Investing in hobbies can be money well spent — just don't take on debt (2024)

FAQs

Is it worth spending money on hobbies? ›

Spending on activities that bring you joy should not be left in the rearview mirror, experts say. If done wisely, cash spent on your hobbies is money well spent. “I tell my clients all the time how important self-care is,” said Rebecca Weiler, a licensed mental health counselor in New York City.

Your passions are like a compass for your soul, guiding you towards self-discovery and genuine happiness. Whether it's painting, playing music, gardening, or any other pursuit that ignites your spirit, dedicating time to these activities is an investment in your own well-being.

The key to balancing the cost of a hobby with the rest of your budget, is to set some reasonable limits up front. How Much Should You Spend On Hobbies? A big, broad, general rule is to max out any hobby budget at 5% to 10% of your take-home pay. That's a very rough number.

Hobby purchases

52% sometimes make hobby-related purchases. 8% rarely do. And just 2% never do. Nearly 40% of consumers spend between $11–$30 per month on hobby-related purchases.

Having a hobby leads to improved mental health. If your hobby involves physical activity, it'll lead to reduced stress and a lower blood pressure and heart rate.

Can a hobby turn into a profitable business? With the right business plan, marketing strategy, and financial preparation, it's certainly possible to turn your hobby into a side hustle and, eventually, a full-time business.

Everyone needs a hobby. Some like to play sports, learn a language, or read books; others enjoy making art or music. These days, however, many have started investing as a hobby. Just like other hobbies, there are certain things you first have to learn — and in this case, a misstep can mean lost money.

Firstly, hobbies allow us to unwind and de-stress. After a long day at work, engaging in a hobby can help us relax and take our minds off work-related stressors. This, in turn, can lead to better mental health and overall well-being. Secondly, hobbies can help us develop new skills and interests.

The payoff isn't just a nice set of bowls from the pottery kiln, or a star turn in the local amateur musical. By approaching a hobby to an extent that it becomes a vocation (as opposed to a job) you may find self-fulfilment and greater meaning in life. It's also likely to be good for your health.

Is it OK to have a lot of hobbies? ›

Diverse interests not only carve a path towards a psychologically rich life, an essential marker of overall well-being, but also act as sentinels guarding our cognitive health. Embracing hobbies isn't just for the restless spirit; it's a recipe for a resilient mind and a well-lived life.

Hobbies help reduce or eradicate boredom.

They give you something to do when you find your- self with nothing to fill your time. They also give you an activity that you can look forward to and get excited about.

Most and Least Expensive Hobbies Overall

Travel tops our list as the most expensive hobby, with an average monthly expenditure of $630.52. This hobby is followed by collecting, which costs $287.04 per month, and cooking, with an average monthly expense of $240.60.

Spending time on an activity that you enjoy can improve your mental health and wellbeing. In fact, people with hobbies may be less likely to experience stress, low mood, and depression. Activities that get you out and about can make you feel happier and more relaxed.

When it comes to the most popular hobbies in the United States, cooking / baking tops the list.

Nothing is excessive if you don't neglect other things, you can spend all the spare time you have on a hobby that satisfies you, the keyword is “spare”. In fact, if your passion could become a business then even better, you can then spend 8 or more hours a day on the hobby and not be guilty about it.

Hobbies that take up a lot of time can affect life and work balance, which is not a good sign. Having a hobby at times can be stressful. Now some are more passionate about their hobbies than their full-time jobs. In such cases, they are indulged in focusing on their hobbies more than anything else.

Instant gratification aside, hobbies can also help you deal with the stresses of your daily responsibilities—even when it feels like you have zero time or energy for recreation after an exhausting day of work. One study, for example, looked at the relationship between long working hours, depression, and well-being.