Budget and Savings – Summer Festival Tips

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If you’re planning on hitting up a few outdoor summer festivals this year, we’ve got a few tips for you!

Summer fun is what the season is all about. Nothing says summer better than a festival weekend outdoors! If you’ve been focused on living debt free, you may have been spending more time thinking about your budget and savings than you have about entertainment. It’s ok to reward yourself for your effort, if you’ve been working hard on your finances you should be able to enjoy a little summer fun. The key to enjoying a summer festival while still living debt free, is to continue to focus on your budget and savings – because you should always have these things in mind!

Even if you’ve filed a bankruptcy or signed a consumer proposal and are living on a tight budget with no credit, there are ways that you can get out and enjoy summertime without impacting your debt-free plan. We’ve pulled together a list of festival tips to help you decide what to do and how much to spend this summer.

Spergel Festival Tip – Know Your Festival  

First things first – how well do you know the festival you’re considering attending? A little research goes a long way when it comes to saving money. If you’re going to budget for a festival weekend you need to have some idea as to what it might cost you to attend. Not only do you need to know how much a festival pass is, you also need to know about parking/transportation, access to food and water as well as any additional costs you may have to incur.

If you’re considering a free festival, you should still investigate the rules of the park/venue and what items you can/cannot bring with you as well as costs for parking, food/beverages (especially if you can’t bring your own in). While looking into these things, research the company hosting the festival. Find out if there is a “plan B” should something happen to impact the venue. As we have recently seen in the news with the Roxodus Music Festival in Ontario, sometimes a festival can be cancelled at the last minute.

Read the fine print…

Before you check out with tickets, read all of the fine print. Know the festival’s refund policy so that you won’t be surprised if something happens. If the ticket issuer doesn’t send your money back right away, you don’t want to be stuck wondering if you’ll get a refund for your passes. Make sure that your read and follow any instructions sent to you by festival organizers.

Spergel Festival Tip – Remember the “big three”

Any festival, whether admission is free or not, requires a budget. How you manage your money at a festival will have an impact on how the weekend effects your debt free plan. A financial mishap at a festival could mean a financial setback in your plan. We recommend the following “big three” steps to take while attending a festival.

  1. Set a daily budget and don’t overspend (carry cash).
  2. Always carry emergency funds. Don’t get stuck using a credit card unexpectedly.
  3. Don’t use expensive ATMs.

By setting a daily budget, carrying emergency cash and bringing cash in with you from your bank’s ATM, you can leave the credit cards at home and keep them safe from loss or theft (and the temptation to buy things you don’t need).

Avoid lines just by being prepared!

You shouldn’t need to stand in very many lines if you’ve prepared well for your festival weekend. If you’ve packed well, you won’t be spending money on unnecessary merchandise or overpriced food and drink. As a result, you won’t spend festival time standing around waiting to pay for things. Use the extra time to catch more of the entertainment you paid to see, and save all of your lining up for bathroom pit stops.

Spergel Festival Tip – Research First, Wristband Later

Part of your budget and savings plan for summer festivals should be research on passes/ticket options. If you’re going to spend your hard-earned money on one summer event – know what you’re buying. Music festival organizers will offer multiple wristband and VIP options. Make sure you’ve made the right selection for your ticketing needs – before you check out.

Spergel Festival Tip – Check the Weather, Plan Ahead

Outdoor festivals rely on the good fortune of mother nature to keep everybody dry and happy. However, rainy festivals do happen (Woodstock comes to mind).  We recommend that you check at least a couple of different weather forecasts before heading to the festival. If there is even a slight chance of rain, buy a compact rain poncho at the dollar store. Prepare yourself for cool weather later in the day. Don’t forget to bring a sweater. If you arrive unprepared to a festival someone will be there to sell you what you need. However, the cost will be at a premium and you don’t want to overspend!  How you dress and prepare for the weather will directly impact your budget.

Budget and Savings Year-Round – Means More Summer Festivals

If you want to spend more on entertainment, plan budget and savings year-round. Just like with any expense, it’s a good idea to forecast for the entire year and divide by 12. Once you have a final number, you’ll know how much to put into savings each month for your “summer fund”.

We can help you with your budget and savings. Let’s eliminate your debt with a bankruptcy or consumer proposal. Please click the button below to book a FREE consultation today. You owe it to your festival budget to become debt free today!

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