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Hobbies and interests: financial tips for you to practise

Hobbies and interest

In this fast moving world, involving yourself in a hobby and developing your interests is not only a fun activity to do, but may also burn your money by a lot. Hence, we should be wise in spending for your hobbies and interests to avoid any wasted money being spent on. Pursuing a hobby in a financially wise way is an important step in enjoying pleasure without having a negative impact on financial stability. Don’t worry, here are some ways on how to manage finances that can be practised to support your hobbies and interests.

Set a budget

1. Set a budget for your hobbies and interest 

It is not wrong if you want to spend your money on buying items or paying for services for your interests. Nevertheless, you should set a budget or limit your spending for your hobbies. Hobbies and interests are categorised as our wants, and it is not compulsory for you to spend excessively and the total should be less than our needs. Make sure basic needs such as living costs and savings have been fulfilled before you spend your money for your hobby.

As an example, from your total income, make an intricate plan and separate the money that will be used for your hobbies and interests. Set a special budget for your hobbies in your monthly financial planning. This can help you to control your spending and avoid waste of money. With this, you no longer need to worry if you accidentally used your money for your savings, needs and other responsibilities.

2. Utilise discount and deals

One of the ways to be prudential but still fulfil your hobbies and interests needs is by utilising discounts and deals. Always look out for discounts, deals, and sales for equipment or items related to your hobby. This can help you save up money without sacrificing the quality.

Discounts and deals are one of the best alternatives for collectors of certain items as they do not need to pay for the full original price but still receive the best quality. In Malaysia, we are often blessed with events that would give us discounts and deals in the market such as 1.1 & 11.11 sales, Hari Raya sales, End of Year sales and more. Hence, take up the chance to spend for your hobbies during the deals and discounts events!

3. Start with economic alternative

We understand, when we discuss hobbies and interests, there are expensive and cheap hobbies. If you are starting to take up interests in a certain hobby, it is advised that you start the interest with an economic alternative. This is due to the fact that some people tend to be interested in the early stages but eventually lose interest halfway, ending up not using the items that were bought, letting it collect dust from time to time.

To avoid this from happening, start small and use whatever resources that you already have. For example, you are interested in photography. You don’t have to invest your money by buying the most expensive and high quality camera. You can start by using your own telephone, and learn photography techniques via the Internet. Once you have dabbled in this interest, you can recheck your interest. Are you still interested in this hobby? Do you think you can enhance your skill in this hobby? You can upgrade your spendings once you are confident with this hobby and interest of yours. 

Sell your creation

4. Sell your creations

If your hobby interest involves producing an item or artwork, you can consider selling your creations. This does not only cover the cost of your hobby, but gives a chance for you to make extra income. If the hobby is high in demand, you have a chance to change your hobby into your source of income or you can try doing freelancing work.

For example, the photography hobby just now. When you are already efficient and skilled in photography and photo editing, you can give out service as a photographer for events such as graduations, weddings, studios and so on. Not only do you have an activity that interests you, you also have a hobby that benefits you!

We can conclude that combining financial wisdom with hobby activities is not a difficult task. With good planning and awareness of the use of money, hobbies not only bring pleasure but also provide opportunities for financial growth. Plan your finances for your ease in money management. Continue on by practising wise financial principles, while pursuing your interests and hobbies and watch how this balanced combination can bring prosperity and happiness into your life.

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