i removed from our budget

I Hacked Out [A Hobby] From Our Budget

I Hacked Out [A Hobby] From Our Budget

We’re following the terms and conditions of Lane 1 in our Financial plan.  We have an obligation to ourselves to get rid of stupid and unnecessary spending.  To cut spending we have to sacrifice spending money on things that are superfluous to our lives. 
 
Start by tracking spending.  Then you will know what you are spending money on. Evaluate your expenses and decide what you no longer value for the money spent.
 
Once you’ve made a decision to cut spending from your life, make a plan to eliminate it!

How we have cut spending from our lives:


An Unnecessary Hobby

This week I removed an unnecessary hobby in a long line of hobbies from my life.

For 2018 I spent quite a bit of my time and my money collecting SteelBook’s.  

I am a SteelBook Collector no more.

What Exactly Is That Hobby?

For the past year, I’ve been collecting SteelBooks.  If you aren’t familiar with the term, a SteelBook is a Blu-Ray or 4K Blu-Ray in a collectible metal package.  They don’t make them for every movie, but they cover most of the popular and cult ones.  SteelBook’s are found on Amazon, but they are also found at Best Buy.  I’ve purchased most of mine from Best Buy.

 

SteelBook Examples

In the last year, I’ve been collecting SteelBooks from the following series of movies:

  • Marvel
  • Disney Animation and Pixar
  • Star Wars
  • 007 James Bond

So what did that cost?

Marvel has been releasing 3 movies each year.  Between Disney and Pixar, they average around 3.  Star Wars has been putting out a movie each year.  007 every few years.

If I’m only collecting those series then I have an average of 7.3 movies to purchase each year.  I’ve been purchasing these as 4K Blu-Ray and each title costs about $38 new.

So that’s $38 * 7.3 = $277.40 per year to keep up with new releases.

But that’s not all of course.

Since I only started collecting these a year ago there were many Back Catalog releases I needed to complete the series.

I currently own around 50 of these.  If I assume that they averaged me $20 each then that’s $1,000 that I’ve spent in the last year collecting these.

But Stephen, Hobbies are important.  What’s the harm in one Hobby?


I Don't Just Have One Hobby!

I have dabbled in the following hobbies recently (in no particular order):

  • Beer Brewing
  • Cryptocurrency and Mining
  • Travel Hacking and Credit Card Churning
  • Running
  • Weight Lifting
  • Computers
  • Digital Media Collection
  • PEZ Dispenser Collecting
  • Personal Finance
  • Blogging
  • Hard Rock Cafe Pin Collecting
  • Home Automation
  • Media Room Building
  • DIY Home Improvement
big eyes

14 Hobbies?

Yes.  Without a doubt.

Some of these I’ve spent more than others.  But each Hobby takes both time and money.

What did SteelBook Collecting really cost us?

I received some negative feedback when I went through the future values previously.  If you need to understand why we list future value, see the post here.

Let’s assume I’ve spent the $1,000.00 to date and each year would cost another $277.40.

$1,000.00 to start and $277.40 per year at 8% interest in 14 years (our estimated FI date) is $9,654.41.  That’s $10,000 that I didn’t have in our nest egg.  Almost 1% of the total goal.

How did I stop spending?

Cold Turkey.

I’ve canceled any pre-orders that I had made.  Now I get to look through my library and decide if any of these movies are as valuable to me as the money they can bring in on eBay.  I’m likely going to be able to get a lot of what I spent back.

I “saved” $38 this month on a returned movie.  I have another one still wrapped up that I can take back.

Evaluating Hobbies

With 14 hobbies still left in my repertoire, it’s obvious to me that I need to continue working on the budget for each hobby and where they fit in my life.  

Check out our income and spending reports here.


What are your Hobbies? Have you cut any out of your life?

5 thoughts on “I Hacked Out [A Hobby] From Our Budget”

  1. thedragonsonfire

    My husband Dragon Guy and I are considering what to do about our tennis lessons. Those are expensive, and we end up paying over $2,000 per year for them. We are looking to either quit or go down to once a month lessons. Meanwhile we can just play each other on the free courts around town. I’m a little concerned that I won’t progress as much if I no longer have a teacher. Good for you for cutting out Steelbooks! That will definitely save a lot!

    1. My son does Tae Kwan Do and it’s amazing what a group sport like that will cost over time. We are paying $120 a month for his lessons, $60 every couple months for testing and $100 every 6 months or so for supplies. It definitely adds up.

      I like Tennis as a hobby. It seems like keeping the lessons up isn’t necessary if you can get practice playing each other for free.

      Thanks for stopping by!

  2. Pingback: The Daily Jukebox - Wednesday, October 24, 2018 - The Money Mix

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