With Halloween right around the corner, millions of consumers will be spending a lot more than normal. According to the National Retail Federation’s 2014 Halloween Consumer Spending Survey, the average person will spend $77.52 this Halloween, up from $75.03 last year. With this increase in spending, there is an increase of debt through credit card usage. However, one doesn’t have to break the bank as soon as Halloween arrives.
The following are five ways to enjoy Halloween
1. Itemize expected expenses
Creating a master list per Halloween will definitely make you aware of how much you are spending or could potentially spend. Some examples are:
how much do you plan to spend on costumes, house decorations, candy for the trick or treaters)
2. Make a budget
Now that you have all your expected expenses, it is important to make a budget for each Halloween and stick to that budget. You should limit yourself to a set amount per Halloween holiday. These budgets should be set in stone and concrete. For example, this Halloween set your budget to $200 if you are planning on decorating your home all out with Halloween decorations, giving out candy to trick or treaters or hosting a Halloween party – including food, beverages, decorations, etc).
3. Look at past spending habits
If you have access to your credit card statements from last year’s Halloween season, then you should take a look and really dig into where and when you spent the most money. If your bill during Halloween was quite high, take a look and see what you could potentially cut back on. Were you too generous with trick or treat candy? If so, then try giving something a bit less or homemade. Looking at your past spending habits will help you determine what you can change this year and help with your budget.
4. Go for other alternatives
Halloween doesn’t have to be about buying expensive decorations, costumes or candy. You can always have a lot of DIY – do it yourself costumes and decorations. You can also try buying Halloween candy months in advance to avoid the markup.
5. Celebrate the real meaning of the holiday
Halloween is of course about goblins, ghosts and witches. However, there is a lot of historical background with All Hallow’s Eve and Dia de Los Muertos in Mexico. One just needs to do a little research to find the true meaning of Halloween. For starters, check this out: http://en.wikipedia.org/wiki/Halloween
* Photo under Creative Commons from Chris Neal. Source.