Related: <\/strong>Springsteen is one of many older rockers canceling shows for health reasons, making ticket purchases risky for fans<\/p>\nThat kind of spending has fueled the country\u2019s still-pumping economy, which grew at a 4.9% clip in the third quarter.\u00a0<\/p>\n
That being said, dropping four figures on one ticket can put a serious dent in your savings\u00a0 \u2014 or your credit-card balance. But who among us hasn\u2019t considered blowing our budget to scream our favorite songs in a packed stadium? MarketWatch talked to experts for advice on how to bounce back from doing just that.\u00a0<\/p>\n
United Talent Agency, which represents Bad Bunny, did not respond to requests for comment. Ticketmaster directed MarketWatch to an FAQ page about tickets and ticket prices on their website.\u00a0<\/p>\n
Step 1: Don\u2019t freak out\u00a0<\/h2>\n
First things first, \u201ctake a deep breath,\u201d said Emy Lee, a former accountant and spending coach with more than 40,000 followers on TikTok. A one-time purchase like a concert ticket likely won\u2019t ruin your finances for good, she said \u2014 but it can pose a much bigger risk if it sends you into a cycle of shame and overspending.<\/p>\n
\u201cI see this in my clients, too: somebody will make a big purchase, and then they beat themselves up for it and feel guilty,\u201d she said. \u201cThen they just keep spiraling and making impulsive purchases.\u201d<\/p>\n
There\u2019s nothing inherently wrong with spending a lot of money on a concert ticket, said Kimberly Palmer, a personal-finance expert at NerdWallet.\u00a0<\/p>\n
\u201cFor a lot of people, buying a concert ticket, even though it\u2019s a huge splurge and outside of their normal budget, is not necessarily a bad choice. It\u2019s spending money that really aligns with their values,\u201d she said. \u201cWhat\u2019s a good choice for you is not necessarily something that can be answered just by looking at numbers or your budget or your income.\u201d\u00a0<\/p>\n
Tours for huge artists like Beyonc\u00e9 or Taylor Swift can also create a huge sense of FOMO, Lee noted, piling on even more pressure to snag a ticket no matter the cost.<\/p>\n
Jack Heintzelman, a certified financial planner from Needham Heights, Mass., recommended giving yourself some grace.\u00a0<\/p>\n
\u201cLife happens! This is completely okay and very common,\u201d he said over email. \u201cThat\u2019s what we save money for in the first place.\u201d<\/p>\n
Step 2: Make a plan\u00a0<\/h2>\n
After you\u2019ve cleared your head, it\u2019s time to make a plan. The steps to getting back on track financially will look a little different depending on how you paid for the ticket.\u00a0<\/p>\n
Did you put the purchase on a credit card? Then you\u2019ll want to make a plan to pay down the balance as quickly as you can, Palmer said \u2014 ideally by the end of the month, before it starts accruing interest.<\/p>\n
But even if it will take a little longer, you should prioritize those payments, she said.<\/p>\n
\u201cYou want to make sure you have a plan where you\u2019re paying it down so it doesn\u2019t snowball and become an even bigger amount of debt,\u201d Palmer said. \u201cYou can get hit with late fees, and it can quickly get out of control.\u201d<\/p>\n
That\u2019s especially important in a high-rate environment, where interest rates on many credit cards are especially high.\u00a0 <\/em>Last year, the average late payment fee for credit cards was $32.<\/p>\nIf the cost of the ticket came out of your savings account, you\u2019re not in danger of the debt ballooning over time. Still, Palmer said, you should focus on replenishing your savings so you\u2019re still in a good position to weather any emergencies that come your way.<\/p>\n
\u201cThat could mean setting aside a small amount from every paycheck until you feel comfortable again,\u201d she said.\u00a0<\/p>\n
Step 3: Move on\u00a0<\/strong><\/h2>\nAfter making a plan, it\u2019s time to start thinking about how to avoid overspending like this in the future, experts said.<\/p>\n
\u201cPlanning is way easier than recovering as far as big purchases go,\u201d Lee said.<\/p>\n
That doesn\u2019t mean you have to sit on the sidelines every time your favorite artist comes to town. In fact, part\u00a0 of smart money management is spending intentionally on the things that are truly important to you, Palmer added: \u201cFor plenty of people, buying that concert ticket is going to bring them a lot of joy.\u201d<\/p>\n
But sticking to a monthly budget will help you make big purchases with confidence, experts noted.\u00a0<\/p>\n
Building a budget often starts with tracking your income and expenses to understand just how much money you\u2019re making and what you\u2019re spending it on. The primary part of your budget should cover your needs. What\u2019s left over can be split between savings and variable expenses \u2014 like entertainment.<\/p>\n
\u201cEntertainment gets tricky, because a lot of people feel that it\u2019s a need because it makes you happy,\u201d Lee said. But most often, it should be considered a variable expense.<\/p>\n
After you have a sense of where your money is going, you can trim unnecessary costs, and allocate a portion of your income each month to saving or other financial goals.<\/p>\n
Heintzelman recommended automating a portion of your income to deposit straight into your savings account.<\/p>\n
\u201cThat savings will start to build up and be available for that next \u2018unexpected\u2019 expense that comes up,\u201d he said over email. \u201cIf you automate your savings you can be less stressed about these times where you have to spend down your emergency reserve, because you know you\u2019ll build it over time.\u201d<\/p>\n
Sometimes, making a savvy financial decision will entail finding a more cost-effective way to celebrate your favorite artist.\u00a0<\/p>\n
That could mean something like skipping the concert in favor of throwing a themed party at home, Lee said. You can still get dressed up and dance to your favorite songs\u00a0 with your friends \u2014 just with cheaper concessions and no lines for the bathroom.\u00a0<\/p>\n
Keeping a budget and making a financial plan will save you a lot of stress in the future, Palmer said. Sticking to one now means you can buy another ticket stress-free when the next tour comes around.\u00a0<\/p>\n
\u201cFocusing on making a budget means you have a framework for these decisions,\u201d she added. \u201cIt takes the guilt out of the equation.\u201d\u00a0<\/p>\n
See also:<\/strong> \u2018We\u2019re literally being stolen from, in plain sight\u2019: Musicians are tired of venues taking their T-shirt money, and they\u2019re fighting back.<\/p>\n<\/p><\/div>\n