Money

Spending Shakedown – Hobbies & Entertainment

Published on December 1, 2018 2:00 pm, by

Hobbies and Entertainment is such a broad topic to cover. It means so many different things to so many different people.

We’ve focused on 4 subcategories under Hobbies & Entertainment

  • Dues & Subscriptions
  • Music, Movies & Books
  • Events & Concerts
  • Betting & Lottery

If you are interested in the following subcategories:

  • Online Services
  • Entertainment & Recreation

you will find all the information you need held within the first four categories.

Dues & Subscriptions

Service providers are sneaky. The popularity of the direct debit is partly convenience and partly because providers know that people sign up and often forget. So, look and check that all your regular payments are for product or services that you use often enough that the cost is justified. Here’s a bit of insight into what was happening with one of our customers: https://www.moneybrilliant.com.au/blogs/save-money-on-subscriptions-you-dont-use-enough/

Another way to check that you are getting value from your subscriptions is to add how much they cost you and consider what other things you could do with that money over time. Is the product or service you are paying for more valuable than the opportunity cost? Here is an example of what we mean: https://www.moneybrilliant.com.au/blogs/our-guideto-cancelling-pay-tv-and-streaming-services/

Music, Movies & Books

Like other categories in Lifestyle, setting yourself a lower budget for a time period or taking a break altogether can add up quickly. If that’s not you, check out our tips for discounted movies.

Discounted tickets:

  • For the movies, lots of Rewards programs offer discounted tickets, as does the Entertainment Book
  • Check out sites like Groupon & Scoopon for your city as they sometimes also offer cheap movie tickets
    Make sure that you check the fine print, and see that you can use the tickets at times convenient to you
  • When it comes to books you don’t have to buy it to get pleasure from it. Check in with your local library and you may be able to borrow what you’re after. If it’s something that you really want to buy, we suggest checking out a comparison site, one like Booko (https://booko.com.au/) who tell you where you can get it, how much & include the cost of postage.

If you’re spending lots on Music & looking for tips, the same applies. Set yourself a limit and shop around, whether that’s for CDs or digital albums. If you’re after a subscription service consider sharing a family plan, as that can often work out the cheapest.

Events & Concerts

For lots of people Events and Concerts are once in a while activities. If you regularly attend, you’re probably spending a fair bit. By taking a break, you’ll save some money a bit faster.

This is another category where it’s great to check out the discounted websites for your city. When it comes to long-running shows if you can wait until near the end of a show’s run you will often find tickets are less than half the original cost.

When it comes to Music and other short-run concerts it’s not so easy. So maybe it’s all about being honest about whether it’s worth the cost. What goal will you not meet or take longer to meet by attending? Of course, there are always the cheap seats if you just want to soak up the sound and the atmosphere…and sometimes that’s enough.

Betting & Lottery

Our advice in this category is blunt! Stop! If you find you’re running short in meeting your bills and you gamble at all, we think you should stop. The chances of winning are infinitesimally small. So small that you’d be better off saving the money you spend on Betting & Lottery and investing it in a high-interest savings account.

But if you do gamble you’re not alone. We know that more than 600,000 Australians play the pokies weekly. Some people play purely for entertainment while others spend more money than they can afford.

If you’re playing for entertainment, and you wish to spend less, set yourself a budget and once you’ve spent that money, you should find it fairly easy to stop. Here are some hints to help you stick to your limit –

  • Take your budget in cash and leave your cards at home
  • If you have a tendency to go overboard, try to limit your alcohol intake as this may affect your decision making
  • Don’t chase your losses
  • If you’re online – walk away from your device when you’ve reached your limit

If you have difficulty stopping when you’re gambling, there are some practical things you can do to help you stop –

  • Set a budget limit and stick to it
  • Set time limits and have another activity/commitment to attend to at the end
  • Make sure you take breaks and clear your head
  • If gambling is your only hobby, try a few different things and find something else you enjoy
  • If you’re heading out of the house to gamble – take your budget in cash and leave your debit and credit cards at home
  • Don’t drink when you gamble, as your decision making will be affected
  • If you’re not gambling purely for entertainment, you probably shouldn’t be gambling at all
  • Never ever think that you’re going to beat the house
  • If you need help, ask for it, we have listed resources below

If you believe you have a problem with gambling and would like some extra help, we have listed some helpful places to start below. Remember, it’s okay to ask for help.

Gambling Helpline – Online

Through the online gambling hotline, you will be able to access counsellors available via chat and email. Helpful resources are available to understand your gambling and reduce or stop it completely.

Gambling Help – where to go to get help over the phone or Face to Face

Australian Capital Territory

New South Wales

Northern Territory

Queensland

South Australia

Tasmania

Western Australia

Victoria

 

 

 

 

 

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Jen is an experienced banking professional who loves wine, coffee, finding a bargain and of course her three beautiful children. Since Jen's first budget led her to buy a home at 20, Jen has passionately helped others to make better decisions with their money.

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