April 25, 2024

Investing in hobbies can be money well spent — just don’t take on debt

Ryanjlane | E+ | Getty Images

People often start the year by revisiting their budgets with a resolution to save money and cut back on discretionary spending. Yet, experts say hobbies shouldn’t be the first category to go.

Americans on average spent $3,458 on entertainment in 2022, according to the most recent Consumer Expenditures report from the U.S. Bureau of Labor Statistics. This broad category covers a range of expenses that people consider hobbies, as well as concert tickets and pets.

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