Keep your gig spending in check this summer

Summer has arrived and for many of us, that means one thing - outdoor gigs.

From festivals to stadium shows, there’s no shortage of opportunities to see major acts performing over the next few weeks.

But although the excitement is real, so too is the price tag.

Oasis fans spending hundreds on gig experience

The big name on this year’s gig calendar is undoubtedly Oasis.

Last year, the Mancunian rock band announced that they were getting back together and touring for the first time since 2009.

This led to a mad scramble for tickets, with many people paying huge amounts even on legitimate selling platforms.

But it’s not just tickets that people are paying for.

According to figures from AJ Bell, Oasis fans are paying an average of £167 for a ticket and about £150 on accommodation.

And they’re expected to pay £84 on food, £79 on drinks, and many will undoubtedly end up paying extra for merchandise.

How are Oasis fans paying for it?

Nearly four in ten (38%) Oasis fans are covering their costs by using their regular income.

But that’s not true of everyone, as:

• 46% will dip into their savings
• 30% plan to use credit cards
• 15% will take out a personal loan
• 14% are turning to Buy Now, Pay Later services

If that’s you, don’t let a bit of short-term excitement cause you long-term problems.

“Oasis fans need to make sure they don’t suffer a financial hangover after the tour,” said Dan Coatsworth, investment analyst at AJ Bell.

“It’s important to stay on top of your finances and pay back borrowings on time. 

“Otherwise, you face potential penalties - and it could affect your ability to borrow in the future.”

5 ways to avoid breaking the bank this summer

If you want to avoid paying over the odds at a gig, here are a few tips to remember...

1. Plan ahead

Set a realistic budget for your day that covers everything, from travel and food to merch and stick to it.

If you haven’t yet paid for everything, work out how much you can afford without dipping too far into savings or turning to credit.

2. Be honest with yourself

Is this a one-off splurge or part of a packed summer itinerary? 

If it’s the latter, think about how much you can afford to spend, so you’re not left struggling at other events and occasions.

3. Watch out for “Buy Now, Pay Later”

It might seem like an easy option, but it’s still borrowing. 

So keep track of what you owe and make sure you can repay it on time.

4. Don’t buy on impulse

If you’re tempted by merchandise at a gig, such as an expensive tour t-shirt, don’t buy straight away. 

The merch stand will still be open at the end of the night, so you have plenty of time to actually think about whether you want or need it.

5. Don’t forget the future

If you’re using savings to pay for a once-in-a-lifetime gig, then make a point of topping them back up whenever you can.

Need help staying on track?

Check out our guide to how to create a budget, so you can see how much money you have coming in each month and prioritise your spending.

And give our budget planner a try - it’s free and easy to use.