From hat swaps to buying your tickets early, 4 ways to save money on Kentucky Derby Day

We spend a lot of time talking about hats and bowties during Kentucky Derby season. But it doesn't hurt to put a little more emphasis on your wallet.

Inflation has become an extremely present part of our lives, and seemingly everything is more expensive than it was before.

While many Derbygoers are perfectly comfortable splurging on four-figure seats, drinking a $1,000 mint julep, or throwing a whole week's paycheck down on a race ― some of us need to be a little more cost-conscious. The small expenses rack up, too.

Here's a quick guide to cutting corners at the track without cutting into your overall experience.

Why you should set a budget and stick to it at the Kentucky Derby

You can have a good time on a budget inside the track. If you only want to spend $20 on betting, food and drink, then only bring $20. If you're thinking $50 or $75 is a little more your speed, plan for that instead.

Having cash on hand means you're less likely to overspend. And you don't want to rely on your debit card or go down the rabbit hole of the ATM because those fees add up, and so does the never-ending cash flow of just another $20 or $40. Do yourself a favor and leave the debit card at home. The spirit of the Kentucky Derby can easily take over your wallet, and you don't want however many mint juleps you've had dictating your budget for the day.

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How to save money on your Kentucky Derby tickets

The sooner you purchase your tickets to the Kentucky Derby, the cheaper they'll be.

Prices "are subject to change and based on availability," and that availability goes quickly.

If you wanted an affordable, reserved seat ― you're out of luck. The modest uncovered infield bleacher seats, which start at about $495, were already sold out by late January, and so were most other tickets less than four figures. Seats were still readily available in the first-turn reserved seating area, but those were going for upward of $3,500.

If you care more about the experience than the seat itself, there are still some general admission tickets available for the infield. Those, however, increase in price as time goes on. Before the new year, you could have bought an infield spot for $67. That fee ticked up to $72 after we rang in 2023 and it will stay that way until Feb. 28. Once we hit March the ticket price will jump to $77 and then it will hike up again on April 18 to $82.

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If you're a last-minute kind of person ― and really, if you're trying to save money, you shouldn't be ― a general admission ticket on Derby Day will cost you $87 at the gate.

How to save money on your Kentucky Derby outfit

OK, as much as no one wants to be seen rocking the same look in this year's photos as they did in 2022, you really don't need to go out and buy a whole new outfit.

There are enough second-hand Kentucky Derby hats, bowties, and dresses floating around at consignment stores and in closets around Louisville that it makes sense to swap with a friend or shop someplace local. Someone in your office, neighborhood, or book club has a hat they loved last year and can't wear again. It's OK to give a garment a second chance to strut its stuff, even if you're not the one doing it.

If you want something a little more high-end without the ticket price, RentTheRunway.com will rent you designer, garden-appropriate dresses for less than $100.

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Supporting local milliners is also great, and there's no shortage of fantastic work coming out of Louisville, but if you can't afford their price tags, there are cheaper options. Amazon.com and local consignment stores have a large assortment of hats and fascinators to choose from, sometimes for under $30.

How to save money on your at-home Kentucky Derby party

If you're not heading to Churchill Downs but are planning to watch the Kentucky Derby with friends and family at home, consider some quick tips to save money on your at-home entertainment.

If you're hosting and placing food on a table, you can use things like empty bourbon bottles filled with roses as ready-made Kentucky Derby decor. And for that food spread, consider easy-to-share bite-sized snacks instead of a sit-down meal. Things like benedictine spread, pimento cheese, and bourbon balls are synonymous with Derby.

Also if you're hosting at home, ask guests to contribute an item or two to keep costs down across the board. There's nothing wrong with asking someone to bring their favorite dish — if they offer.

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As for your outfit, feel free to swap a stylish hat or accessory with a friend so everyone feels festive and Derby-ready without breaking the bank. You can even set up a hat station in your home with a few old favorites so that everyone can try on a different, fun look.

Reporter Maggie Menderski can be reached at mmenderski@gannett.com.

This article originally appeared on Louisville Courier Journal: Kentucky Derby 2023: Ways to save money at Churchill Downs