Whether you collect coins, love exercise, or are involved in extreme sports, hobbies are a great way to relax and unwind.<\/p>\n
However, they can be expensive \u2013 according to the US Bureau of Labor Statistics<\/a>, the average American household spent more than $3,000 on entertainment in 2019. How can you enjoy your hobbies without breaking the bank? We break down the basics of budgeting for your hobbies below.<\/p>\n The Importance of a Budget<\/strong><\/p>\n Why should you budget for your hobby? According to MoneyCrashers<\/a>, the results could be absolutely catastrophic if you don\u2019t. They recommend remembering the following when you\u2019re setting your budget:<\/p>\n Budgeting is essential. Now that we’ve broken down why you need to budget, we’ve included our best tips for figuring out what you need and how to plan for it.<\/p>\n Set Your Limits<\/strong><\/p>\n When you create a budget, you set a limit on your spending. However, you should also be setting sub-limits within your budget. Poker players do this every day. It\u2019s called bankroll management \u2013 and it\u2019s about deciding how much you\u2019re comfortable to spend in your enjoyment of the hobby.<\/p>\n According to Global Poker<\/a>, \u201cstart by deciding how much risk is comfortable for you\u2026it doesn\u2019t matter what the amount is, it is the starting point for building up your poker bankroll\u2026it\u2019s important not to make the mistake of thinking that your bankroll is just the [money] in your poker account, this is not true. You might, for example, decided that you have a [$1000] limit on your bankroll, then decide to limit yourself to playing with [$500], leaving the remaining [$500] in reserve in case you need it later\u2026it\u2019s knowing what your limits are, setting them, sticking to them, and keeping track of them.\u201d<\/p>\n Cut Costs<\/strong><\/p>\n Now that we\u2019ve made a budget and set limits within the budget, it\u2019s time to start thinking about ways to cut costs within your hobby to maximize your budget.<\/p>\n Hobbies are a fantastic way to spend your time, and by planning for them financially, you can enjoy them guilt-free. Have fun!<\/p>\n","protected":false},"excerpt":{"rendered":" Whether you collect coins, love exercise, or are involved in extreme sports, hobbies are a great way to relax and unwind. However, they can be expensive \u2013 according to the US Bureau of Labor Statistics, the average American household spent more than $3,000 on entertainment in 2019. How can you enjoy your hobbies without breaking … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":5782,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5780","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-videogames"],"_links":{"self":[{"href":"https:\/\/nerdleaks.com\/wp-json\/wp\/v2\/posts\/5780"}],"collection":[{"href":"https:\/\/nerdleaks.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nerdleaks.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nerdleaks.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nerdleaks.com\/wp-json\/wp\/v2\/comments?post=5780"}],"version-history":[{"count":0,"href":"https:\/\/nerdleaks.com\/wp-json\/wp\/v2\/posts\/5780\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nerdleaks.com\/wp-json\/wp\/v2\/media\/5782"}],"wp:attachment":[{"href":"https:\/\/nerdleaks.com\/wp-json\/wp\/v2\/media?parent=5780"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nerdleaks.com\/wp-json\/wp\/v2\/categories?post=5780"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nerdleaks.com\/wp-json\/wp\/v2\/tags?post=5780"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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