Pursuing hobbies keeps us under the constant pressure of cooking in Singapore. However, some of these places cost more than others. How can you pay for your passion while still eating meals regularly? Here’s the best way:
First, what exactly is an “expensive” pastime?
There’s no fixed amount since it’s determined by your financial situation and obsession degree. For students, the act of collecting Funko figures could be costly. If you’re an adult, audio equipment and antiques might be the best choice for your budget. There are many variables. Let’s look at it in this manner:
A costly hobby is one where you are unable to afford this item within one month’s salary (e.g., the majority of Singaporeans aren’t able to pay for a $10,000 trip scuba diving to the Galapagos with a month’s salary)
More than 75 percent spend your entertainment earnings in a year. For example, if you are spending $3,000 for pure enjoyment each year, and only $2,250 of it is spent on the same pastime, this could be considered a bit costly (it’s sufficient to stop you from doing so other things.
You may find that you need to save for at least six months to be able to pay for it (e.g., you have to save six months before you’re able to purchase a new guitar)
Here’s how you can continue spending the money to enjoy this kind of pastime without having to resort to borrowing or spending more than you can afford:
Budget for the activity so your “passion fund” doesn’t get drained by impulse purchases.
Human brains are a bit odd. It is possible that your heart really wants a golf club set for $1,500 that lets you completely be the best. However, what your brain really wants to do is waste the $1500 on impulse purchases that pop up every day, for example, an $9.90 beverage here or there, a taxi ride for $30 because it’s seven in the evening, and you’re not eager to get on the train. And boom! You’ve spent $1,500 on items you don’t even recall buying.
The most effective way to deal with this is to think about the amount you’ll pay for your passion. It’s called your passion fund. Put aside money for it just like you do for other costs of your life (power bills, transportation, food, etc.)
It might seem a bit turgid to be doing this, but financial discipline could bring happiness. Your life will become more enjoyable by avoiding allowing temporary distractions to interrupt your passion.
Don’t dismiss it until you give it a go: save the money you earn to indulge in your passion each month. It will be a great feeling when you can finally purchase the $10,000 Gibson or an entire case filled with Magic: The Gathering cards or something else that really pleases you.
If you’ve been involved in your passion for a long time, consider whether you could profit from it.
Are you a fan of Motocross bikes for a long time? You might think about setting up a GoPro and creating a YouTube channel. Do you create costumes for cosplay? Create a website on the process. It’s possible to make it profitable by advertising. If not, discounted or free samples could be available.
Certain hobbies also provide the possibility of commissioning services like vintage restoration or digital artwork, or painting wargame items. However, be cautious when using this method: it’s more professional, and you must be able to spell out the terms both in white and black before you begin to engage with clients, even if they’re acquaintances.
Rent or buy the equipment you require
If you’re only beginning your journey, it’s not necessary to commit too much. Find a used camera to help you with your photography or rent the equipment you use for your sport. We’ve all felt it, but it can help you save for things you actually need (see 1.).
Today, it’s easier to find great second-hand bargains thanks to the popularity of eBay, Carousell, and other similar sites.
Another benefit is that you’ll be able to test out the equipment before it comes time to buy. You’ll have a clearer understanding of what you would like to achieve.
Don’t hold onto, sell,
When you’re pursuing your passion, you’ll find yourself with a pile of items you don’t require. If you have a set of old cello strings lying around in the house, you can certainly put them up for sale.
The most effective way to do that is “trade upwards.” For example, let’s say you purchased a violin for $500. When you’ve saved $500, you could try to sell your violin for $350 and then purchase an $850 instrument.
When you get towards the top-quality items, You may discover that you can sell them at a price higher than what you paid for them. A high-end, $30,000 watch is an example. It could be worth $35,000 when you eventually get it sold.
The old equipment you have can be sold to aid the new enthusiasts and offset the expense of buying new equipment. This also means you don’t have to buy storage since no one on the island has enough space.