The average American spends around $216 per month on entertainment. This includes things like streaming services, movie tickets, concerts, sporting events, and more. With the rising costs of daily necessities like food and gas, many households are looking for ways to trim their entertainment budgets.
Cutting Cable and Streaming Costs
For many the biggest chunk of entertainment spending goes towards cable bills and streaming services. The average cable bill is around $100 per month. Combining multiple streaming services like Netflix, Hulu, Disney+, and more can also add up quickly. Looking for ways to cut costs like sharing logins or alternating streaming services monthly can help lower this expense.
Enjoy Free and Low-Cost Activities
Doing free or inexpensive activities is another great way to cut back on entertainment costs. Things like using your local library for movies and books, going for a hike, having friends over for game nights, or looking up free events in your community can provide fun without spending a lot.
While trimming the fat in some areas, many also still have room in their budget for the occasional splurge on bigger forms of entertainment like concerts, sports games, theater performances, or date nights out. The key is balancing everyday costs with the splurges so they don’t get out of hand. Using memberships, coupons, and waiting for sales are great ways to still enjoy these things while keeping to a comfortable budget.
Entertainment costs often shift depending on the time of the year. In the summer months, people tend to get out more which likely increases spending on things like dining, activities, and travel. While the fall and winter months tend to lend themselves better to indoor entertainment like streaming movies during the cold weather. Keeping these patterns in mind as you budget can help align your spending with the seasons.
Save Up for Big Events
If you have a big concert, game, or event you want to attend within the next few months, starting a simple savings plan can help ensure you have the funds available when needed. Identify where you can trim a few dollars from weekly spending and set them aside for your fun experience. Before you know it those small weekly savings will add up.
As life changes, so do expenses and income available for entertainment. Getting in the habit of revisiting your budget every few months enables you to catch any lifestyle creep and readjust accordingly. Take time to recognize what is working and what needs improvement. Maintaining reasonable entertainment spending is important for both enjoying life experiences along being financially responsible.