Don't Let Your Hobby Hobble Your Budget

The way you spend your idle time shouldn't put you on the road to the poorhouse.

In fact, hobbies sometimes can bring in a little cash.

The key is to pick a leisure-time activity that you'll stick with long enough to justify the expenses involved. It can mean the difference between a blatant money-waster, such as trying to break the cross-country speed record by car and one of the many relaxing and rewarding pastimes.

Here are key factors to consider:

Do your research: Numerous hidden costs may not first be apparent when you begin a hobby. So take the time to check into what costs come with the potential hobby. If you have several hobbies in mind, figure out the costs involved before plunging ahead. For example, if you take up running, you might first assume that this is basically a free hobby. Look a little closer, however, and you'll see that running shoes, proper clothing for different types of weather, travel expenses and entry fees for races can quickly make this "free" hobby quite expensive.

A lot of hobbies require specialized equipment that can be costly and that often needs to be replaced or upgraded. Others can be done virtually free. If you make computer games your hobby, you can assume you'll need a new gaming system every few years. Added costs: buying the latest computer games that come out each year and accessories for those games.

On the other hand, if you take up reading as your hobby, you have unlimited amounts of free material at your local library.

Choosing a hobby that is enjoyable and inexpensive can be the perfect combination, while choosing one that requires expensive equipment is a sure-fire way to keep throwing money in the gutter.

Take a test drive: Once settling on a hobby, do a "test drive." When beginning anything new, people have a tendency to go all-out right away, laying out lots of cash before they even get rolling.

Take a step back and curb your enthusiasm before buying loads of equipment. Think about how many people you know with expensive exercise equipment sitting in their garage because they purchased it before knowing whether they were committed enough to follow through.

Take it slow and be sure that the hobby is right for you, and you will avoid having a pricey pile of hobby material stored in your basement, never to be touched again, if you decide that you're not committed.

Spend some time on a trial basis, finding out as much as you can about the hobby before making an investment. Talk with those who already are pursuing the hobby to find out how much they spend, what equipment is absolutely necessary and what can be frustrating about it.

It's much better to find out early the aspects that may turn you off of a hobby before purchasing everything you need for it, rather than blindly jumping in and spending a lot of money to find out this information later.

Rent, don't buy: If your hobby involves the purchase of a large, expensive item, rent for a period of time before buying. If you have your heart set on learning the piano, for example, rent one for a year rather than plunk down thousands on the day you decide to become a concert pianist.

In addition to making sure you are still interested in the hobby a year later, the experience of playing and learning more about piano playing will help out tremendously in choosing the right piano. This knowledge will help you pick the right piano when the time comes.

Some professional violinists, for example, wait years before deciding on which violin is worth the money, using a borrowed or a practice model in the meantime.