouble with paying my necessary bills because I'd used too much on my special interests, but I'd definitely have lot more saved up if I didn't use money on them... then again, everyone has hobbies. If one uses their own money on them and can handle their daily necessarities along with it (and gather some savings just in case), why should anyone be allowed to judge them? ...Or well, maybe someone who lives under the same roof can if the other person's hobbies are taking up all the space, but aside from that?



Mountain Goat
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07 Nov 2019, 1:34 pm

I have just spent £9.98 on my hobby.

I bought them to use as parts...

Image

I can use them to convert to make 7mm narrow gauge trains.


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QuantumChemist
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08 Nov 2019, 10:36 am

I budget each month for my hobbies. Sometimes I blow the budget on one thing, so it may take some time before I can afford more stuff. Luckily, I have made money with the majority of my hobbies. Coin collecting has pretty much paid for itself over the years as I can sell/trade spare coins to improve my collections without always depending upon my budget. There are some of my hobbies I see as a net loss money wise, but I still enjoy them. The key is to learn to do them on the cheap.

I blew my monthly budget for hobbies for this month when I picked up an item for my autographed sports collection this week: an real signed 8x10 Joe DiMaggio photo from the 1940s. For those who do not know who he was, he played with the NYY baseball team in the late 1930s to 1951 and was once married to Marilyn Monroe. This photo now rests with signed photos of Ted Williams and Mickey Mantle in a large bank deposit box. I would love to hang them up in my apartment but sunlight will fade the ink over time unless I spend some major coin to have them protected.



Guy Incognito
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08 Nov 2019, 12:02 pm

I separate my money into two accounts, with retirement being drawn from my paycheck separately. One account covers all my expenses, and the other covers my habits. I collect firearms and watches, and both are expensive if I dont budget. I try to keep a reserve in case there is something that pops up I've been looking for and won't see again for awhile.