How much do you plan to spend this year for Halloween? Halloween marks the start of the year-end spending season. The National Retail Federation estimates people will spend over $350 million on costumes for their pets alone.
When you factor in candy, costumes, and decorations, last year American consumers spent over $7.4 billion for the scary holiday. Consumers have spent over $2 million on candy for the past three years. With the holiday falling on a Saturday this year, sales are projected to be even higher because more parents will be able to participate in the festivities with their children.
If you think this is a lot of spending for one day, Halloween does not even rank in the top five when compared to spending for the Christmas Season, Mother’s Day, Valentine’s Day, Back to School, Easter, Father’s Day, and even the Super Bowl.
As the holiday approaches, be a savvy consumer and plan for the day. Use the five tips below to make sure you can enjoy the holiday without sabotaging your long-term financial goals.
- Take a look at what you have from previous years and see what can be used again. Also, keep an eye on things that can be repurposed for the holiday (decorations, costumes, etc.).
- Look at your monthly budget to see how much you should realistically use towards the holiday while you work to achieve your financial goals.
- Create a spending plan and commit to sticking to it. We are more successful when we plan for events. Your spending plan should specify all of the items you want with an anticipated cost. When you go shopping, stick to your plan.
- Don’t shop for items at the last minute. Give yourself enough time to shop sales online and at traditional stores. When shopping online you want to make sure you factor in delivery time. Shopping early not only gives you an opportunity to participate in savings, it also helps alleviate the stress that comes from last minute shopping.
- Avoid going into debt. If you use your credit card for purchases for the holiday, make sure you pay your card off when you receive your statement. You don’t want to pay debt servicing fees for costumes, decorations, candy, etc.
Don’t scare your savings or bust your budget. Remember that the real fun of the holiday comes in the laughter and memories that you can make with friends and loved ones.
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