What festivals can teach you about money

With summer finally here in the UK (current rain aside) the festival season has begun. It’s not long until you’ll be enjoying live music and some al fresco drinking, but before you set off you’ll have got yourself fully prepared (you really don’t want to forget your toilet roll!)

But whilst you are getting prepared for unexpected showers and unscheduled costs, you should also apply the same preparations to your finances. With this in mind – here are some ways going to a festival can help you manage your money in the future.

Prioritising

One of the best things about festivals is getting to see your favourite bands live, but what happens when there is a clash? Unless you are happy to spread your time between the two, you are going to need to do some prioritising. Which is exactly what you should be doing with your cash.

Unless you have an unlimited about of money to spend whenever you want, you’ll have to prioritise your money. Making sure your bills and expenses are covered is more important than spending on other things like entertainment, so learning how to prioritise your money is essential.

Get ready for rain

It’s the UK summertime and you are going to a festival – chances are it will rain, it’s practically a tradition! As long as you are prepared with a good rain mac and some funky wellies you’ll be fine.

The same goes for your finances. Chances are that you’ll experience an ‘unexpected shower’ once in a while, so as long as you have a rainy day fund prepared, you’ll be fine. Start saving as much as you can spare into a separate account, so that you can use this as your ‘protective umbrella’, and you won’t be stuck in a rut when the storm hits.

Insurance

It’s a good idea to make sure you get insurance when you buy your festival tickets. You often have to buy them many months in advance and you have no way of telling what might happen closer to the time of the festival. If you found yourself injured or too ill to attend, you could lose hundreds on your ticket.

The same goes to your other finances. Would you be able to cope if you lost your income for a while? If not, you should consider income protection insurance. It will be there to cover a loss of earnings if you are unable to work due to an illness or injury. It may not be for everyone, but if you would really suffer without your income, then you should consider it.

monese

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