Would you quit your hobbies to save money?

[Biffard]

I'm faced with an internal dilemma. I am on the fence about selling my mountain bike at put the funds toward our car savings fund. We will likely by a used car in about 2-3 years. The bike is worth about $2,200 - $2,500 and that would sure help.

My dilemma comes from the thought of giving up something I love to do in order to save money. So I'm curious what others think (based on opinion or experience) about quitting a hobby to save money. Is it worth it or is the sanity a hobby brings more valuable to you than a couple extra grand?

[NetSkyBlue]

I find that with many hobbies, you can do them differently/to a lesser extent for less. You could probably get by with a less expensive bike, couldn't you? I mean, if you were truly faced with the choice of giving it up, or accepting a less expensive bike, you wouldn't really choose to give it up, would you?

I knit, for example, and when I don't want to be so spendy, I wait for sales on yarn, buy acrylic, etc. Some people unravel thrift store sweaters for wool or cashmere yarn for just a couple of bucks!

[Biffard]

I find that with many hobbies, you can do them differently/to a lesser extent for less. You could probably get by with a less expensive bike, couldn't you? I mean, if you were truly faced with the choice of giving it up, or accepting a less expensive bike, you wouldn't really choose to give it up, would you?

That is a good point and my answer is yes, i could get by with a less expensive bike, but only to a certain point. I could buy a $500-$800 bike and continue to ride but it wouldn't provide that same enjoyment I get from riding the bike I currently own. It would likely have less suspension travel, cheaper/older components that would have to be replaced/serviced more often, and would be less comfortable unless I spent some additional money on some upgrades.

I don't mean to sound like a luxury snob (which I'm honestly not) but you really do get what you pay for in mountain bikes. I would compare it to playing basketball in actual basketball shoes vs cowboy boots. Sure, I can still run and dribble the ball in either pair of shoes, but, it isn't going to bring much enjoyment to me in cowboy boots and I would probably stop playing all together.

I hope my example comes across the right way. I'm not trying to ask a question only to refute everyone's response. I have legitimately thought about buying a less expensive bike but I doubt I would enjoy as much and would probably end up in the same position I am in now of trying to decide if I should sell the less expensive bike due to it not providing the same enjoyment.

Edit: Ultimately my internal dilemma boils down to this: Do I make the financially responsible choice or do I enjoy what I have and not worry so much? (I know, I'm a nut job for even worrying about this. My wife tells me everyday!)

[bjl584]

Maybe sell the bike then buy a bike that's cheaper. My mountain bike was $119 and it works just fine for my needs.

Not saying that you need to buy the cheapest bike out there, but try to find a happy medium.

That way you can put some money aside for a car and still enjoy your hobby.

[disneysteve]

I agree with looking for a cheaper bike. Don't go with a new bike. Shop craigslist or maybe websites devoted to mtn biking where people sell their used equipment. You're not in any hurry so you can wait for a good deal. You never know. You could end up with a better bike than you have now.

I recently posted about my wife's sewing machine. She looked at new machines and they were in the $1,400-$2,600 range. We searched craigslist and ebay and found a machine for $700 that is far better than the new ones selling for $1,400-$1,600.

It would be nice if you could sell your bike for $2,500 and spend $800 to get a bike of similar quality from someone who is desperate for the cash.

[phantom]

Given how much it sounds like you enjoy your bike and the fact that you have several years to save up for your car, I think I would hold onto the and look for other ways to save money.

If you were in the middle of a financial emergency, I'd say sell the bike. If you had a lot of toys like the bike that you hardly used, I'd say sell most of them. But, if you truly enjoy your bike and feel that it's one of the best ways you could be spending your entertainment dollars, I say keep it. There must be some other way you could come up with the same money before you need to buy a car.

Think about how much money you will have saved for your car in 2-3 years, and ask yourself how much more car you could get for $2,200 - $2,500, plus whatever you'd save on bike maintenance, minus whatever you'd spend to fill the entertainment gap left by the bike. How much difference does it really make in the quality of car you get, and is doing without the bike worth it?

