A new survey breaks down the real cost of joy—and which hobbies hurt your wallet most
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How much would you pay for happiness? For many Americans—especially those over 50—that number lands around $98 a month, according to new data from Self Financial.
Whether it’s planting tomatoes, strumming a guitar, or baking sourdough that rivals your grandmother’s, our hobbies cost money—and we’re mostly okay with that.
But with inflation squeezing household budgets from every direction, the question looms: how do we keep joy in our routines without tipping our finances out of balance?
According to Self Financial’s survey, the average American spends nearly $1,200 a year on their favorite hobby.
The most common monthly spend range is between $50 and $100, but one in four hobbyists report shelling out more than $100.
For many, those expenses aren't optional—they're the glue that holds their mental and emotional well-being together.
Reading is the most popular hobby in America, a favorite among 16 percent of respondents.
That may be thanks in part to its affordability, with reading enthusiasts spending about $66 a month.
Video gaming follows closely at $70 a month, while cooking and baking round out the top three—though they come with a much higher price tag of around $135 monthly, due to the cost of ingredients and kitchen tools.
On the other end of the spectrum, the most expensive hobby of all is music. Musicians reported spending $174 per month, often on instruments, lessons, recording equipment, and maintenance.
Car enthusiasts come in just behind at $171, followed by travel lovers who spend around $143 a month exploring near and far.
Not everyone is splurging. Gardening leads the list of budget-friendly hobbies, averaging just $65 per month.
It’s no coincidence that gardening is also one of the top picks for older adults, who tend to be more cost-conscious and may already own tools and materials from years of practice.
Reading and video gaming are also considered affordable, with average spending under $70.
Yet even modest expenses can feel like a luxury when money is tight.
Also read: How Candy Crush quietly uses AI to keep you coming back—and why it works
The problem is most acute for people earning between $10,000 and $25,000 annually, among whom nearly 70 percent say cost is a barrier.
In response, many are adapting. About 44 percent have switched to more affordable hobbies, and another 25 percent modified their current ones to reduce spending. Over half say they’ve simply cut back.
For those in need of a middle-ground option, DIY projects and crafting offer a smart compromise.
Arts and crafts are the fourth most popular hobby in the U.S., according to the survey, and cost about $80 per month.
They offer creative freedom, cognitive benefits, and the flexibility to scale spending up or down. Many hobbyists even reduce costs further by using recycled or repurposed materials.
Age plays a role in which hobbies we gravitate toward and how much we spend.
Adults 43 and older tend to prefer activities like reading, gardening, and crafting—pursuits that are not only familiar but often less expensive to maintain.
Many already have equipment or enjoy discounts available to seniors. And despite financial pressures, 93 percent of respondents across all ages say they don’t regret the money they spend on their hobbies.
Also read: This couple retired abroad in 50 countries—these are their Top 4 (and the one they’d choose again in a heartbeat!)
That number is even higher among older adults, who are more likely to report satisfaction with their hobby choices, regardless of cost.
Some hobbies can be expensive to start but become more manageable over time. Outdoor activities such as hiking, birdwatching, or fishing average around $93 per month but offer excellent value when it comes to health and enjoyment.
Once you’ve invested in basic gear, the ongoing costs drop significantly. Parks and community programs often offer discounts for seniors, and many local groups organize low-cost outings.
Technology has made hobbies more accessible than ever, particularly for older adults.
Online tutorials, digital communities, and virtual classes allow people to explore interests from home.
Whether it’s joining a virtual book club or learning watercolor via YouTube, digital platforms have opened the door to hobbies that might otherwise be out of reach.
Despite rising costs and financial constraints, many Americans are unwilling to give up their leisure time entirely.
More than half of survey respondents believe their favorite hobby is too expensive for newcomers, but most are still finding ways to make it work—by starting small, adjusting expectations, and finding joy in the process rather than perfection.
Ultimately, hobbies remain a crucial part of a balanced life, especially in the later decades.
For people over 50, a favorite pastime can provide purpose, structure, and community—the kind of benefits that money alone can’t buy.
Whether you’re spending $65 a month on a vegetable garden or $174 in pursuit of your next album, the payoff often goes beyond dollars. It’s about doing what makes you feel alive.
Read next: Fiction Turned Reality
Are you spending more or less than the national average? Have you had to adjust your hobby habits in recent years—or found a creative way to keep your favorite pastime going strong on a budget? Share your thoughts, your money-saving tips, or your favorite affordable hobby in the comments. At The GrayVine, we know that passion doesn’t come with a price tag—but smart choices sure help.
