So you’ve picked what festivals you’re going to but another lineup was released for another festival that you really want to go to and now you’re googling how to win the lottery so you can afford all these festivals. Here are some of the tips and tricks I have found on how to save money for music festivals.
Tip #1: Track Spending & Budgets on a Weekly Basis
My mom had me start tracking my expenses and spending in a spreadsheet which got difficult at first but it was SO eye-opening as to what I was spending on. If you don’t think you can track in a spreadsheet, use apps like Mint that puts your bills and spending all in one place. This helps you see how much you’re spending on eating out or on clothes, etc. I realized last year I spent a little too much on food delivery like Uber Eats and Favor so I deleted those apps so I wouldn’t be tempted to use them. I reduced my eating out and going out to one time a week.
Tip #2: Save save save!
Saving can be really difficult at first. With each paycheck the general rule of thumb is to save at least 10% of each paycheck, but I always aim to do 30-40%. It takes me some math to figure out where some of my paychecks will go towards what, but once I’ve done the math I automatically move those funds into my savings account. Some people take out a certain amount of money to put in an envelope to save but I don’t have as ease of access to take out money all the time. Try a little bit here and there where you can and if you’re tracking your spending it will get easier to save.
Tip #3: Take Out Cash For Eating & Going Out
I started doing this where based on my budget from Mint I would estimate how much I could spend for going to dinner with friends and going out. I would then take out cash and kind of had to train myself that once I spent that money I couldn’t use my card. I also started leaving my credit card at home so I wouldn’t be tempted to just put it on that card. Highly recommend doing this.
Tip #4: Reduce Spending in Areas You’re Overspending
Take a look at where you’re spending money and start cutting back. Instead of going out to eat multiple times a week, buy more groceries and meal prep your meals. Start cutting back on that daily Starbucks you’re getting (really adds up overtime!!), are you really using that gym membership? Do you need cable? Really look into the value of what you’re spending your money on because overtime it can save you more money for festivals.
Tip #5: Take advantage of promo codes, pre-sale tickets and payment plans!
Whenever I am planning for my next festival I always ALWAYS see when pre-sale is or when tier-one pricing is and if they have payment plans. I also see if there are promo codes going around that could help lower the cost. Promo codes and buying tickets when they released will definitely save you some money. Payment plans just help spread your payments out over several months so you can afford to live while paying for your ticket to a festival. This has helped me tremendously so I’m not withdrawing a huge amount of money from my bank account all at once.
What are some of your tips to save? If you need any help with any tips I described, feel free to ask me!
Never buy a new car. Yes, I can easily afford a new car but when you know that you loose 20% of the value of the car by just riding it off of the lot. It is CRAZY not to buy a 1 year old car that looks brand new at a 20% reduced price.
Also, does that $500 repair bill on the old car sound large. To put things into perspecive how would that monthly $500 car payment EVERY MONTH look. Keep the car on the road as long as it is safe.