Expensive Hobby Time

I have a theory that everyone has an expensive hobby.  In fact, it makes for a great conversation starter.  However, often people are so into their hobbies that they do not realize how much money they put into them.  I’m not declaring hobbies universally bad, but rather taking the time to look at what is going on.  Let’s look at some examples.

Healthy hobbies

There are many hobbies that are healthy for you and can have a big payoff by keeping you in shape and prolonging your life.

Gym

Going to the gym is helpful to maintain your fitness.  There are many types of gyms ranging from a budget one at $10 a month to high-end ones with squash or rock climbing for $200 a month.  If you absolutely can’t exercise without a gym, then this is probably right for you.  If you were 50 and already had trouble walking I’m sure you would happily pay $50K to be back in good health.  That money can be spent on keeping your health now.

Triathlon

Running, biking, swimming, that sounds cheap!  Not.  Triathletes are super competitive and tend to spend lots of money on equipment and have to train a ton.  Running shoes are $100+ and they will get worn out quickly.  There are special bikes for triathlons that can run $1000+ and you’ll want a swimsuit that you can rip off quickly and hop onto the bike with!  On top of all that to enter a race will probably set you back $300.

You can’t control the entry fees, but if you are not making a literal run for the money then you can probably settle for some cheaper things like a used bike.

Skiing

Skiing is a hobby I enjoy.  It can be super expensive though.  In fact, some places cost >$150 a day for a ticket, then another $50 for rental equipment and then you need food and lodging.  In college, I bought a ski pass for $300 and was able to go at least 8 days which was a decent value.  After five years of not skiing, this year I bought a Mountain Collective pass for $429 and anticipate skiing at least 10 days.  Still expensive, but it is like paying less than half price.  And for the hotels I’m using my points for a week in Salt Lake and my miles to fly there.

Motored hobbies

Mr. Money Mustache doesn’t like motors because it costs money and prevents exercise.

Cars

Definitely an expensive hobby.  Some people enjoy racing cars, others enjoy restoring cars.  Either way this likely costs thousands a year.  We share a car that is old but runs fine to minimize these costs.

Boats

Boats require lots of fuel and maintenance since they are being beat up by the sun and the water.  I imagine the cost of ownership is also in the thousands per year.  It would be great to have a friend with a boat though.

Other hobbies

Board games

Board games are an affordable hobby which I enjoy.  I have seen someone go overboard and make this into an expensive hobby by constantly buying new games.  I imagine he had spent over $3000 on them.  I prefer to own around five which I greatly enjoy and don’t get old and then recycle them over and over.  In fact, the other night people came over and we played fish bowl which only require a pen and paper, free!

Fine dining

My wife enjoys fine dining.  The costs of this hobby are up to you as you could go out every night or on a rare occasion.  Some may want to go to a $350 a head place whereas I enjoy Chick-Fil-A.  Since my wife enjoys it and we travel a lot we tend to fine dine on vacation.

Travel

Like most millennials I enjoy traveling.  I have been fortunate to live in Asia and Europe and get to see a lot.  Traveling can certainly be an expensive hobby, so if you are into it I would recommend trying to reduce the cost with points earned from credit cards.

Conclusions

Choose your hobby wisely as it will likely affect your finances.  If you are living paycheck to paycheck maybe consider something cheap or free.  In fact, even if you are saving a lot consider those first.  Children are a full-time expensive hobby as well.