How to Use Frugal Hobbies to Reach Savings Goals
Open a savings account online to capitalize on these creative ways to save money
The old adage that says 'do what you love and the money will follow' is especially true when you turn your hobbies into creative ways to earn and save money. Whether your passion is camping, creating art, gardening or woodworking, there is a way for almost everyone to use a hobby as a tool for saving money. When you turn your interests into moneymaking or money-saving activities, you can meet a savings goal quickly and even have fun doing it. Then, consider opening a savings account online to further grow the money you save by putting your hobbies to work.
Frugal hobbies to help you save or earn funds
Below are examples of a few frugal hobbies that can be used to save money to meet your savings goals:
Art/crafting - If you enjoy crafting, painting, sewing and more, saving money can be a natural consequence of your artistic hobby. Instead of buying presents for holidays and birthdays, consider homemade gifts for your friends and family. Homemade gifts are usually very cost-effective and often have more sentimental value for the recipient than store-bought presents. Another way to save is to redecorate your home by repurposing items you already own, updating worn or thrifted items, or making your own curtains and slip covers. Not only will you save money, but you'll also create a one-of-a-kind space and have fun doing it.
Camping - If you love being outdoors, you can save on your next vacation by camping rather than paying for a hotel. When you're planning a vacation, if you can find a campground within a drivable distance from your destination, not only will you save on the cost of accommodations, but you can also save on meals if the campground permits campfires. Camping with family or friends instead of paying for a hotel room is more than just a way to save money - it's also a great way to bond and have a memorable vacation.
Carpentry - Being proficient at carpentry or woodworking can be an effective way to save money at home as there are many applications for your skills, including doing the majority of a home remodel project yourself. Even as an amateur, you can save by making your own furniture for your home, such as a new bed or dining room table, at a fraction of what you would pay at a high-end furniture store. As your carpentry skills improve, you could sell your finished projects to earn more money and reach your savings goals quickly.
Gardening - During the warmer months, earning and saving money at home is easy for hobbyists with a green thumb. If you plan your home vegetable garden around the meals that you often prepare, you can save money and time that otherwise would have been spent at the store. To grow your savings even more, consider selling additional produce at a local farmer's market. If you prefer growing flowers, think about trading seeds and plants with other gardeners instead of buying them.
Photography - It can take years to become a skilled professional photographer, but anyone with a camera can use photography as a way to save money. If you enjoy photography as a hobby, you can make a DIY studio backdrop and take your own family portraits rather than paying a professional. Likewise, instead of buying the school photos taken by the yearbook photographer, snap your own annual pictures to share with family. As you develop your skills, you may be able to make money by offering to take portraits for your friends and family, and possibly grow this frugal hobby into a small business.
Track progress toward your savings goals after you open a savings account online
Saving money is more enjoyable when you can use your hobbies as a way to contribute. Open a savings account online with Citizens Bank to set aside the funds saved or earned from your frugal hobbies. Then, track how far you've come and how far you still have to go using the GoalTrack Savings® program from Citizens Bank. Simply enroll in GoalTrack Savings, set up automatic transfers to your savings account online and start tracking your progress. Using your hobbies is a fun, creative way to save money - and with the potential rewards you can receive for meeting your savings goals using GoalTrack Savings, growing those savings can be fun, too! Learn more about the savings options available to you through Citizens Bank by contacting a representative today.