Football fans know how fun football season is. But for those who like to buy season seats, snag the latest team merch, or put money down on games with their pals, it can also be a burden to your wallet.
According to a SunTrust survey conducted by Harris Poll, 72 percent of self-proclaimed college football fans are willing to give up something to save for tickets, lodging, tailgating, team merchandise and other activities. According to the poll, 48 percent would cut back on eating out once a week; 33 percent would forgo their gym membership; 31 percent would give up online shopping services; 27 percent would cut the feed on streaming video services; and 22 percent would sacrifice a vacation.
According to SunTrust-sponsored analysis by Wakefield Research, the average costs for college football fans in the Southeast this season will be $1,212. The average cost increases to $4,232 if hotel stays are included.
To help, SunTrust offers the following tips to help you enjoy the season without racking up penalties:
Build a Game Plan. When it's third and seven, the right play can make all the difference. The same goes for your finances. Start by building a budget that's based on the things you value most. Whether it's saving for championship tickets or buying a new home, recognizing what’s important can help you prioritize where your money should be spent.
Down, Set, Save! Tackle your savings goals by setting aside money for your own "fan fund." And to keep your savings consistent and on track, set up automatic transfers into your fan fund for an "Automatic First Down."
Go Long! Set up an investment strategy that will help you score lifelong touchdowns. These smart investments will help you achieve long-term goals like retirement savings while also enjoying home game season tickets in the meantime.
Source: SunTrust Banks, Inc.