Sharing insights since 2007 on carefully saving money, investing, frugal living, coupons, promo codes because the little things matter in achieving financial freedom!
Hobbies, by definition, are something we do for enjoyment. They aren’t activities that we absolutely have to do. That means that in a purely financial sense, spending any money on hobbies — especially when you have other financial concerns like paying for food and shelter — is wrong. The reality of the situation, though, is very different. We all enjoy our hobbies (or we wouldn’t pursue them). It can help keep us motivated to pursue our other goals. If we never do anything fun, we may end up falling into a rut and feeling miserable. That’s no way to live. In that sense, we need that enjoyment almost as much as we need food if we’re going to live life to the fullest.
But How Much is Too Much?
The problem creeps in when you think about how much different hobbies cost. Photography can be a lot of fun, but you can wind up buying some very expensive equipment. Stamp-collecting can require purchasing stamps that may be worth more than the paper they’re printed on. Skydiving can cost more than $200 for a single jump. But if you enjoy your hobby, those hefty price tags can mean that your money is well spent: you may be getting a lot more out of spending that money than you would be buying a bigger house or saving it up for a rainy day.
There’s no denying that we all need a safety cushion. We each need to have a secure financial basis and spending more than a small portion of your budget on hobbies when you’re not in a great place financially rarely makes sense. Entirely cutting out enjoyable hobbies — especially those that are relatively inexpensive — should generally be a short-term strategy while you resolve other financial issues.
But when your financial house is in order, the question of how much to spend on your hobbies can be much harder to answer. If you don’t actually need a certain amount of money for anything, why shouldn’t you spend it on your hobbies? At the end of the day, money isn’t for hoarding. [ continue reading… ]
You read blogs like this to find the best ways to manage your money. Your intentions are terrific because saving money is something you know you need to do.
But as much as you read about it, you haven’t fully committed to a vision that will make it happen. You’re sabotaging yourself.
“What do you mean?” you ask. Here are seven ways you’re setting yourself up for financial failure: [ continue reading… ]
My son just started his junior year of high school, and although I have plenty of time to make a decision, I’m already contemplating what I want to give him for a graduation present in a few years. Television shows and movies tend to exaggerate what teens get from their parents for high school graduation. A brand new car might seem like a common gift, but the digital radio alarm clock I received from my parents is likely closer to the norm. Still, what if parents could give their child a Hollywood worthy graduation present? Would you believe me if I said you could give your son or daughter $60,000 for a graduation present? Here’s how I think you can do just that. [ continue reading… ]
I’ve been getting a lot of flack for how much I spend lately. I’ve been told I spend too much on a cause I’m involved with. I’ve been told I spend too much on going to the spa. I’ve been told I spend too much on travel.
It’s true that I like spending money, but just because I’m spending money doesn’t mean that I’m being totally irresponsible with my finances. What’s actually important is to figure out what really matters to you and your future.
So take a step back and reconsider what you’re spending money on.
Once I did that, I realize that while I spend what other people might consider more than I should – or that I spend money on things that I shouldn’t – the reality is that I’m still okay because I pay myself first. [ continue reading… ]
You love your friends and family, and you’d do absolutely anything to help them.
Then one day, your friend is late on rent and asks to borrow $500 from you. He promises to pay you back when he gets his next paycheck, but you’re not so sure.
You’re worried that loaning out money could put a strain on your relationship – but you really want to help your friend in his time of need.
I wouldn’t call my daughter a picky eater exactly. She has always been great about eating fruits and vegetables, but it was always on her terms. She would rather just play than actually sit and eat. What’s worst, she used her hunger as a bedtime stalling tactic many times in the past. Her eating preferences resulted in a lot of wasted food, time, and money over the past few years. Thankfully a few adjustments to our rules helped transform meal time and ultimately saved us money, so let me share those with you. [ continue reading… ]
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