I Hacked Out [A Hobby] From Our Budget
How we have cut spending from our lives:
- We Killed OnStar, the $40 per month car service we never used.
- We Slashed The Gym, we were averaging over $200 per month!
- I Hacked Out A Hobby, which cost us $277 per year!
- We Sliced Some Subscriptions which saved us $443 per year!
- I Curtailed the Ripoff Car Insurance In Our Budget saving $1,152 per year.
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.
In the last year, I’ve been collecting SteelBooks from the following series of movies:
- 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
- Weight Lifting
- Digital Media Collection
- PEZ Dispenser Collecting
- Personal Finance
- Hard Rock Cafe Pin Collecting
- Home Automation
- Media Room Building
- DIY Home Improvement
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?
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.
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.