Creating an entertainment budget may not be the most exciting thing that a family does together, but it can provide a number of benefits. Having an entertainment budget means not having to take money from other necessary areas to fund a restaurant meal, a night at the movies, a family bowling night or other fun outtings. A sensible budget allows families to plan ahead for larger entertainment expenses while seeking more frugal choices for the immediate future. With a budget in place, the family knows exactly how much money they have to spend and can have fun with worrying about how to pay for other things during the rest of the month.
But the first step toward creating an entertainment budget is also the hardest and it involves tracking entertainment expenses for a month. Many families that do this are shocked by how much they spend on concerts, movies, restaurants and other entertainment. Though the results can be surprising, they are also enlightening. With this information, your family will pinpoint where those entertainment dollars are spent and can then start to look for ways to reduce these costs.
It’s time to set entertainment budget goals. If the dollar amount that’s currently being spent on entertainment seems out of hand, than it’s time to put a cap on it. Start by laying down a few entertainment rules. Consider restricting movies viewed at first run theaters to once a month, and resolving to rent DVDs and visit second run theaters to see other films on a limited basis. Cut down dining out to a once a week venture and think about spending more time at the park than the arcade.
Build a little wiggle room into the entertainment budget to set aside money for pricier events. If the whole family is hoping to score Hall and Oates tickets, then it’s important to start saving early. Find out when the concert will be in town, then visit Stubhub to figure out how much the tickets will cost. Then, divide the cost by the number of weeks remaining before the concert to find out how much money needs to be set aside from the entertainment budget each week so you can afford those tickets. Measures like these make it possible for the family to still enjoy premier events from time to time without having to rely upon credit cards or raiding the savings account.
The easiest way to live with an entertainment budget is to get the whole family involved. When it’s a team effort, budgeting is usually far more successful. Each family member should have a vote on how the entertainment money will be distributed during the month. After all, the purpose of such a budget is to ensure that the whole family gets to have fun together. This will undoubtedly mean a fair share of compromising, but it’s a great learning tool for the kids to teach everyone how to work together, and it will also hopefully bring your family closer to each other and allow all of you to get along a little better.
If you’re ready to start tackling your entertainment budget, just remember how simple it is. Start tracking entertainment expenses first to find out where the money is going, and then decide how the whole family would prefer to see the entertainment money spent. It’s a great way to get a handle on expenses, get your family working as a team and occasionally attend premier events.