[bigdaddybus]

I was into automotive "track days" on roadcourses for 5 years going to about 5-6x a summer at $500 a pop using a paid off track car.
I sold my track car for $14,500 and the additional expenses ceased ($2500-3000 per summer). This had a pretty big effect on my budget, but I admit it made me grumpy as I loved my weekends with the guys, time alone driving hours on the highway to roadcourses around the midwest, and the adrenaline of setting faster lap times. I'm a car guy and thats just how I am wired.

Was it worth it to sell it for the betterment of the family. Heck yes! and I would do it the same way every time.

Do I think selling a $2200 bike is worth it in your case, no. I would only sell it if you really need to make the car deal work. I think the financial gain is not = to the loss of enjoyment.

[TBH]

I agree that you should keep the bike for now since you don't need the money immediately. If the time comes to buy a used car and you don't have enough money, then I'd consider selling it then and buying something cheaper.

But the bike is such a healthy hobby. If you didn't do that any more, what else would you do for exercise and stress relief?

Also, a car seems like such a not-great way to use the money. If it was "should I sell the bike to send my kid to a specialized school s/he really needs" or "should I sell the bike to pay for this important medical procedure for my wife" or something like that, I would say yes. But a car? Can't you just keep saving for 2-3 years for the car, and then buy a slightly less expensive used car and still enjoy your beloved mountain bike?

Keep the bike, man. Some things are more important than having a larger savings account balance.

[snafu]

Enjoy your bike and the exercise it provides. I'd try part time work, selling stuff you don't use, tallying spending at the end of each day to seek ways of saving more - spending less to build the car fund. DS made a good point that could lead to savings and also keep you up-to-date with value, should priorities change and you chose to sell your mtn. bike.

[cschin4]

If you love the bike, keep the bike. Some hobbies are VERY expensive but since you already have the bike, then i presume you don't need to invest a lot more money into your hobby other than some maintenance work here and there. So, overall, i think it is a pretty cost efficient hobby and it is not only a hobby but a good work out and great for your overall health. And, good health translates into more energy to do a great job at work.

There are some hobbies that really are expensive. A friend of mine buys and remodels wrecked cars and rehabs them and does some racing with them. It is VERY expensive. But, he loves doing it.
And, there are some hobbies that one should probably step away from if having any financial problems. You dont' want to break the bank for a hobby. It isn't going to feed you or keep the lights on.

[Jerry91]

Initially, if you are facing a tough time managing your finances, then you can quit your hobbies for the time being and save money. When you’re better off and have managed your finances, then you can again start off with your hobby.

[coffee]

I'm faced with an internal dilemma. I am on the fence about selling my mountain bike at put the funds toward our car savings fund. We will likely by a used car in about 2-3 years. The bike is worth about $2,200 - $2,500 and that would sure help.

My dilemma comes from the thought of giving up something I love to do in order to save money. So I'm curious what others think (based on opinion or experience) about quitting a hobby to save money. Is it worth it or is the sanity a hobby brings more valuable to you than a couple extra grand?

The fact that you spend that much on a bike shows you really enjoy it. my opinion only, do not sell your bike, enjoy your life. If you save your change over the next couple yrs you will have what you need and still have your bike.

[~bs]

If you have many hobbies, then yeah, I think you should put a couple of them on hold. If this is your only hobby, then maybe not. If you spend your weekends riding, and would end up doing nothing if you gave it up, then it's definitely not worth it. Perhaps find a part time job to make extra money. IMO $2200 is a cheap hobby/vice assuming the cost is a 1 time deal, and repairs don't cost that much.

[elessar78]

I'm on the sell the bike buy a cheaper one mind set. But put it on sale now. It can take a while to sell a bike with a hefty price tag. You might get a few low ball offers but you'll start to get an idea of the market for your bike. What we price things is not necessarily how buyers assign value to it. So even if you price it at $2200, many might not be willing to pay more than $1500 for it.

[anabelmercedes77]

I wouldn't quit.

I believe when you prioritize your finances or get creative with how to make money or extra income then you don't have to quit your hobbies. I currently found a way that i can make extra income from home that helps...