Financial Planning for Regular Folks
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Is Your Hobby Hurting Your Financial Future?

Having a hobby can enrich your life. However, as with all things in life, balance is important and there are times when what starts out as a hobby can get out of control and begin hurting your financial future.

Do you have a favorite hobby that takes up a great deal of your time and money? If so, perhaps you want to reflect on the contents of this post … just in case your hobby has become more than a hobby.

Hobbies can be fun activities, but they can also have a negative impact on your finances if you aren’t careful.

5 Tips to Prevent Your Hobby From Hurting Your Financial Future

If your hobby is starting to hurt your finances, then it’s time to reevaluate it:

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1. Consider the time you spend on the hobby.

How much time do you dedicate to your favorite hobby every week? Do you spend at least several hours on the hobby every day?

  • Hobbies can be fun distractions and can help you explore new ideas. However, hobbies that take up too much of your time can be dangerous. They can affect your job, family, friends, and finances.
  • If spending so much time on your hobby has negative effects, perhaps just cutting down the amount of time you spend on it can resolve those issues.

2. Is your hobby interfering with your job?

A hobby shouldn’t affect your work life or paycheck. Don’t risk losing your job because the hobby has taken over your life. Find a way to balance them before it’s too late.

3. Examine how much money you spend on the hobby.

How much does your hobby cost you and your family each month? Is your hobby eating away at your retirement savings and rainy day accounts?

  • Most hobbies do have some expenses, and that’s okay, as long as your budget can handle the costs without robbing from your necessary expenses.
  • If your hobby is starting to hurt your ability to feed your family or pay the light bill, remembering your priorities will help you contain the costs.

4. Evaluate the reputation impact.

Is your hobby strange or unusual, and does it affect your reputation? Your reputation may affect your ability to get and keep a job. How will future employers react to learning about your unusual hobby?

  • Even if you feel secure in your current employment, circumstances can change fast. You may be laid off or the company may cut down hours without a great deal of notice. This can leave you scrambling to find new work, and your reputation is important during the process.
  • Potential employers can find information about your hobbies on social media and other websites that you post on. They can use this data to make hiring decisions and may not be pleased with your hobby choices. It’s important to consider that companies can be concerned with their public image and how employees represent them.
  • An unusual hobby can also hurt your chances of getting a promotion. Employers often check into your private life as they make decisions on who gets promoted within the company.

5. Consider storage expenses.

Does your hobby require a lot of materials that need extra storage you’re paying for each month? Try making a dedicated space in your home where you can store the materials for free.

Keep your Hobby a Hobby

If your hobby is hurting your financial future, perhaps it’s time to reassess.

Hobbies shouldn’t affect your ability to pay normal bills or buy food.

If your hobby is out of control, think about other ways to spend your free time. A less expensive hobby will bring you many benefits.

 
 

 
 
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