Wednesday, February 06, 2013

How to Recover From Inaugural Event Purchases

Many Americans got caught up in hype to participate in the 2013 presidential inauguration since many were not able to participate during the first inauguration of President Obama due to the recession.  Over 1.8 million attended the inaugural ceremony on the mall in 2009 and there were 20 official inaugural balls. 

However, in 2013 there were only 2 official balls and approximately 1,000,000 were in attendance at the inauguration ceremony on the mall. There were hundreds of activities that revelers could participate in starting the week prior to the inauguration.  Individual tickets to the official inaugural balls ranged from $60 to $250,000 with perks included for higher cost tickets. This allowed for anyone the opportunity to attend the event if you had the money and even if you didn’t. 

This was made possible by the shiny plastic we call credit cards. Individual tickets were snatched up faster than you could say Happy New Year!  Websites were crashing and phones were ringing off the hook while others missed out on participating because their credit cards were maxed out.

Now that all the celebrations have ended, very soon those same revelers will come to terms with their decision to spend money they didn’t have when they receive their February credit card statement. Participating in the inauguration ceremonies provides last lasting memories but at what cost. 

The presidential inauguration occurs every 4 years so every had 4 years to save up enough money to purchase tickets to at least one event. Yet many waited until the last minute to purchase tickets and missed out on the low cost tickets and deals.  As a result they were forced to spend more money than necessary all for the sake of memories and having a good time.  Now that the good times are over here are 6 ways to prevent going into debt when partying and attending events.

  1. Plan ahead. If you want to attend an event find out the date in advance.  Some events offer early bird ticket prices.
  2. Pay down debt. Pay down debt on your credit card.  If you have to purchase a ticket with your credit card you want to make sure you have enough available credit.
  3. Save. Start saving money towards the ticket purchase for the event you want to attend to prevent going into debt by using your credit card.
  4. Shop around.  Search multiple companies that are offering tickets to the same events to see which is offering a cheaper price.  In some instances buying multiples tickets can save you a few dollars.
  5. Ask. Ask friends, relatives and your social network about discounts or ways to purchase tickets to events, information about guest lists and free or low cost events to save money.
  6. Volunteer. Consider volunteering for the company giving the event. Sometimes volunteers get free tickets to events.

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