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Why You Should Be Monetizing Your Hobbies

In this contributed post, according to a recent study, “62% of Americans say they are worried about their finances.” This is unsurprising, given the strain that the COVID-19 pandemic has placed upon the economy - affecting both large businesses and independent freelancers alike.

Thankfully, however, there are many steps you can take to get in control of your finances and reduce some of the stress and anxiety you are dealing with. For example, you could find a way to monetize your hobbies.

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There are various scientific studies that explore the benefits of actively engaging within your hobbies. They provide you with a suitable outlet for stress and other negative emotions and simply give you the chance to have fun. However, when money is tight, many adults feel inclined to retreat from their hobbies as they want to save money or work overtime. By monetizing your hobbies, you’re giving yourself the chance to boost your earning potential, while still participating in activities you love.

Who knows, if you use this as a vehicle to master your money, you may be able to turn this side-hustle into a profitable business! This is great for those who may be unhappy at their current job and looking for a fresh start.

What kinds of hobbies can I monetize?

Fitness and exercise. Right now, the wellness industry is booming. In fact, each year, consumers are spending more and more money on all things health and wellness. As a result, if your hobby falls into this realm, now is the perfect chance to monetize your love of exercise. For example, if you spend a lot of your free time participating in yoga sessions, you could teach yoga - though you should be sure to get a teaching certification ahead of time.

Arts & crafts. Whether you spend time painting or creating sculptures, websites such as Etsy make it easier than ever to sell your work online. Alternatively, if you’ve got an eye for detail and design, you might want to take your work away from paper and onto the screen and start trying your hand at graphic design. This is a great way to develop new skills while continuing to explore a hobby you love. Alternatively, you could explore something a little more unique by working as an illustrator for children’s books, or designing book covers - the opportunities are endless.

Photography. Now that the cameras on our mobile phones are just as high-tech as traditional cameras, it's easier than ever to snap high-quality photographs when you're out on your latest adventure. However, as opposed to simply leaving them in your camera roll (or Instagram feed), you could also use this as an opportunity to earn some extra money. For example, stock photo websites, such as Unsplash, will provide photographers with a small fee each time they upload a photo onto their website. As your skills develop, you may even want to advertise your services as a freelance photographer, working at parties and events to help people make magical moments last a lifetime.  

For more ways to make more, worry less and achieve true financial freedom, sign up for my weekly newsletter by subscribing below.