One coin costs 3.50 euros at Lowlands: ‘As if you are dealing with monopoly money’ | Money

A ticket for a multi-day festival is already not free. Lowlands passed the ‘infamous’ 300-euro limit for tickets this year, although tickets went on sale for less this week. The consumptions are also well in the papers. A coin costs 3.50 euros. Last year it was ‘only’ 3.30 euros, and before corona, in 2019, you paid ‘only’ 2.90 euros. You also paid 3.50 for one coin at Pinkpop (from five pieces for 17.50 euros) and at the Zwarte Cross you paid 3.10 euros. You often pay with one coin for a (small) drink, often several for a meal.

“Coins are not good for price awareness,” says Anne Abbenes. “As if you are dealing with monopoly money. You forgot you spent money on them when you bought them,” she says. “Money is an abstract concept for the brain anyway. Our brain is millions of years old, so the concept of money is very young in comparison. For example, the brain prefers round numbers, prices of, for example, 1.75 euros are already difficult to process. We won’t be converting the price of three coins back to euros any time soon.”

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Moreover, not everyone is busy with money at the festival. ,,When you stand in line for the coins, you might realize for a moment how many coins you have already rushed through, or how much money it costs. But you also see all those other people standing in line,” says Abbenes. “Then you still buy that set of coins. Everyone is doing it, all like-minded people, why not you too? The ‘who cares effect’ also plays a part: it’s nice and cozy, and oh well, those few coins can also be added.”

The treacherous thing is that at many festivals you can only buy several coins at once. Will you run out of coins by the end of the festival? Then you may buy more than you actually need, and of course you will use them up. ,,Very smart of festival organizations”, says Abbenes. Abbenes wonders whether contactless payment is a better solution for the brain. “Then the payment is fast, you don’t have time to think about it and it is even more abstract than the physical coins.”

Abbenes has two important tips to ensure that you don’t end up with an empty bank account after the festival weekend. First of all, she advises to make sure that you cannot easily access your debit card or account. Buy the number of coins you want to buy or your budget allows you and only then put away. Transfer any money to a savings account that you cannot use to withdraw money.

In addition, she recommends bringing envelopes or bags for each day you go. “Give yourself a few coins a day. Then you literally have a pot of money for that day. That works very well for the brain. You know how much you have.” Do you know that you drink a lot and sometimes forget to eat? “Then you can split your stock in two per day: one part for food, one part for drinks,” says Abbenes.

And don’t forget to take a good look at the ground when you’re queuing for a drink or meal: a fellow festival-goer might have dropped one. Who knows…

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