Taylor Swift’s boyfriend is going to the Super Bowl -- and her fans are willing to spend thousands to potentially catch a glimpse of the star.
Swifties that are attending will spend an average of $7,094 this weekend, according to a Greenback Expat Tax Services Study. That includes $4,619 for a game ticket, nearly $2,000 in travel and accommodations and over $500 in tailgating for the big game. All in hopes that Swift will show up for her boyfriend, Travis Kelce, the Kansas City Chiefs’ tight end.
Since the Super Bowl teams were determined only two weeks ago, Swifties had little time to prepare. Even though it’s a once-in-a-lifetime experience, experts strongly urge anyone thinking of buying last-minute tickets from spending this hefty amount on a whim.
By the numbers, 21% of Swifties are willing to work an extra job or take on a side hustle to spot Swift at the big game. Additionally, 1% of respondents said they’d be willing to lose their job or “sell an organ” to attend the Super Bowl -- an indication of just how dedicated some fans are. (Note: While we assume that 1% was joking, we’d like to point out that it’s illegal to sell organs.)
“I’m all for enjoying life and building in once-in-a-lifetime experiences, but without a solid plan to pay for it in cash, it can turn into a long-term mental nightmare,” said Bernadette Joy, a personal finance coach and CNET Expert Review Board member.
Here’s what you should (and shouldn’t) do to afford a big event like a last-minute purchase for Sunday’s big game or Eras tour tickets later this year.
Set up a sinking fund
If you want to splurge on a big event or weekend away, it’s best to set up a sinking fund. A sinking fund is a savings account dedicated to a specific short-term savings goal. You can regularly contribute to the fund to set aside money for when the time comes to purchase the ticket, while earning interest. Setting aside $20 to $30 regularly can add up. You may even choose to add more if you want to attend more concerts or trips.
“I have a contingency fund that’s not just for emergencies but for situations just like this,” Joy said. “I plan on going to the Usher and the Justin Timberlake concerts with money I saved for fun things, not when things just break down.”
You may still choose to take on a side hustle or second job to help you reach your goal, but you’ll worry less about missing a big event or forgoing a necessary repair once the goal is a part of your monthly budget.
Weigh your financial priorities and consequences
If you’re thinking about spending on a once-in-a-lifetime experience, make sure your other short- and long-term financial priorities and responsibilities aren’t taking a hit from the big purchase you want to make. Even if you can afford it.
“It’s so easy to believe (especially in our twenties and thirties) that we can be a little irresponsible with our money because we have time,” said Alaina Fingal, owner of The Organized Money and a CNET Expert Review Board member.
Many times when we think about the financial consequences of unplanned purchases, we think about how our choices might impact goals. And big decisions, like a last-minute ticket to the Super Bowl can have a massive impact on our finances for years.
“This purchase could affect disposable income, savings, investments and debt payoff for months, possibly years,” Joy added.
For instance, if you don’t have an emergency fund set up, you may not be prepared for an unexpected event like a car repair or an unexpected medical bill. So instead of spending your tax refund check on concert tickets, you may put a significant amount of the money toward your emergency fund. Then you may decide to put the rest toward your sinking fund for a big event.
Don’t swipe your credit card if you don’t have the cash
It may be tempting to put a purchase on your credit card and worry about the payment later. But it’s not recommended. Credit card interest rates are already over a staggering 20% APR and aren’t expected to drop any time soon. Joy only recommends using a credit card for purchases if you can pay it off immediately.
“If you don’t know when you’d be able to pay it off, go back to your budget and move some other priorities around to see if you can make space for it,” Joy said.
Otherwise, you may be on the hook for credit card debt that can cost more than the initial purchase over time and delay other financial goals you may have. It can also mean having less time (and money) for your own self-care or spending time with people because you’re working to pay off the once-in-a-lifetime experience, Joy said.
Correction, Feb. 8. 2024: A previous version of this article incorrectly stated the percentage of people who would be willing to lose their job or “sell an organ,” to attend the Super Bowl.
