I'm a knitter, which is not necessarily a cheap hobby - people are always aghast when I tell them it costs me upwards of $15 for the yarn to knit a pair of socks!
But I see it as a GREAT value - I get 20 hours or more of relaxing time that I really enjoy, and at the end of it, I get a pretty pair of socks that I can take pride in :) To me, I'm not paying $15 for a pair of socks. I'm paying dimes on the hour to entertain myself, and getting a free pair of socks out of it too!

When you really enjoy a hobby, the time you spend on it becomes valuable. Think about it - if you're willing to spend $10 at the cinema to get two hours' (or less!) worth of entertainment, wouldn't it be an even better value to spend $15 to get a whole pair of socks' worth of entertainment?
Many hobbies require tools and materials to be bought up-front, that provide for many hours of enjoyment afterwards. So, my yarn and needles can be thought of as an investment - The needles can be used for many projects to come, the yarn comes out to less than $1 for an hour of fun knitting time, and at the end I get a pair of perfectly-fitted, beautiful handknit socks that I would pay way more than $15 for in a store. After all, I knit them to exactly my own specifications!
~Joyuna
The Grateful Crane Shawl
Elven Slippers
Russell Square Mitts
Russell Square Tam
iTouch Jumper
Twisty Wristband
Mawata Pulsewarmers
When you put it that way, it makes me feel so much better! I guess I've always seen it as trying to work out what other people would pay to buy something like that vs. the amount of time/ material cost and it never quite works out. I.E. no one would pay $30 + for a pair of socks right? I mean, they complain about just the 15. Sigh.... But now, I'll just divide that cost by my own happiness in making it:)
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