Happy new year everyone. To ring in the new year with you, I want to share a new technique of mine. It is called The Hobby Fund.
Everyone of us has its own hobbies which one loves to practice. We love to spend money on it and don't regret most of our decision we make in favour for our hobby. Altough, for some of us things can get very expensive. In particular when your hobby is called photography or something similar expensive where you can sell your house and still don't have enough money to fulfill all of your dreams.
This is where The Hobby Fund kicks in. The idea behind it is to save money from activites you practice during the week and need more than bare willpower to do them. For instance workout or eating heahlty. Everytime you do such an activity you can pay out yourself a certain amount of money which you have settled in the beginning.
For example, my list of activities/goals looks like this:
- Workout / 10$
- Read for 30minutes / 3$ (once per day)
- Drink more water / 1$ per liter (max. 2 liter per day)
- Write a usable blog post / 10$
- Don't smoke / 7$ (only if not smoked any cigarettes 24/7)
- Slow carb / 1$ per meal
If I would do any these tasks in the list above I could save up to 142$ each week. Of course not anyone can afford to save 142$ per week and the goal isn't to do anything which is on the list. Just pick a few goals and after every time you finished something, write it down. A good aim is to earn 50-80$ every week. At least for me. Find a good combination for each task and reward and don't over- or undervalue single activities/goals.
This way you can save up a lot of money until the end of the month, which you then can spend on your favourite hobbies. At the same time you boost your productivity for things you wouldn't even do otherwise.
Try it out for a month, spend your saved money on your hobbies and then decide to continue with this techique or if a better place for it would be your trunk. Or maybe you will continue with it, but instead of The Hobby Fund, you are going to put that earned money into your savings. That decision is up to you.