Saturday, April 13, 2024

How Much Do We Actually Spend on Our hobbies?

Hobbies play an incredibly important role in our lives, and without them, getting lasting fulfilment would be near-impossible. However, that’s not to say our relationships with them are always healthy. In some situations, our hobbies can begin to take presence over our real responsibilities, and this is where things can start to get a little troublesome.

In this article, we will be taking a look at how much we actually spend on our hobbies, as well as discussing how much is too much when it comes to our allocated budgets for our favourite pastimes.

Some Hobbies Are Most Expensive Than Others

Something that is incredibly important to mention when looking to decipher how much we spend on our hobbies is that some hobbies are much more expensive than others. Take gambling for example. Responsible gambling statistics reveal the truth of how much Brits spend on gambling, with the average british gambler spending about seventy pounds per week at their local casino.

This might not sound like all too much; but when you look at things with a long-term perspective, this number begins to add up into an unfathomably high figure. This is even more detrimental when you factor in that other hobbies can be done for absolutely free, making hobbies akin to gambling all the more devastating.

However, gambling is not the only expensive hobby. There are a myriad of popular hobbies out there that cost people thousands of pounds per year, and this is not only limited to wealthy individuals who actually have the excess income to indulge in such a passion.

One popular example would be gaming. There is a sizable portion of gamers out there that choose to spend upwards of a hundred pound a week on this common pastime. Online gaming has changed in a variety of ways; the games have become more expensive, free-to-play models entice people into spending more money on cosmetics than ever before, and the live-service strategy makes sure gamers are willing to fork out their precious cash for years to come.

This makes gaming one of the most expensive hobbies out there, and when taken to the extreme, this can easily hinder people financially. There are many other expensive hobbies out there, and gambling/gaming are certainly not the only two that deserve a mention. Alas, time constraints stop us from listing every expensive hobby out there. You will just have to use your imagination.

What Is The Average?

Surprisingly, data is actually a little shaky when it comes to the average amount that people are willing to spend on their hobbies. There certainly are interesting statistics available to us such as the time that people spend on their hobbies per week (four hours and twenty-nine minutes for men and two hours twenty nine minutes for women in the UK), but when it comes to the financial side, it looks as though this information is not widely-known.

Although, there are a few ranges that can give us an idea of what a healthy amount of spending looks like. Most experts agree that spending ten percent of your overall income on hobbies is a healthy figure if you are financially stable to begin with, and this number will give you enough leeway to enjoy your hobbies to the fullest extent.

Other statistics show that people believe spending eighty pounds a month on hobbies is more than reasonable, and this route might be better for those that are struggling financially or are looking to save/invest their capital.

However, once again, things begin to get a little confusing when you begin to factor in different hobbies. People in the UK state that spending fifty pounds per week on gambling is ‘too much’, and it would not be a stretch to say that these same people would agree that this figure would also apply to gaming.

Alternatively, other hobbies like fishing or camping are often seen in a much more positive light, and most agree that spending money on these pastimes is much more acceptable.

Why Spending On Hobbies Is Okay

Spending money on hobbies is not necessarily a bad thing. Hobbies are an important part of our lives, and without them, the menial workings of the day-to-day could easily become a little tedious. Hobbies provide us a great way to just have fun and relax, and spending money on them is certainly not a bad thing.

Just like all things, extremes are always to be avoided. However, if you have a healthy relationship with your hobby, you should feel zero guilt from splurging on your favourite pastime from time-to-time, and in reality, you are likely going to have higher life satisfaction if you let yourself indulge your passions on a regular basis.

Truth be told; hobbies are incredibly individual, and what’s okay for one person might not be okay for another. To give an example; if you happen to be extremely wealthy and want to splurge on an expensive PC, then this can be perfectly okay as long as you have the excess income to do so.

On the other hand, if you are struggling with finances, then spending your life savings on an unnecessary purchase is never going to bear fruit, and this is exactly why using your own judgement is absolutely vital when trying to balance your hobbies and your finances. We wish you the best of luck, and we hope you enjoy your favourite hobbies for years to come.

Sam Allcock
Sam Allcock
Sam heads up Cheshire-based PR Fire, an online platform that has already helped over 10,000 businesses to grab widespread media coverage on their news at an extremely accessible price point.

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