Leo*, 29, based in Edinburgh, works in finance and earns £50k a year. He’s a big festival goer and loves attending the Edinburgh Fringe Festival, which takes place locally every August.
Festival season’s not cheap and the Fringe makes a big dent in Leo’s budget – even as someone who doesn’t need to pay for somewhere to stay during the festival.
Last year, he set up a Fringe Fund in Monzo, into which he transfers £50 a month, to give him more financial freedom at this year’s festival. Come August, he’ll have a healthy £600 to put towards food, drink and tickets for shows, which cost around £10 each or more.
Leo likes to take full advantage of having so much culture on his doorstep, so he attends four-to-five shows most nights and enjoys socialising while he’s there. The cost quickly adds up, which is why he’s glad to have his savings to play with at this year’s festival.
Here, Leo talks us through his savings method and the difference that having more spending money makes to his festival experience.
“I regretted overspending at last year’s Fringe”
Summer 2022 was the first year the Edinburgh Fringe Festival returned in full swing after Covid. It was also the first year I truly hit the festival hard, having lived in Edinburgh for nearly eight years.
I saw up to five shows a night several times a week – and I spent a lot on tickets, beers and food.
While I had the best time seeing so many different shows, at the end of the month I thought to myself ‘Eeek, I massively overspent’.
“I didn't want the same feeling of regret this year, but nor did I want to limit my spending completely”
That's when I realised I needed to get in a better place for the 2023 Fringe. I didn’t want to feel the financial anxiety of wondering, can I afford this? Or have to limit the number of shows I could go to.
I'm taking a lot of annual leave to go to the Fringe again and I want to have the financial freedom to buy as many tickets and beers as I want.
I'm lucky to live in Edinburgh and to not have to worry about other costs like hotels, which would easily cost an extra £150-200+ a night.
“Monzo has made it super easy to help me save up for the Fringe”
After last year’s festival, I set up a Fringe 2023 Pot which is locked until 1st August, just before the festival starts. On pay day I transfer £50 into it and can see how close I am to hitting my goal.
If it wasn't for this I’d be looking at ways to reduce my expenditure, such as not going to as many shows, not inviting friends up to Edinburgh, or missing out on the bigger shows which generally cost a lot more.
Before I had Monzo, my savings were never for anything specific. Now, I'm saving for specific things like the Fringe, for example, or in a holiday Pot.
“Having more money at a festival means more freedom”
I want to be able to see everything, especially when it's on my doorstep. Having a Fringe Fund means I can go to more shows, including the big ticket shows which are a lot more expensive.
It also means I can go to the bar when I want to, rather than having to wait for longer periods between drinks. It means I can get food as well. I used to hate eating at festivals because I’d think, do I really want to pay £10 for chips when I could just get McDonald’s or a Tesco Meal Deal on the way home?
“I like to be spontaneous when I’m at the Fringe – having money saved makes this possible”
Last year, I decided what I wanted to see on the day. I was quite spontaneous. You’ll be walking around the city and you’ll get a flyer that looks good, or the performer themselves is handing out flyers to promote their shows.
The Fringe also has the Half Price Hut. Every day there's a list of shows with 50% off, which also helps you be spontaneous with the shows you see.
“I don’t enjoy having to be stingy at festivals”
I’ve been to the Mighty Hoopla in London for the last two years and I really underestimated how expensive it is. Both times I was stung. This year I had to put everything on a credit card, which I didn't really want to do. And I only went for one of the two days to keep it cheaper – that saved me on drinks, hotel bills and a second ticket.
The price of hotels now in London is extortionate. Before the pandemic, I could get a hotel room just outside of London for £50-70 a night. Now you're talking about £150 a night. And because it's a two-day event, that's quite a bit of money on just a hotel in London.
Plus the ticket itself, which is £100, and then the drinks while you’re there. You’re talking £6-8 for a pint or other drink. With the cost of a night out in London afterwards as well, it’s expensive just for a weekend.
“I’ve made a Pot for next year’s Mighty Hoopla so I don’t have to worry about money”
That’s why I'm trying to get ahead for next year. I don’t want to feel like I’ve felt in the last two years, when I've had to be stingy or felt financial anxiety afterwards.
I’ve bought a ticket for next year and have made a Mighty Hoopla Pot to make sure I can enjoy the festival without worrying about money. I’m putting £25 a month into the Pot to help me pay for the hotel, ticket and drinks.
“My advice for saving for festival season is to plan ahead”
Think about how much everything's going to cost. I quite fancy doing Glastonbury next year so I’ll probably make another Pot, work out how much it’s going to cost me and see how much I can afford to save in the next year.
I went to Eurovision this year and I only had four weeks' notice from getting a ticket to going to Eurovision, which was tricky money wise. So it's nice I’ve got time to save for next year’s festivals.
So, I’d say plan ahead and give yourself time to save up for festivals. It gives you a lot more freedom to enjoy yourself when you’re there.
To apply for a Monzo bank account and access Pots you must be a UK resident. Ts&Cs apply.
*We’ve changed his name