What do you want to spend your money on?

After years of gloomy economic headlines and the cost of living soaring, it’s no surprise that many of us are thinking more carefully about how and where we spend our money.

In fact, figures from Barclays show that two-thirds of Brits pay more attention to their budget than they did a decade ago.

But it’s clear that people aren’t just budgeting for essential expenses, like food and rent.

Fun is just as important to many of us.

Making memories more important than physical items

Nearly one in four Brits say having fun and making memories matters more than material possessions.

That’s why so many people are spending more on occasions and experiences like concerts and comedy gigs.

Over one in five are spending more of their disposable income on live events than they did a decade ago.

And since 2020, average monthly spending on entertainment has gone up by more than 17%.

In July 2023 alone, entertainment spend jumped by 15.8%.

Perhaps not coincidentally, tickets for Taylor Swift’s Eras tour went on sale that month.

Similarly, Oasis fans rushing to book their place at the band’s reunion tour this summer helped entertainment spend go up by 14.4% in September last year - when tickets for the gigs went on sale.

Streaming, subscriptions and staying in

Going out might be a priority for some, but many of us also want to make the most of staying in.

Nearly half of UK adults (47.5%) have increased their spending on digital content and subscriptions since 2020.

And nearly nine in ten (88%) are signed up to at least one subscription service, with the average subscriber spending £50.60 a month.

Meanwhile, almost a fifth (16%) say they now prioritise spending on home-based entertainment more than they did before the pandemic.

Holidays remain a priority

When lockdowns put travel on hold, many of us realised just how much holidays matter to us.

So it’s unsurprising to learn than almost half of UK adults (49%) say they value holidays more than they did 10 years ago.

That’s being reflected in how much they’re spending on trips abroad, as one in three (33%) are spending a greater share of their income on travel.

Spain and France remain the most popular destinations right now, followed by the US, Italy and Turkey.

Budgeting for things that matter

When you think of budgeting, you might just think of making sure you’ve got enough money to pay your bills.

And yes, that’s really important.

But budgeting doesn’t just mean that and not letting yourself have fun.

It can also include making sure you have money for treats, luxuries and experiences that enhance your life.

After all, you’ll enjoy them far more if you know you can afford it without having to worry about how you’ll pay for essentials afterwards.

Get started by checking out our guide to how to create a budget, so you can see how much money you have coming in each month and where it goes.

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