You’ve probably noticed that the tickets to see your favorite musician or sports team live have skyrocketed in recent years. Not only have concert prices risen roughly 49% over the past five years, but according to our report, The Cost of Fandom, sports fans are spending an average of $1,600 per year to support their favorite teams. The good news? These 5 savings strategies can help make sure your next championship game, concert or live event makes it on to your calendar, all while staying within budget.
Read more: 5 visualization tips to help you save more
1. Create a budgeting plan for your event costs
Most events include multiple expenses that can add up well beyond the price of admission. In addition to the ticket price, factor in travel costs, accommodations, parking, stadium snacks or meals, and any limited-edition merch you may want to purchase. To ensure you have enough money for everything, make a savings plan by:
Determining all the costs for your big event and creating a realistic timeline to save up
Breaking down the total amount into manageable monthly savings targets before the ticket sale begins
If possible, add a little extra cushion month to month for any surge pricing or unexpected splurge items that may pop up
If you have an Ally Bank Savings Account, set up a bucket and a target amount for your event so you can better visualize how you're reaching your goal.
2. Understand your “Pre-Game” financial readiness
Before purchasing the ticket to your next big event, it’s important to get a clear picture of your income, monthly expenses and overall spending habits. Now that you have a better idea of how much you need to save, this can help you understand your financial readiness and make sure you don’t compromise your day-to-day needs or long-term financial goals.
3. Create a “Big Event” bucket
If you have an Ally Bank Savings Account, set up a bucket and a target amount for your event so you can better visualize how you're reaching your upcoming goal. Don't forget to name your bucket after your event to keep things organized.
With our Surprise Savings booster – a feature of Ally Bank’s Savings Account we can analyze your spending patterns and find extra cash that could earn more in savings.
Automate your savings
One of the easiest ways to consistently save is to use automation tools. Within your Ally Bank Spending and Saving Accounts, you can take advantage of boosters like recurring transfers and Round Ups, which automatically round your purchases to the nearest dollar and deposit the difference in your Savings Account. From there, you could move the extra cash into the savings bucket for your event – think of it as a digital “tip jar” for your tickets.
4. Monitor and adjust your event itinerary
As you work toward your goal, staying flexible ensures your plan remains realistic. Check in with your savings regularly. If you’re ahead of schedule, consider setting aside a little extra cash in your event’s savings bucket to reach your goal before the event tickets even go on sale. If you’re falling behind, look for areas to cut back temporarily (like subscriptions).
Leverage rewards credits or fan deals where possible
Once you have your expenses and itinerary mapped out, look for deals and ways to save. If your event involves traveling to a different city, consider using rewards or miles to save on airfare or accommodations. Be on the lookout for fan-specific discounts or offers related to your event, like pre-paid parking vouchers, seat upgrades or special accommodations for your big event.
5. Make saving a group affair
In-person events are experiences that will make memories to last a lifetime. If you're attending the event with family or friends, consider getting them involved in the saving and budgeting process too. When it comes to funding a group trip to a festival or big game, there's definitely strength in numbers. Help each other stay motivated, then enjoy each other's company as you’re singing along to your favorite song live or cheering on your team.
Fund your next dream event
From the championship game to the year's hottest tour, it seems that everyone has a big-ticket event on their bucket list. Use these savvy spending and saving strategies can help make your view from the stands a (financially possible) reality.