Whether it’s planting tomatoes, strumming a guitar, or baking sourdough that rivals your grandmother’s, our hobbies cost money—and we’re mostly okay with that.
But with inflation squeezing household budgets from every direction, the question looms: how do we keep joy in our routines without tipping our finances out of balance?
According to Self Financial’s survey, the average American spends nearly $1,200 a year on their favorite hobby.
The most common monthly spend range is between $50 and $100, but one in four hobbyists report shelling out more than $100.
For many, those expenses aren't optional—they're the glue that holds their mental and emotional well-being together.
Reading is the most popular hobby in America, a favorite among 16 percent of respondents.
That may be thanks in part to its affordability, with reading enthusiasts spending about $66 a month.
Video gaming follows closely at $70 a month, while cooking and baking round out the top three—though they come with a much higher price tag of around $135 monthly, due to the cost of ingredients and kitchen tools.
On the other end of the spectrum, the most expensive hobby of all is music. Musicians reported spending $174 per month, often on instruments, lessons, recording equipment, and maintenance.
Car enthusiasts come in just behind at $171, followed by travel lovers who spend around $143 a month exploring near and far.
Not everyone is splurging. Gardening leads the list of budget-friendly hobbies, averaging just $65 per month.
It’s no coincidence that gardening is also one of the top picks for older adults, who tend to be more cost-conscious and may already own tools and materials from years of practice.
Reading and video gaming are also considered affordable, with average spending under $70.
Yet even modest expenses can feel like a luxury when money is tight.
Also read: How Candy Crush quietly uses AI to keep you coming back—and why it works
The problem is most acute for people earning between $10,000 and $25,000 annually, among whom nearly 70 percent say cost is a barrier.
In response, many are adapting. About 44 percent have switched to more affordable hobbies, and another 25 percent modified their current ones to reduce spending. Over half say they’ve simply cut back.
For those in need of a middle-ground option, DIY projects and crafting offer a smart compromise.
Arts and crafts are the fourth most popular hobby in the U.S., according to the survey, and cost about $80 per month.
They offer creative freedom, cognitive benefits, and the flexibility to scale spending up or down. Many hobbyists even reduce costs further by using recycled or repurposed materials.
Age plays a role in which hobbies we gravitate toward and how much we spend.
Adults 43 and older tend to prefer activities like reading, gardening, and crafting—pursuits that are not only familiar but often less expensive to maintain.
Many already have equipment or enjoy discounts available to seniors. And despite financial pressures, 93 percent of respondents across all ages say they don’t regret the money they spend on their hobbies.
Also read: This couple retired abroad in 50 countries—these are their Top 4 (and the one they’d choose again in a heartbeat!)
That number is even higher among older adults, who are more likely to report satisfaction with their hobby choices, regardless of cost.
Some hobbies can be expensive to start but become more manageable over time. Outdoor activities such as hiking, birdwatching, or fishing average around $93 per month but offer excellent value when it comes to health and enjoyment.
Once you’ve invested in basic gear, the ongoing costs drop significantly. Parks and community programs often offer discounts for seniors, and many local groups organize low-cost outings.
Technology has made hobbies more accessible than ever, particularly for older adults.
Online tutorials, digital communities, and virtual classes allow people to explore interests from home.
Whether it’s joining a virtual book club or learning watercolor via YouTube, digital platforms have opened the door to hobbies that might otherwise be out of reach.
Despite rising costs and financial constraints, many Americans are unwilling to give up their leisure time entirely.
More than half of survey respondents believe their favorite hobby is too expensive for newcomers, but most are still finding ways to make it work—by starting small, adjusting expectations, and finding joy in the process rather than perfection.
Ultimately, hobbies remain a crucial part of a balanced life, especially in the later decades.
For people over 50, a favorite pastime can provide purpose, structure, and community—the kind of benefits that money alone can’t buy.
Whether you’re spending $65 a month on a vegetable garden or $174 in pursuit of your next album, the payoff often goes beyond dollars. It’s about doing what makes you feel alive.
Read next: Fiction Turned Reality
Are you spending more or less than the national average? Have you had to adjust your hobby habits in recent years—or found a creative way to keep your favorite pastime going strong on a budget? Share your thoughts, your money-saving tips, or your favorite affordable hobby in the comments. At The GrayVine, we know that passion doesn’t come with a price tag—but smart choices sure help.
