When you’re dealing with an overwhelming financial situation, such as a large amount of debt, it’s natural to look for some much-needed respite. For many of us, this takes the form of our favourite activities and hobbies. However, what happens when the things we like to do to relax and unwind become too expensive?
In this guide, we take a look why hobbies are so important when it comes to managing debt and for mental health more generally. We also explore ways of finding new hobbies that won’t break the bank, helping you find the perfect balance between financial responsibility and mental wellbeing.
How hobbies support your debt management journey
Hobbies play a really important role in maintaining a healthy balance between mental health and financial responsibility while managing debt. This is simply because, when you’re focused on budgeting and financial constraints in the way of debt, having meaningful activities to turn to can provide essential stress relief that can help to prevent burnout during your debt management journey. Engaging in hobbies also helps us to create structure in our daily lives and gives us something positive to concentrate on beyond financial concerns.
It’s also true to say that hobbies can help break the cycle of stress spending. This is where financial pressure leads to impulse purchases as a form of emotional relief. By having a fulfilling hobby that doesn’t break the bank, you’re less likely to seek comfort through spending. Hobbies also provide a sense of progress and achievement, which is really important if your debt repayment journey starts to feel like a long, slow process.
Why hobbies are important for mental health
Hobbies do wonders for our mental health and overall happiness. When you spend time doing something you love, your body actually produces less cortisol (also known as the stress hormone), helping you feel more relaxed and centered. Hobbies also provide a sense of accomplishment and self-expression, which can boost self-esteem and confidence – qualities that are particularly important when facing financial challenges.
It’s also important to note that hobbies can be a great way to stay connected with others. When money’s tight, it can be tempting to withdraw from social activities, but many free or low-cost hobbies can help you maintain those important relationships. Whether it’s joining a local running group or getting involved in a community garden, these connections can provide crucial emotional support during tough times.
How to find a hobby
Finding the right hobby doesn’t have to be an expensive process. A good place to start is to think back on the activities you’ve enjoyed in the past, particularly before financial concerns became so pressing. Many childhood hobbies can be revisited in budget-friendly ways, for example. For instance, if you loved art as a kid, you might want to start by getting back into sketching. Start small with a pencil and a sketch book. If your interest grows, your investment in the additional equipment you need can simply slowly increase as you go along.
Similarly, if you loved sport as a child, why not get back into exercise? Start by going for a run or having a kick about with mates at the park. If you find yourself enjoying it, later down the line you can think about maybe joining a gym or a five-a-side football league, for example.
Another good way to find a new hobby that isn’t going to break the bank is to explore your local community resources. Libraries and community centres, for example, often offer free classes and workshops, covering everything from learning how to code to creative writing classes. Similarly, many museums have free admission days, and parks provide spaces for various outdoor activities at no cost. This can be a great solution if you are looking for a hobby the whole family can enjoy.
Online platforms also offer numerous free learning opportunities. Whether it’s following YouTube tutorials for yoga, using free language learning apps, or joining online communities dedicated to specific interests, the internet provides endless possibilities for exploring new hobbies without financial investment.
Finally, you might want to think about finding a hobby that also involves developing skills that could potentially benefit your financial situation. For example, if you have a passion for woodwork, you could spend your free time learning basic DIY skills through online tutorials that can save money on home repairs. Alternatively, if you are looking for a more greenfingered hobby, you could try your hand at growing your own fruit and vegetables. In time, this might even reduce your food expenses!
How to find the right balance
While hobbies are incredibly beneficial for mental health, it’s important to strike the right balance when it comes to financial responsibility. Even a free hobby can become expensive if you get carried away with purchasing new equipment, supplies, or memberships. To help ensure your hobby remains a source of enjoyment rather than a financial burden, here are some tips to think about:
- Set a budget – even if your hobby is low-cost or free, consider setting a small budget to avoid unnecessary expenses. For example, if you’re getting into crafting, limit yourself to using recycled materials or supplies you already own.
- Make use of free resources – as discussed above, many communities offer free events, workshops, and meetups where you can develop your skills without spending money. Public libraries, community centres, and local social groups are great places to start.
- Swap or borrow – instead of buying books, tools, or supplies, think about borrowing from friends, local libraries, or community groups where possible. Swapping equipment and resources with like-minded hobbyists can really help reduce costs.
- Monetise your hobby (if it makes sense) – while the main goal of a hobby is to bring joy and relaxation, some people find ways to turn their hobbies into small income streams. Selling handmade crafts, offering tutoring, or taking commissions for artwork can provide an extra financial boost. Before you know it, your hobby can become a profitable side hustle. Just be mindful that turning a hobby into work doesn’t take the enjoyment out of it!
Examples of free or low-cost hobbies
If you’re looking for inspiration, here are some hobbies that won’t cost you a penny:
Walking or running – One of the simplest yet most effective ways to stay active and clear your mind. Many communities also have free walking or running groups.
Writing or journaling – Whether it’s keeping a personal journal, writing poetry, or starting a blog, writing is an excellent way to express your thoughts and emotions without spending money.
Learning a new language – Apps like Duolingo, language exchange programs, and free online courses make learning a new language accessible at no cost.
DIY and upcycling – Transform old furniture, clothes, or home decor into something new and useful. This hobby is not only creative but also practical and budget-friendly.
Gardening – If you have access to outdoor space or even just a windowsill, growing herbs, flowers, or vegetables can be a fulfilling and cost-saving activity.
Meditation and yoga – With countless free videos and apps available online, you can practice mindfulness and relaxation techniques from the comfort of your home.
Volunteering – Giving back to your community can be incredibly rewarding and offers a great way to meet new people while engaging in meaningful work.
How we can help
Taking up a hobby that doesn’t strain your finances is a great way to keep you feeling positive while working on your financial goals. However, sometimes positivity alone is not enough to help you get a handle on your debt. At MoneyPlus, we understand that managing debt can be challenging and that sometimes you need professional support. That’s why we offer solutions like Individual Voluntary Arrangements (IVAs) and Debt Management Plans (DMPs) to help people regain control of their finances.
By finding free or low-cost hobbies, you can reduce the temptation of unplanned spending and instead focus on personal growth and wellbeing. Every step you take – whether it’s picking up a new hobby, budgeting wisely, or working through a structured debt solution – can positively contribute to your financial journey. But remember – if you’re still struggling with debt and need further guidance, MoneyPlus is here to discuss your options.Get in touch with our expert team or get free debt advice at MoneyHelper.
