When the festive season rolls around, the lure of music festivals, concerts, and entertainment events can be hard to resist. As you dive into the joyous celebrations, surrounded by friends and family, it’s easy to lose track of spending – until January arrives, bringing with it the reality check of depleted funds. For John Manyike, the Head of Financial Education at Old Mutual, the solution lies in strategic planning. He advocates for adopting a festive spending plan earlier in the year to ensure a balance between revelry and financial prudence. “It’s all about foresight,” he emphasizes. “Plan ahead, spend strategically, and avoid the post-festive season financial crunch.”

To make the most of your festive spending spree on music and entertainment events, consider these pointers:

1. Craft a Realistic Budget: Prioritize essentials like tickets, accommodation, transportation, and meals. Allocate a realistic budget to music events, ensuring it doesn’t overshadow other crucial expenses.
2. Capitalize on Sales and Offers: Keep an eye out for pre-holiday sales and discounts on event tickets, merchandise, or packages. Take advantage of end-of-year deals to snag the best offers.
3. Leverage Rewards Programs: Utilize loyalty points or cashback offers to score discounts on event tickets or related expenses, maximizing savings.
4. Curb Impulse Purchases: If tempted by impulse buys, impose a waiting period before purchasing to avoid unnecessary spending.
5. Shop with a List: Prepare a list of event-related essentials like powerbanks, accessories, and earplugs to stay focused while shopping, preventing overspending on unnecessary items.

Manyike emphasizes, “It’s effortless to get carried away with spending during the holiday rush, especially when it comes to event-related expenses.” Furthermore, he suggests pre-planning the festive season to ensure a stress-free experience. “Consider booking event tickets in advance, opting for a ‘pay now, enjoy later’ approach instead of burdening yourself with post-holiday expenses.”

Whether reveling in events or contemplating a budget-friendly holiday at home, Manyike’s advice remains consistent: plan strategically to maximize festive spending without compromising financial stability.

Featured Image by Sergio Ruiz on Unsplash