Whichever sports you love most or teams you follow, you understand that sports fandom is truly a way of life. You know the thrills of victory and the agonies of defeat on a personal level, and you spend a lot of time and money pursuing your love of sports in a multitude of different ways.
Unfortunately, these spending levels can get out of control for some people. Accordingly, it’s important to have financial strategies in place to support your sports fandom.
Being a Sports Fan Is Expensive
Being a sports fan can be expensive. If you want to go to a pro game, it could easily cost you hundreds, if not thousands of dollars. If you want to gamble, you’ll need to do so responsibly or else hemorrhage money uncontrollably. And even if all you want to do is relax at home while watching the game, you’ll probably need to pay for the appropriate streaming services or packages to see the games you want.
If you’re not careful, your love of sports could end up costing you thousands of dollars every year. So what can you do to manage this and potentially offset it?
Financial Strategies to Support Your Sports Fandom
The best strategies come in three main varieties. First, there are strategies that allow you to reduce what you spend without compromising your love of sports. Second, there are strategies to increase your income. And finally, there are strategies to help you control what you spend in other areas.
Let’s take a look:
- Set a strict budget (and follow it). First, make sure you set a strict budget and follow it precisely. This applies to both your sports-related spending and your spending in other areas. Too often, people spend recklessly and without thinking, spending for as long as there is money in their checking account (and sometimes beyond that). If you’re going to be a financially responsible sports fan, your first step is getting control over this. Understand how much income you’re making, how much you spend in different necessary categories (like housing and utilities), and how much you can reasonably spend on hobbies and entertainment as a result.
- Invest in real estate. Investing in certain types of real estate, like multifamily housing, can be enormously beneficial for your long-term finances. Real estate gives you a chance to generate recurring cash flow by attracting tenants and managing your properties actively. On top of that, properties tend to appreciate over time, allowing your initial investment to grow. It’s all part of a well-diversified portfolio – and an excellent opportunity to generate passive income you can use for buying event tickets, gambling, or securing new memorabilia.
- Invest in dividend stocks. Another passive income opportunity is stocks that pay recurring dividends. These investments require nothing from you other than an initial purchase; from there, as long as the company continues performing well, you’ll be entitled to a small quarterly dividend, based on how much stock you hold. In some cases, this can generate 4 percent of your principal or more in annual dividends.
- Start a blog or podcast. Do you want to share your passion for sports with other people? Consider starting a blog, a podcast, or some other content medium. If you can reach a new audience and give them something valuable, you can make some extra money while immersing yourself in your passion for sports at the same time.
- Take on occasional side gigs. In addition to investments, blogs, and other forms of content creation, there are countless side gigs you can pursue. If you’re looking for some extra gambling money, or if you need to save up for a big upcoming game, consider taking on extra work like delivering groceries or walking dogs. You could even drive for a ridesharing service during a big game – so you’ll have the opportunity to drive and talk to other sports fans.
- Watch (and throw parties) at home. You don’t need to attend games in person to make matches more exciting; consider watching and throwing parties at home. You can invite all your friends, share the expenses of food and beverages, and party hard in an environment you already know and love. If you don’t like the idea of hosting, could you get a group of people together and rotate hosting duty periodically?
- Share the costs of watching. Are you paying for 10 different streaming services? Consider sharing or splitting the costs of watching with other sports fans in your life. Can you each subscribe to a few services and watch games at each other’s house? In some cases, you may even be able to swap login information.
- Practice responsible gambling. If you practice sports gambling in any capacity, it’s important to gamble responsibly. Always set a strict upper limit for what you’re willing to lose and recognize when you’re getting too emotionally attached to your gambling. Gambling addiction is real, so if you’re struggling with gambling in any way, make sure to get help.
With these strategies in place, you should be in a much better financial position to follow and enjoy the sports you love most. Depending on what you want to get out of the experience, enjoying your favorite sports may never be free, but you can prevent this from being a financial burden on yourself or your family.