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Ways to Save Money on Entertainment

– Posted in: Everything Home, family, Managing Your Finances, Money Management

Entertainment budgets are tough to plan on without considering all things for the coming months. Most people simply assign a set number to their entertainment budget and then work the rest of their budget out around it. Why? Because we greatly value our fun! Everyone wants to have a good time and a certain amount of entertainment is necessary to live a happy life. Note that I did not say a certain amount of cash…

That said, here are some ways to save money on your entertainment needs  that will help you stay on track in all categories of your budget:

Ways to Save Money on Entertainment

Always survey the landscape coming first

Before you even think about considering an entertainment budget number for the month, make certain you have gone through all the things that are coming in the coming months. Most people look at the coming month and completely forget about looking longer. If you are budgeting November, for example, it would be unwise to budget as though Christmas is not around the corner. Do this in all months with known expenses that are coming.

Put emergency funds and paying yourself first

You would be shocked at the number of people that look to their entertainment before they look at personal savings. This is a surefire way to find yourself in trouble if anything goes wrong. (When, that is)

Set up a personal savings account that you pay yourself every payday and also an emergency fund.

These two things are always before entertainment.

Remember that entertainment budgets don’t determine fun 

You can have all kinds of fun without having to spend money! The biggest mistake that people make is to set their fun expectations in line with how much money they have to spend. Forget that! Money is not necessary to have a great time and there are a million variations you can enjoy to make it different each time. You are not budgeting your fun!

Five percent is a general rule of thumb 

Assuming you have the room in your budget, five percent is a rough estimate of what the average family should use. As your salary grows, so grows the potential for more entertainment budget. This is not a hard and fast rule by any means simply because not everyone has the same debt. If you have less debt and can make more room, then perhaps you can improve on that a bit. If you have more debt….you get the idea.

The above mentioned ways to save money on entertainment is really not tough if you do it in the right order. Take care of your other expenses and debts and then look at what room you have to spend money on fun. If you have little to even no money for entertainment, then find ways to have fun that are free. There are plenty of options out there!

 

14 Comments… add one
Melanie S. February 21, 2014, 11:04 am

Yes, I really have to try to remember that budget isn’t everything. When I was younger, we didn’t have a lot of money to spend, but we always had fun!

Vinma February 21, 2014, 4:37 pm

you are right Melanie! There are numerous inexpensive options for entertainment that are available today. It does not need to drill a hole in your finances.

becka February 21, 2014, 11:20 am

Thank you for the advice. We are always looking to do fun activities while remaining in our budget. I like the tip about making sure to have emergency money first. Never know what might come up.

Vinma February 21, 2014, 4:36 pm

Yes! Having an emergency fund can come handy on situations, for sure!

Ashley S February 21, 2014, 12:08 pm

Great tips!! I’m always looking for ways to save and have fun at the same time :)

Karen Glatt February 21, 2014, 4:27 pm

With Cable bills high, I call this my entertainment budget, and watch old shows and movies on cable to save me money. I rent new movies at the Library and use Red box codes and rent their $1 movies. I am not going to spend a lot on entertainment. I need to keep my money saved. Thanks for these tips.

Vinma February 21, 2014, 4:35 pm

That is very wise Karen! We do not have to spend ton of money on entertainment. With so many options available these days, it is not even that hard to save some money to have a good time! :) Thanks for stopping by!

Mary (Cozy Little Book Journal) February 21, 2014, 11:59 pm

Oh I think our entertainment budget is “close as possible to free” these days, but that’s not actually that bad if you look around. There are quite a few free things out there.

Jasmine P February 22, 2014, 11:50 pm

This is great! It’s easy to find ways to have fun on a budget!

natalie parvis February 23, 2014, 1:03 am

These are great tips. We like to go to different parks or just walk around downtown. We live really close though.

Rebecca Wilson February 23, 2014, 10:25 pm

Informative article. And as you say having fun can be free, luckily for most of us :D

Shannon February 25, 2014, 5:34 pm

Thank you for sharing this with us, have a lovely day.

shylo57 March 1, 2014, 11:30 am

I love your ideas on creating a budget, which is my weakness. You are so right, we need to pay ourselves first and I find it interesting that your idea of paying ourselves first is to create a savings account! That is a very original & creative way to word “We all need a personal savings account!”

RICHARD HICKS March 1, 2014, 5:06 pm

I like the tips for saving money for entertainment. Too often it is easy to run out of money by the end of the month.

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