Asked on 26 Nov 2020
Alternatively, I'm also curious to know how much do parents set aside for their kid enrichment class on a monthly basis.
Personally am spending ~400 per month on music classes and this takes up <20% of my salary. Wondering if I should continue with this spending..
First let me say that I find some comments here are for one upmanship without contributing to the discussion. "My investing hobby is better cuz it makes me money" "I don't have hobby so money saved."
Not all hobbies or recreational activities need to have a financial return or financial value to give them meaning. From your post it seems you've done due consideration of the $$ spent on hobbies relative to your income, and if you're comfortable with it, go on and enjoy without the guilt that you're "wasting money".
Seedly being a personal finance forum, opinions here may be more one dimensional, and understandably so. So I hope to contribute an alternative viewpoint.
08 Dec 2020
I spent around $100 to $150 per month (8 to 10 sessions) for rock climbing, if not i will jog for free in parks. Life is short, so do things which you like and will make you happy. I don't want to be on my deathbed regretting things i didnt do because of its price.
Would you consider investing a hobby?
I actually deploy a lot of my monies on investments. Beyond what I need to eat, pay bills and travel, (and the occasional overseas trip, but no one is travelling this year) I actually don't have much hobbies left. The occasional break on weekends does mean that I do spend some on games (such as buying PC games, but not microtransactions) but I am pressed for time.
I know, I know, it's a rather unique answer, but there is a certain thrill when I press 'buy' on POEMS.
Hi anon, I’m not exactly a working adult yet, but I do set aside some savings to go for ballet classes (for fitness and interest). Personally I feel it depends on the frequency of your classes? If you were to go for 3-4 classes a week you’d probably spend about $250 a month but for me I just go for 1 class per week since I’m still studying.(this lasts me for about a good 4 months?) I’m not sure what music classes you’re taking and how frequently you attend these classes but maybe there are cheaper options available? So that you can use the money you’ve saved for other things. But if you really like this class, how the teacher teaches etc... you can continue? Especially if it helps you de stress and all. As great it would be to save that extra $400, de stressing is important as well even if it’s for a while.
I hope this helped!
Second nyxsyn. If one's hobby is being very active with investments/ trading, he/she will probably be following the markets closely on weekdays and doing due diligences. Besides, the markets closes on the weekends which usually makes time for other recreational things outside of investing.
To answer OP, if it is the comfortable scenario where you have allocated your monthly income for expenses, savings and investments and then there is this spare $400 which you are deciding between 1. spending on recreational hobbies, 2. more savings or 3. more investments.
It's true that a person can invest this $400 into the market for compounded returns, but having non-investment related hobbies can have intangible benefits as well. Bonding with family/friends, building up more social capital, building up new skills, enjoying your passions, recharging for the work week ahead, etc.
So if this $400 is additional after accounting for expenses, savings and investments, and spending it doesn't stress you out over paying for your mortgages, loans or other expenses... then go ahead and spend on your hobbies or kids enrichment classes. But if you value having more savings/investments then perhaps you can consider reallocating a % of that $400 into those buckets :)
All mostly in investments. Spend the usual on subscriptions for Netflix & Spotify. Otherwise, I don’t like to be subscribed to too many entertainment platforms. I guess for me I like to spend my profits on investments for travel. When you travel, you experience the world and that’s where I find the most value in life - through travelling.
27 Nov 2020
I spend ard $100 ish on gym and $2.50 on spotify family~
is the $400 you spent on your kid's music class or your music class? i feel that as long as your finances are not tight or you dont have other uses for it, it is good to learn new skills, music in this case :) Not all hobbies/ past time have to have a quantitative result!
It really depends on why this would become a worry or question for you now. Has a new future goal or worry appeared that is making you consider. if there is then you will have to weigh which is more important to you. the satisfaction of the hobbies now. or the future worry or plan that you have. then tweak your expenditure according to that. in the end its more about planning the finances to fit your goals and outlook in life
My only hobby is to being cheapskate & make money, may it be side hustles or investment... 😆
If the enrichment, is what your kid like & really will help he/her excel in the future then conti.
For family normally, i dont set any budgets, i just make sure how much money flow out, i must make back at least the same amount without touching my full time job salary.
If $$$ not enough the immediate solution is to get a part-time/freelance to get more income. No other way.
Jiayee, Salaryman at some company
Top Contributor (Dec)
Answered on 26 Nov 2020
If you can justify the spending, then you should continue.