Bike Magic http://bikemagic.com Bike Magic – Mountain Bike News, Videos and Reviews. Keep up with the latest Biking Gear, Events and Trail Guides at BikeMagic. en How I financed my mountain bike hobby http://bikemagic.com/news/financed-mountain-bike-hobby.html http://bikemagic.com/?p=61156 Thu, 20 Nov 2014 16:22:03 +0000 Adrian Hogan 1. Rainy day fund You never know when you will have to shell out for a new set of tyres or an expensive repair. I started a rainy day fund for this very reason. Every week, I put aside at least £20 in a dedicated savings account and didn’t touch it until I absolutely had to. Look for a savings account which allows instant access and won’t penalise you for withdrawing 90% of your savings with no prior warning. Try to find a good savings rate - 2% or more – and look out for accounts which offer incentives for regular deposits. 2. Prioritise When you love biking, it’s tempting to just blow all your money on accessories and trips – the glamorous stuff. But realistically, most of us can’t afford to throw thousands of pounds into our hobby on a whim, so you have to be able to prioritise. For me, that meant safety first, performance second and appearance third. So for instance, if you have a grand to spend on new kit, start with a great new helmet (safety), then upgrade your tyres (performance) and finally invest in some new racing clothes and shoes (appearance). 3. Invest in quality For any biking enthusiast, there is one huge and unavoidable expense: the bike itself. Your bike is supposed to last for years and see you through harsh racing conditions, bad weather and long trails. There is no point in looking for a bargain when it comes to your bike – this is an investment, and it is worth investing in quality. When I bought my first bike, I did it with the help of a short term loan which helped me buy the best model on the market, and pay it off in my own time. Before applying for the loan, I made sure that I’d be a good candidate by using Experian CreditExpert to find out my credit profile and work out my chances of getting the loan I needed. Getting a good credit report should be the first step for anyone who is planning to invest in an expensive hobby such as mountain biking. Once lenders know that they can count on you, you will be amazed at the types of loans and financing opportunities that will become available to help you really get the most out of your mountain biking hobby. https://www.youtube.com/watch?v=D7cGUqxb6Xo Within a couple of days I had my first semi-pro mountain bike, and I haven’t looked back since. ]]>