Hobbies are worth your time and money, but what exactly is the best way to direct a part of your finances into your hobbies? Find out!
Irrespective of whether you’re a Jack or a Jill, all work and no fun can leave you listless. Of course, the other extreme, i.e, all fun and no work could leave you broke! If you’re passionate about a hobby or two, you need to surely nurture it and also think of practical ways to fund it.
Before we get into how you can fund your hobbies, let’s see what makes taking your hobbies seriously worth the effort.
Every individual carries a unique set of experiences, emotions and thoughts that, if left bottled, may have adverse effects. Having a creative outlet will give you a sense of liberation from routine life and give you peace of mind every time you express yourself.
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Improved Productivity At Work
Yup, most people who have managed to balance their work life with their hobbies are generally more productive at work because they know the value of stepping out of their work shoes and recharging themselves so that they can continue to approach their work with a renewed zeal. On the other hand, people who generally do not make an effort to nurture a life outside work run the risk of allowing their personal interests to fade away.
Hobbies are a healthy way to deal with work pressure and stress. It is also mentally and physically healthy to engage your brain and body in more ways than one. A mundane work routine sans hobbies could easily leave you uninspired, worn out and stressed.
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Now that we know the beautiful flavours that a hobby can bring to your table, the next step is to finance your hobby. Now, every hobby is different in its nature. For instance, if you’re into reading, the only expense you’ll have to deal with is buying new books, whereas if you’re an avid birder and want to travel to different places to sight birds, you’ll have to think about travel costs, accommodation and what not.
The first step, ideally, should be to identify which hobby you’re most passionate about, and yes, it can be more than one, just remember to keep it practical.
Start Saving Up For Your Hobby
Once you know what you want to save for, you can always open up a Savings Account or Fixed Deposit and start directing money towards it on a regular basis. You can call it your hobby fund!
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Make A Roadmap
While it’s great to be impulsive every once in a while, planning helps a great deal when you’re taking a hobby to the next level. Let’s take playing the guitar as an example. You’ve been noodling around for a year now and haven’t quite made progress due to lack of time, but you’re keenly interested in learning the art. This is where a plan could help. Chart your projected growth for the whole year, and also mark how much money you can invest in whatever you need to help you improve – this can be anything from travelling to a guitar class to paying the tuition fee.
Now that you have a plan in hand, you’ll know how to pace yourself. You can use this chart to find out not only how much money needs to flow into your fund but also how frequently.
Make Time For Your Hobby
Everybody has the occasional crazy day at work, but this doesn’t mean you should start taking your hobby for granted. However busy your work gets, you need to make time for your hobby if you really want to add another dimension to your personality. How do you do this? Well, for starters, you’d want to work for an organisation that values work-life balance, because only then will you be able to chalk out a daily routine for your hobby too.
Hobbies Are Not Expenses; They’re Investments
We often only view expenses towards materialistic purchases such as a car and a home as investments, but we often forget that hobbies are personal investment, i.e, you’re investing in yourself. Just like how a car or a home improves your quality of life, your hobby surely improves your state of mind and well-being.
Ready to get started on your hobby? Great! Why not kick-start your personal finance plans by quickly exploring our website!