Love Your Favorite Musician on a Budget
Love Your Favorite Musician on a Budget
How Being a K-pop Fan Taught Me Financial Management
I know it might sound ridiculous, but being a K-pop fan has actually taught me a valuable lesson in financial management. And trust me, I learned this lesson the hard way. After joining the fandom in 2016, I found myself almost draining my bank account due to my impulsive spending on artist merchandise that I wanted, but didn’t necessarily need. As a newbie, everything just looked so tempting to buy.
Being a fan can be quite costly. From new vinyl releases to merchandise collections and tours, the expenses can quickly add up. Megatours from popular artists such as BLACKPINK, Beyoncé, Taylor Swift, and Bruce Springsteen have even been accused of contributing to inflation as fans flock to stadiums, paying for their experiences and outfits. It’s easy to get caught up in the excitement and overspend without realizing the consequences.
The Art of Financial Management for Fans
Breaking down your spending sessions and taking account of where your money is going each month is essential to develop one of the most important and valuable habits—financial management. So, let’s dive into some tips and tricks that will help you live your best life while supporting your favorite artists.
1. Put the merch you no longer want up for sale
If it has been a while since you last checked on your old fan merchandise, it might be time to declutter your stash. Give each item a good look and ask yourself if it’s still something you want to keep or if it’s better off listed on an online marketplace, where someone who has been looking for it can find it. You might be surprised by what people consider valuable collectibles, and selling them can help you recover some cash from your past spending spree.
2. Utilize available online discounts
Saving money doesn’t mean completely cutting off your spending. If you’ve been eyeing a particular merchandise item or eagerly waiting for your favorite artist’s latest release, don’t write it off entirely just because you’re trying to save. Artists’ online merchandise stores often offer discounts throughout the year, especially during holidays or birthdays. Being savvy about timing and taking advantage of these discounts can help you strike a balance between indulging your passion and managing your finances.
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3. Finding the right concert ticket prices
When it comes to concert tickets, getting the best seats at face value can be a daunting task. However, taking advantage of presale opportunities can increase your chances of securing your top choices. Many big-name artists partner with music streaming services like Spotify to offer exclusive presale codes to their most dedicated fans. This early access allows you to grab tickets before they sell out and at regular prices, saving you from the often-expensive resale market. Additionally, credit cards often offer rewards perks that include presale deals, so checking for such offers can give you even better chances of getting affordable tickets.
4. Use savings tricks to fund your fandom
One effective way to limit your spending on your favorite musical acts without making drastic changes to your lifestyle is by employing savings methods. For example, if you anticipate a tour coming up in a few months, you can start putting a fixed amount of money, like $100, into a high-yield savings account every month. This way, your money will grow with interest, and when it’s time to buy a ticket, you’ll have saved a significant amount.
Some banks, like Bank of America, and savings apps, like Acorns, offer features where each time you make a purchase with a debit or credit card, the amount spent is rounded up to the nearest dollar, and the difference is transferred to a savings account or investment. Although it may seem like small change in the moment, it accumulates over time, allowing you to save considerably without feeling a big impact on your budget.
5. Make a trip out of it
If you don’t live in a major city or country, traveling to see your favorite artists perform might be your best option. However, it’s worth checking if ticket prices in other locations are lower. Sometimes, a concert in a different city or even another country can provide more affordable ticket options. Combining experiences, like organizing a girls’ trip to a destination where your favorite artist is performing, can save you money on travel and accommodation expenses, making the overall cost more manageable. Just remember to plan ahead, set a budget, and take advantage of any travel deals that align with your concert plans.
6. After supporting your stars, don’t forget to cancel unnecessary subscriptions
When your favorite celebrity collaborates with a brand or streaming service, it’s tempting to support them by signing up for the associated network. However, many people forget to cancel their subscriptions after the initial excitement wears off. Make it a point to review your subscriptions regularly, identifying and canceling those that you no longer need or use. It’s a simple way to save a significant amount of money each month.
Keeping Your Spending Habits in Check
At the end of the day, it’s crucial to remember that while spending on the things you love is part of what makes life enjoyable, keeping your priorities in order is equally important to ensure your spending doesn’t get out of control. By implementing these saving methods and being mindful of your financial habits, you can make your money work for you and continue supporting your favorite artists without derailing your financial stability.
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