3 Tips For Funding A New Hobby

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Starting a new hobby is an exhilarating prospect, but to get the most enjoyment out of it possible, it needs to be done the right way. 

This includes paying consideration to funding, and how each avenue you explore can be backed up with the dollars. Otherwise, you’re setting yourself up for a dicey ball game. 

Funding the fun is the starting point, and hobbies officially make all their participants happier, so don’t second guess yourself. It’s great to have an outlet that allows you channel all your positive energy, whereby you can pursuit interests that stimulate your mind and soul alike. Ultimately, our pastimes are our pause on all other concerns, and they’re an investment into your wellbeing. 

We’ve put together a quick list to help you kick things off the right way with your new hobby.

Pick the Right Hobby

Some hobbies seem interesting on the surface but can be quickly left by the wayside after a short spell. 

However, others can flourish into lifelong passions, and these distinctions should be key in your pursuits. You don’t want to pump lots of money into something you can do without, so investing in something your passions are fully anchored too is the best course of action. That way, every cent is worth it.   

What starts as a personal hobby can take on a life of its own. The right choice here betters your life in a multitude of ways, both expected and unexpected, for a long time. There are even science-backed ways they can help your career, so it could be that choosing one that compliments your pre-existing skills will be worthwhile from a financial perspective also. Who knows, maybe your hobby will help you bag a promotion, or a superior role elsewhere? 

Get the ball rolling by creating a comprehensive list of all the hobbies you’ve always wanted to try. Then, feed everything you’ve got into the select few on your rundown that appeal most to you. That way, you can get the most out of your efforts, learning all the skills and experiences on your journey from amateur to master. After all, it’s better to be great at one or two things than middling to poor at several, from a funding perspective at least! 

There’s a lot to be said about commitment, and it’s very much its own discipline. Devote your time to the perfect hobby, which will be something that you can really nurture a passion for in a long-term arrangement. You’ll have the satisfaction of knowing that you’re getting something incredible out of every cent you spend.

Keep Safety in Mind

No matter how much fun you’re having, it’s important to never lose sight of safety. 

Many hobbies can also be quite dangerous, involving numerous tools and equipment that could cause you harm if used improperly or after a stroke of bad luck. To counter this, it’s a good idea to invest in all the right apparatuses that will safeguard you. Protective gear, training instructions, and good practice will each put you in good stead. That way, you can ensure that all your activities aren’t putting you or others at risk. 

Some hobbies can be so seismic and exciting that things like insurance can be fully necessary. This is especially true if you’re whizzing around on the latest and greatest electric bicycles, in which case you should consider e-bike insurance. Velosurance offer multi-risk standalone policies for your convenience, and they will protect you against anything that can go wrong with your e-bike. Once you have signed that dotted line, peace of mind is assured, and you don’t need to worry about theft or damages again. 

Budget Constantly

Few hobbies are completely free, and the most popular these days come with a hefty price tag. 

In 2016, it was reported that a 17-year old used his dad’s credit card to spend $7,600 dollars on video game microtransactions, which is a staggering amount of spent. These stories aren’t uncommon either, and there’s many people out there who embark on out of control spending sprees in the name of fun. Obviously, you shouldn’t account for this much money to be lost to your hobby, but the point is that you shouldn’t let your runaway with your common sense. 

Whatever your hobby, try and find ways to save money where you can. So, if your hobby is going to concerts, you’ll want to find the best value tickets you can, especially if you’ve struggled to find tickets and are looking at resale. For example, TicketSmarter have tickets for Morgan Wallen as well as loads of other popular artists, so it’s always worth checking out different avenues.

After all, it’s true that people can get a little fast and loose with their spending when a good time is underway. An extra dollar here and a few cents there, and before you know it, it all adds up into quite a considerable amount of expenditure later down the line. 

Therefore, before your passion hobby is in full swing, it’s a good idea to set a budget and hold yourself accountable. That way, you’re in control every step of the way, and you can dedicate a reasonable sum of money to your pastime every week or month. It’s always a good idea to have a financial overview in all areas of your life, and all your different interests should be no different. 

So, there you have it, three tips for funding your new hobby. Do you have any other ideas for hobby hacks? Share them in the comments down below!

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