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Finding a hobby or a passion is on some levels like finding a good partner - there's a certain element of chemistry involved. But there’s also a practical (financial) side of the equation that might make one hobby feasible but render another hobby’s pursuit unrealistic.
Some activities, such as running, reading, Frisbee, etc. are relatively inexpensive, or have a low entry cost. On the other end of the spectrum, there are sports or hobbies that require more money. Golf, sailing, skiing, horseback riding, deep-sea diving, etc., all require significant monetary commitment.
Finances are one of the reasons why I didn't pursue figure skating lessons, even though I am really interested in the sport (an interest nurtured when I first saw Olympic figure skating on TV) and would love to learn to gracefully glide about the ice. Unfortunately, ice skating is an expensive pursuit. The rink time rental, the coaching lessons, the skates, all would add up much more quickly. Life And Debt In Chicago is a figure skater and has posted on the costs of her hobby. After a few ice rink excursions, I decided I didn't enjoy skating enough to make the sacrifices necessary to pursue more lessons.
Recently, I have begun attending Argentine tango lessons several times a week. At $15 per class, tango is not the most expensive hobby by any means. But Argentine tango, as with other types of social dance, is definitely a recurring cost activity. Classes, dance parties, and shoes make up the bulk of expenses. Of course, one can always spend hundreds or thousands to go to traveling workshops or even Buenos Aires, but that's not a requirement to participate in the hobby. But I absolutely LOVE Argentine tango, and reason enough for me to spend 4 nights a week in class and $200 a month on tuition.
So how do you decide what hobbies might be worth pursuing? If you like several different hobbies, should you let money make the decision for you? Here are some questions that might be helpful to ask yourself:
1. Does the hobby make you healthier – either physically (get more exercise / balance) or emotionally (more connected to friends / social circle)? Americans frequently don’t get enough exercise – so if you find a sport / dance that you enjoy and that gets you off the couch? That’s two birds with one stone. If you love to bike but running on the treadmill isn’t your cup of tea, then a $1,000 bike could be a good investment in your hobby and your health.
2. Can you afford to pursue this hobby without going into debt or compromising on your major financial goals? There's no point in going into debt for a hobby - don't let worry about money take away your enjoyment. Before you invest heavily in an activity, especially before you commit to an expensive hobby (buying new skis, signing up for a night dive cruise in Australia, etc.), you should have your financial foundation in order.
3. Does it help you in your career? If you like golf and business deals are often made on the golf course in your line of work, then golf would be a good hobby to invest in. If your coworkers frequently get together for poker games, it might be a good idea to learn how to play.
4. Does it make you happy? Because at the end of the day, time is finite. In today’s life we have a myriad of work and family obligations – a hobby should be a time for you to recharge your own batteries. When you complete your scrapbook, descend from the mountain top, or cross the marathon finish line, you should feel a renewed sense of joy. You should feel ALIVE. That’s the feeling I get when I walk out the studio after 3 hours of dancing, and that’s why tango (and its accompanying expenses) is here to stay in my life.
Krystal At Work works hard to make room in her budget for her passions: hiking, camping, rock-climbing,
