Halloween Spending Projected to Top $7.4 Billion in 2015; Don’t Bust Your Budget
How much do you plan to spend on Halloween this year? Halloween marks the start of the year-end spending season, and 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, American consumers spent over $7.4 billion for the scary holiday last year. Consumers have spent over $2 million on candy for the past three years. This year, with the holiday falling on a Saturday, sales are projected to be even higher because more parents will be able to participate in the festivities with their children.
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.
- Recycle or repurpose. 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.).
- Review your budget. 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.
- Avoid shopping 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. Remember that the real fun of the holiday comes in the laughter and memories that you can make with friends and loved ones.