We all have certain hobbies or interests, some of which can take up a lot of our time and money. It’s important to have something in your life that you enjoy, whether it’s reading books, playing an instrument, customizing your car, or collecting certain items. Although, maybe your biggest interest is dining out at restaurants or going to events with friends. While it’s nice to have hobbies and interests, it’s also important to determine when you are dedicating too much of your time or money to this activity, and it becomes a spending weakness.
How can you identify your spending weakness?
You probably already know what hobbies or activities you spend the most money on. It may not even be a particular hobby. Maybe you spend a lot of money on clothes shopping or items for your home. It doesn’t matter what it is. What matters is that you know it exists and you find ways to control your spending.
How do you know if something is costing you too much money?
You don’t want to wind up drowning in debt to support unnecessary spending habits. Look at your account statements to track your spending. You might realize that you are spending more that you thought in certain areas. If you’re struggling to pay off debts or build up any savings, then your spending weakness has become a serious problem.
Budget for your hobby
If you do find that you are overspending on a particular hobby or activity, it will help to set a budget. Not just for that area, but for all of your spending. This will help you identify any other areas of improvement, and also maximize your saving potential.
Use ACCC’s Household Budgeting Worksheet to help you get started.
If you’re trying to pay off debts but can’t seem to make any progress, contact American Consumer Credit Counseling for a free credit counseling session. You can also get information about debt management programs.
Call 800-769-3571 to speak to a certified credit counselor.