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Five things festivals can teach you about money

Rainy days and unexpected costs aren’t just part and parcel of UK festivals – they’re also cash traps we should watch out for in our day-to-day money matters.

Festival season is now well underway with Glastonbury, the UK’s biggest music festival, happening in just a few weeks.

So with our music and money themed playlist ready to go, we’ve taken a look at how your festival experience can actually help you manage your money a little better.

You need to prepare for a rainy day

It’s the summer in the UK, and rain at a festival is as much of a tradition as no showers and epic coach journeys home. But as long as you’re prepared for a change in the weather with wellies and a raincoat, you’ll still be able to enjoy the music.

The same goes for your day-to-day life. Something will probably go wrong at some point. It could be unexpected repairs to your car, emergency dental work or a spell where you are unemployed.

All of this could hit you hard if you don’t have a savings buffer. But if you can put aside a small amount, you’ll be able to cope if you suddenly need a large sum of cash.

You need to prioritise

One of the annoying parts of any festival is the band clash when two (or more) of your favourite acts are on at the same time on different stages. Unless you are willing to dart across the festival site, you will probably need to prioritise who you see.

It’s a similar story for your cash. Unless you’ve got enough money not to worry about what you spend, you most likely have to make decisions about money every week.

It could be cutting back so you can afford a holiday, or staying in one night so you can afford to go out the next.

If you’re in a situation where you have scaled back your spending but worry you’ll still not have enough for bills and debts, some are more important than others.

Prioritise bills such as Council Tax (non-payment could put you in jail) and your rent (so you don’t get kicked out of your home).

An accident can stop you working

Rock legend Dave Grohl and his band The Foo Fighters had to cancel their headlining appearance at the 2015 Glastonbury after he broke his leg a few weeks earlier.

Dave’s got a fair few million pounds so he managed to get by without the money, but if you had an injury that stopped you working, could you cope?

Income protection is an insurance policy you can buy to cover a loss of income if you are unable to work due to an illness or injury.

It’s not for everyone, but if you would struggle to pay your bills if you couldn’t work, it’s worth considering.

Someone will be there to help you

Something we love about festivals is how everyone is a lot nicer and more chilled out. If you get lost or into trouble, there are stewards and friendly festival goers happy to point you in the right direction. All you need to do is ask for help.

Unfortunately, that’s something many don’t want to do when it concerns their money.

Whether it’s pride, embarrassment or just not realising the extent of their problems, people often leave it too late to seek help.

Fortunately it’s easy to get free and independent advice across the country. You can use our debt advice locator tool to find someone near you.

The best experiences don’t need to cost the earth

Spending all your money on your ticket, travel, food, drink and the latest festival fashion accessories quickly adds up and could leave you with nothing until the next payday.

Though it’s tempting to go for the events with the biggest names, you can probably find a cheaper festival with a vibe and bands that work for you – whether you go for a smaller, more intimate affair, or a free local party.

If you take that principle into account when you spend money elsewhere, you’ll also be able to make sure you live within your means.

Choosing a less expensive alternative or making do with what you already have not only keeps you on budget, but can give you extra cash to put aside for savings, short or long term.

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