It is officially Mad March – that time of year when the city is buzzing with colour and activity, and Adelaide is suddenly the best place to be.

But, if you’re saving for a deposit or have mortgage repayments to think about, sometimes it can be a challenge to enjoy the festival season while managing your home ownership goals.

So, we’ve got some tips about how to enjoy this fabulous time of year, on a budget.

1. SET a spending limit. Understand how much money you have to play with and stick to it. It is important not to change any of your regular finance routines. If you put a fixed amount of money into savings, continue to do so. If you need extra cash, consider cutting back on daily luxuries, such as buying lunch or coffee.

2. PLAN ahead and do your research. Unless you have a bottomless wallet, it is impossible to attend every event you are interested in. Planning in advance, listening to word of mouth and reading reviews will help you establish the ‘must attends’ and help you avoid impulse buys or worst still, disappointing events and the feeling of wasted money.

3. SEEK out free events. Major festivals generally offer a range of free events for the general public and discounted tickets on certain days of the week. These can be a great way to soak up the atmosphere and see a variety of events, without outlaying huge amounts of money.

4. ATTEND preview shows. Artists use these events prior to the official opening of major festivals to hone their act. They are a savvy way to enjoy headline acts at a substantial discount.

5. LOOK for group discounts. Many events offer discounted tickets for group bookings, providing you with an opportunity to catch up with a large group of friends and enjoy some great savings at the same time.

6. GET involved. Volunteering is a way to get behind the scenes and enjoy the atmosphere of major events, without having to pay for the experience. An added benefit is you may be rewarded with free tickets or unique experiences for your efforts.

7. AVOID the credit trap. Although it is tempting to fall back on credit to fund your all of your festival or event experiences, it should be avoided at all costs. Accumulating a large credit card debt could leave you paying the bill long after the excitement of the event has passed.

8. SAVE in advance for next year. Each pay period, consider putting away a regular amount of money that will accumulate throughout the year. Preferably, put it into a savings account that you can’t readily access, such as an online savings account. This means you will have a pool of funds you can draw on the following year and easing the financial burden.