Have you ever thought about how much of your income is spent on entertainment? How much do you spend every time you go to the movies? …or to a sporting event? …or to a concert? Do you find yourself buying TV sports packages every season? These may be some expenses that you are overlooking.
These expenses, like all others, are important to keep track of so you don’t end up not being able to pay off the more important debts. According to the US Department of Labor (http://www.bls.gov/news.release/cesan.nr0.htm), the average American family spends a little over $2,500 a year on entertainment or about 5.5% of their earned income. This breaks down to more than $200 a month. How much is your family spending on entertainment?
There is a lot of entertainment outside of the home that is not as pricey and even free. Families should take advantage of several free events that take place in the city/town. Spring and summer is peak time for free outdoor festivals! Or if you would rather stay inside, most movie theaters offer discount days or cheaper prices when you attend a movie earlier in the day.
Weigh out the financial costs and benefits before buying tickets to that next great concert or professional sports game. Tickets can go for hundreds and even thousands of dollars for these events. Are they really worth $500? Maybe they are, but what else can $500 buy you? Is it worth to maybe pass it up and have the money to put towards something else? These are all decisions we must make when thinking about our entertainment costs.