Many millennials and Gen Zers are planning to take on debt as concert season returns. Here’s how they can avoid it.
It's important to note that debt, in this scenario, is avoidable — and unecessary.
"You don't need to consider going into debt to go to a show," Douglas Boneparth, president and founder ofInstead,"build up your discipline in spending," Boneparth says."Focus your time on earning more money so you can afford these things or save up for these things and make that your priority." You can also consider ways to cut costs. If you're planning to attend a music festival, purchasing an early bird ticket usually offers a lower price, for example. The only catch is that the full lineup is sometimes not released — although 20% of consumers don't mind the lack of knowledge if they can get a deal, LendingTree reports.
Other strategies include looking into group discounts, or credit card and airline benefits, such as sign-up bonuses for new cards. However, if you choose to use a credit card for concert tickets, be mindful of your spending so you don't take on debt there. At the end of the day, the only true way to avoid debt is to plan your spending for the months leading up to the event around the event itself. When it comes to concerts and music festivals,"you should never be in a position where you're planning on debt," Boneparth says.
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