6 Steps to Save Money for Pursuing an Expensive Hobby

by Asha Ritu

Nikhil is an avid traveler who finds ultimate joy in going on challenging treks. Throughout his childhood, he and his family used to go on off-beat holidays which always included a serene hike.

Now in his 20s, Nikhil is determined to continue this passion of trekking and his goal is to go on the Mad Monsoon Trek in Coorg. However, there is one major challenge – Trekking is an extremely expensive hobby! Right from the basic jackets, boots, and thermals to the most important accessories like duffle bags, snow glasses, torches, binocular camera, trekking pants, trekking poles, sleeping bags, and rain jackets…. It turns out to be an extravagant affair!

With today’s fast-paced life, pursuing hobbies can help you keep our inner child alive! Having a hobby relieves you from the unwanted stress and helps unleash your passions. Also, it helps you network and meet like-minded people, allowing you to develop your overall personality. Of course, there are some hobbies like book reading, volunteering for a social cause, gardening, or cooking that do not cost much to get started.

But there are other hobbies like mountaineering, surfing, photography, motorcycle racing, car racing, motorcycle touring, collecting antique items, scuba diving and bicycling that could become very heavy on the pocket. People who pursue such costly hobbies like Nikhil usually start with great enthusiasm only to stop it after a financial cash crunch.

Sounds familiar?

Well, today we give 6 steps to managing your finances so that you can pursue your hobbies and at the same time stick to your budget.

  1. Reserve 5% of your salary towards your hobby

2. Identify the things that you can afford now related to your hobby

3. Identify the things that you cannot afford right now.

4. List the top 3 things that you want to buy in another three months.

5. Save a bit by bit for each of those things every day

6. You have to make some sacrifices in order to pursue a passion – so cut down on any unnecessary expenses and save the leftover money for your hobby

Also, remember if you want to start a hobby you can always do it at a small scale – for example, if you enjoy trekking you can always go on near-by hikes, to begin with. Over time, you can build up your savings which will allow you to do more challenging treks. Another tip is to go along with your friends so that the cost of the total trip comes down and you can have more fun along the way!

With Wizely you can save small amounts towards your hobby and ensure that you don’t stop pursuing your passion. Create a saving habit to live the life you truly want to live!