How to avoid the financial hangover without spring racing to the bottom

FOR many, spring racing season means splashing out on clothes, hats and accessories, but budget-conscious racegoers are taking the thrifty inner-track this year.

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FOR many, spring racing season means splashing out on clothes, hats, shoes and suits, but budget conscious racegoers are taking the thrifty inner-track this year.

According to the Victoria Racing Club, the average amount spent on spring races per person was $171.88 last year.

A survey by ME Bank shows while most Australians are planning to spend responsibly — 55 per cent expect to spend the same amount as last year and 55 per cent will use their disposable income — 21 per cent said they expect to dip into their savings or borrow money.

Thirteen per cent said they still don’t know how they will pay for spring racing this year, while seven per cent are counting on luck, saying they plan to use their winnings to fund the day.

Maggie Stergiopoulos, 27, is a Victoria Racing Club member and has been attending every spring racing carnival since she was 13.

She says every year she spends a “ridiculous” amount of money on spring racing — last year her total spend was more than $2400, adding up clothes, accessories, hair, betting, food, drink and transport costs.

Maggie Stergiopoulos says she’s cutting back this year.

But having just purchased a property, she’s feeling the pressures of adulthood. That means no more crazy splurging. Ms Stergiopoulos says her friends are in the same boat.

“We’re all starting to get a bit more responsible. You can’t just work at a bar, live at home and eat mum and dad’s food anymore,” she said.

By taking the thrifty option of shopping in op shops for accessories, reusing and customising old outfits and getting friends to help with hair and makeup, she plans to spend just $450 this year.

“Last year I didn’t have a budget, I’d just go out and spend, put it on the credit card. I would spend $800 on a dress, $600 on a hat, $80 on a blow dry, it all adds up. I can’t do that anymore.”

According to the ME Bank survey, bets, champagne and catering are the most commonly cited outlays for race goers.

Many Australians say they will take a measured approach this year, with 70.6 per cent not planning to spend anything on clothing and 71.3 per cent not spending on accessories.

Personal grooming will see the biggest cutback in spending, with 77.9 per cent giving a miss, followed closely by hair styling (73.3 per cent).