Should hobbies be part of the budget?
Courtesy: MGN Online
Absolutely because hobbies cost money and it is part of our income that is being spent. Having a budget for hobbies will help you enjoy the hobby instead of resent the hobby.
How do we start a budget for hobbies?
Write down all of the cost related to your hobby. Example- if you hunt then you need to record all of the costs such as a hunting lease, corn, equipment and fuel to get back and forth to the hunting area. This will help you develop a good financial plan for your hobby.
What is the next step to saving for a hobby?
After you know the cost of the hobby then you need to divide that amount by 12 and save for it each month. This way you can save the money all year long and not have to try to come up with the money all at one time. We recommend that you always do a budget on paper, on purpose, before the month begins giving every dollar a name and this includes saving for a hobby. Remember that numbers on paper equal reality!
Does budgeting for a hobby relieve stress on the family?
It definitely relieves stress on the family. If you lean to have a plan and save monthly for the hobby it helps remove the resentment toward each other and the hobby. Hobbies are to be enjoyed and having a financial plan in place helps us do just that.
When is your next Debt-Free & Wealthy Live Event?
Saturday, May 4th at 10:00 a.m. at Grace United Methodist Church in Ruston. Cost is free! But be sure to pre-register by calling the church office at 255-2211.
For more information go to my website www.DebtFreeWithKelly.com