While the thought of Halloween may not ignite the same level of financial fright as some of the more traditional big-ticket holidays, don’t be fooled.
Raking in more than $8 billion in sales, Halloween has become the nation’s second-largest holiday. And according to the National Retail Federation (NRF), the average American will spend about $80 on the frightening festivities this year.
So what can you do to ensure your Halloween spending doesn’t come back to haunt you come Nov. 1?
- Conjure up a creative costume. Costumes generally consume the biggest part of the Halloween budget. Luckily, DIY (do-it-yourself) is all the rage these days. So get frugal and browse your closet, the racks at the thrift store and boards on Pinterest (Follow MMI's Pinterest boards for some great ideas!). You can also save by borrowing accessories and hair pieces from friends and family members. Better yet, invite your friends and family over for a costume-swap. You have all likely accumulated a good amount of Halloween garb over the years that could be upcycled and reused.
- Set your budget in stone. If you’re planning a party or partaking in local Halloween events, set aside the cash in advance. In fact, set an amount you’re willing to spend and take only that amount to the store with you when you’re purchasing party supplies and Halloween goodies. This way you’ll be less tempted to stray from your budget. And remind yourself that this is not a time to rack up credit card bills, especially with holidays like Thanksgiving and Christmas right around the corner.
- Be strategic when buying sweets. You’ll want to be ready for all those pint-sized monsters coming to your door, so it may be more cost-effective to buy in bulk. Scan the ads in the Sunday paper for the best deals and coupons. And don’t forget to check the dollar store. Most importantly, stick to whatever candy is the cheapest. No one is judging you based on your candy assortment, so don’t feel the need to distribute full-size chocolate bars.
- Ask yourself ‘WWMD?' (What Would Martha Do?) It’s easy to get carried away with elaborate Halloween decorations for your house and yard. Instead, opt to take a page out of Martha Stewart’s book and make your own decorations. In fact, her website includes a list of 50 ideas for cost-effective Halloween décor using items you probably already have!
Have no fear — by utilizing a few of these tricks, you’re sure to conjure up a Halloween that’s nothing short of a treat for all!