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Why So Many Concerts? How To Keep A Close Eye On Your Budget And A Closed Wallet

It is good year for music lovers all around Southeast Asia. Major global artists such as BTS, The Weeknd, and Post Malone have announced their world tours, with some dates scheduled to run into next year. But to fans of multiple artists, this could either be a blessing or a curse. With so many of your favourite artists coming to your country, how is it possible to keep your wallet in check? Spending on one concert ticket is manageable, but spending on multiple concerts is just improbable. Yet, your favs only tour once every few years, so the dilemma is pushing and pulling you to decide. For those who did not expect their favourite artists to visit their countries, this seems like another “special” occasion for overspending. But before we talk ourselves into buying the tickets, let’s ponder over your decision with these questions.1. What’s your concert budget?Concerts can be expensive, especially if you’re planning to buy VIP or front-row seats. A single VIP ticket can cost up to $400, which is worth roughly around 100 meals in your home country (yes, we did the math)! While it may seem worth it to get a closer look at your idol’s face in real life, it is important to take a step back and think about your budget objectively. Many have allowed the feeling of FOMO (Fear of Missing Out) to sway their decision, causing them to spend more on concert tickets than they can comfortably afford. Although your favourite artists rarely tour in your country, you still need to strike a balance between attending your favourite singer’s concert and keeping your financial goals on track. If not, spending impulsively on your concert tickets can lead to other financial concerns, such as reduced savings, credit card debt (if you fail to pay back), and financial stress which may force you to cut back on essentials.2. Can you save up before the concert tickets launch date?There is a gap between the day an artist announces their concert dates and the day tickets go on sale. Depending on the event, it can range from 2 weeks to a few months. If you’re lucky, the window can even go up to a year! Using this window, you can consider opening an “Entertainment Jar” and start setting money aside for your tickets. This jar is to help avoid you from dipping into money that are meant for your essentials. Making monthly contributions to this jar can bring you one step closer to buying your concert tickets without straining your finances. This will also come in handy when you have multiple concerts you wish to attend. If you are disciplined enough to contribute certain amounts every month, you have a higher chance of attending all your preferred shows without relying on debt or Buy Now Pay Later payment plans.3. Should you Buy Now, Pay Later (BNPL)?Nowadays, many service providers are offering payment plans such as BNPL for big purchases. You might come across these options when you are booking your hotels, purchasing your merchandise or even securing your tickets. Spreading your payments into smaller instalments may feel affordable, but they are just a different form of debt that should be taken on responsibly. If left unchecked, multiple stacks of BNPL can easily strain your monthly cash flow. If you happen to have enough savings to cover your concert costs, try to avoid BNPL options. If not, calculate the monthly BNPL payments with your monthly expenses and ensure you can comfortably afford the repayments. Also, opt for the ones that with 0% interest, when possible, to avoid driving up your expenses.4. Which concerts can you skip?With so many artists touring this year, chances are your favourite artists are on that list, and you wish to see all of them. However, it can be very costly to attend more than one concert a year, depending on your budget. If you cannot afford attending multiple concerts, perhaps you need to be honest with your budget and prioritise the concerts you MUST go. Now there are many ways to do this. You can choose the ones with cheaper ticket prices, the ones with better venues or you can also rank which artist is least likely to tour again.Here’s a small checklist to help you out:If it is more than 5 ticks, then this concert is worth prioritising. If it is anything less, then you will need to think carefully and compare it with the others that have the similar number of ticks.5. Are there any hidden costs?There are other expenses to factor in when you attend a concert, such as your transport, merchandise, light stick (for Kpop fans), and even a new outfit if you wish to dress up for the occasion. If you are going to a concert in another country, you also need to include your accommodation, flight tickets, food and other travel-related expenses. Once you combine all these expenses with your concert ticket, it reveals the actual cost of your concert experience. Therefore, it is crucial to do your research before securing your concert tickets. You can compare the total cost of attending the concert in your own country and travelling overseas. Or you can look for other expenses to cut so you can stay within your budget. There are more costs to attending a concert than just the ticket price.After asking yourself all these questions, do you still wish to proceed? If so, then go ahead and book those tickets. Concerts are still memorable experiences that are not be missed, especially if they seldom take place at your country. Just remember that they are not worth placing yourself under financial stress. Overspending on a one-night occasion can take months to recover from, so plan your concert budget carefully and spend within your means.