How to save money on sports without giving up the games

With inflation so stubbornly high, it’s not very hard to remember when the cost of almost everything was much cheaper. But that’s especially true when it comes to sporting events.

The old days of catching a ball game with family, having some snacks, and maybe buying some merch, all for an affordable price? Almost gone. These days, it’s going to cost you. However, loving a local sports team is one of life’s pleasures, and you don’t want to deny yourself that just to save a few coins. But you do want to be smart about your spending

How much do people spend on sports each year?

The average fan spends $1,600 a year to support their teams, and hardcore fans spend even more, at $2,200 annually, according to Ally Bank's "The Cost of Fandom" report. Millennials are the generation spending the most to cheer their teams, at $2,050 a year on average.

Tickets are the biggest source of overspending, followed by food and drink, apparel, and travel. Here is how fans in the Ally Bank survey said they overspend:

Those costs add up quickly. These days, being a fan is going to cost you, which is why a plan matters.

Why does sports spending get out of hand?

Sports spending spirals when fans treat every game as a must-attend event instead of a form of entertainment they choose within a budget. Peter Kosanke, a financial planner in Tucson, Ariz., sees sports-related spending as an increasing challenge for many of his clients. He sees it in his own life, too, as a big fan of the University of Arizona Wildcats, his alma mater.

This year, the school's men's basketball team made it all the way to the NCAA Tournament's Final Four. Following them there cost Kosanke around $5,000.

Kosanke's key point is that you have to think of sports as "entertainment, not an unlimited obligation," he says. If you go overboard, the result is a debt hangover you could be dealing with for a long time to come.

"Budget for the memories, not the maximum number of games," Kosanke advises. "One well-planned event with people you care about will usually deliver more lasting value than a season of spending you later regret."

3 ways to save money on sports

You can save money on sports by setting a limit, preparing in advance, and getting creative about tickets. Each step below works on its own, and together they keep game day affordable.

1. Set a limit on your sports spending

Decide how much of your monthly discretionary money can go toward sports, and then stay inside that number. If you are on a fixed salary, your monthly budget holds little mystery. You already know how much goes to fixed expenses like housing, heat, and water, and how much is left over for more discretionary spending.

Allow yourself room for those 'wants', including sports, but confine yourself to those limits. A typical budgeting framework is called "50-30-20," which divides your income between the primary categories of needs, wants, and savings.

The danger is spending beyond that framework. If you start putting sports tickets on credit, you are tacking on 20% interest rates that could send you into a serious debt spiral.

2. Plan and save for specific games in advance

Pick the games that matter most to you, estimate what those tickets will cost, and start saving for them weeks or months ahead. You likely know your favorite team's schedule many months in advance, which gives you plenty of time to be selective and plan it out.

Few fans actually do this. According to the Ally Bank survey, 85% of fans have no such savings fund.

Skipping a savings fund is a mistake, because a small amount saved every week, earmarked for a dedicated savings fund, is much easier to swallow than a large sum all at once. With enough planning and lead time, your savings can also work on your behalf by generating interest in higher-yielding accounts. With Current's Savings Pods, for example, you can earn up to a 4.00% annual bonus on your money. 

3. Get creative with tickets and venues

A ticket's face value is not necessarily the price you will end up paying. Timing, weather, and resale markets can bring the cost down dramatically, and minor-league and college games offer a fun experience for far less.

Try these tactics:

1. Wait for bad weather. If it is a bad weather day at an outdoor stadium, wait until the last minute and check resale prices. You might get a little wet and cold, but you could save hundreds of dollars to see the same event everyone else paid through the nose for.
2. Look beyond the pros. If professional leagues are just too pricey, think about the minor leagues or the athletic teams of local universities, which offer fun family experiences at a fraction of the cost.
3. Tailgate first, buy tickets last. Enjoy the pre-game atmosphere with friends, then check resale prices right before the game starts and only buy if the price is right.

That third tactic comes from financial planner Sean Lovison of Moorestown, N.J, a fan of Philadelphia teams. He recalls the "best hack I've ever heard" from one of his former co-workers, who used it for Flyers hockey games.

"They'd grab cheesesteaks or hoagies on the way down, pay for stadium parking, and tailgate with all the fans and get the pre-game energy," he says. "Right before puck drop, they'd jump on a ticket reseller and check ticket prices. If they scored cheap seats, they walked in.

"If prices stayed absurdly high, they packed up, drove home, and caught the rest of the game on TV -- having already spent quality time together at a fraction of the cost."

What is the takeaway for saving on sports?

You do not have to choose between being a fan and being smart with money. Set a spending limit you can live with, save a little each week for the games that matter most, and stay flexible about when and where you buy tickets. Do that, and the memories from game day will outlast any bill.