No More Breaking The Bank..How to Save Up for Beyoncé's World Tour
The announcement of Beyoncé's Renaissance World Tour broke the Internet yesterday. Fans worldwide pre-registered for the upcoming tickets on sale on February 6. Throughout Twitter, I noticed several memes touting the idea of going broke for an opportunity to witness Beyoncé perform, Break My Soul, among other hits this summer.
Tweet by @thecindynoir
Tweet by @flynanced
Now I know people love Bey, and I enjoyed my time at her 2016 Lemonade Concert in Philadelphia. However, I think about how many people are willing to go in debt because of these tickets. Unsurprisingly, the announcement came on the first day of Black History Month and the beginning of tax refund season.
I want anyone reading to not be indebted to their lifestyle or these tickets, so here are a few ways to save for the upcoming concert.
1. Establish a budget. How much are you willing to spend on these tickets? I want you to think of it in terms of paychecks. This event will cost me a 1/3 or 1/4 of my paycheck. Once you've established a budget, it's time to plan.
Let's say the event will cost you about $615 (I am being conservative with my numbers - currently, ticket prices on resell sites are $567 and up. This is not the general sale price.)
Tickets $350 (Lord willing)
Parking $35
Gas $50 (if it's in your city)
Outfit $120
Dinner beforehand $60
2. Take this total and divide by 4. That’s four payments to reach your goal. That's $153.75 across four paychecks. Again, this is just an example for a very conservative ticket.
3. Open a High Yield Savings Account. You can save these funds in a High Yield Savings Account. A high-yield savings account is a high-interest account that allows you to earn money on your deposits. Depending on the institution, there are limitations on withdrawals, and it will take about 1-3 business days to receive your money, but it's a great option to save money and earn some extra funds. I share more about HYSA in a previous blog post.
4. Opt to fly abroad to see Beyonce. I watched @brokeassgirltravel reel a few days ago, and she mentioned seeing Drake and others in concert across the pond. The seats cost less than in the US, and the venues weren't massive stadiums. You will have to cover flights and hotels, but if I’m spending $615 already, I might as well make it a trip!
5. Lastly, you don't have to go at all. It's your money, and you can decide how you spend it. If you choose not to go, try to invest the amount, you would've gone into a brokerage account or your IRA.
Am I going? Well, my little sister is interested in going (got to love college students). I will be in a mid-career transition, so I wonder if it's the best time for me to spend money. I thought of going to Barcelona as a trip with my mom, so we shall see. If you're going, be safe and spend wisely. Please share your money-saving tips with me below! If you have any questions feel free to connect with my on Instagram - @jasminelikepaul.
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*Please note I’m a Certified Financial Education Instructor. I share are tips and tricks that might help your financial journey. This is not financial advice.