5 Practical, Magical Tips for Keeping More of Your Money
Halloween can be scary enough without overspending. With the average consumer spending $86 on Halloween, imagine the horror of what people spend on the next upcoming holidays.
To ensure you have a fang-tastic Halloween, follow these magical tips.
Make Your Holiday Spending Habits So Easy to Track, it’s a ‘Walk through the Graveyard’
Tracking your spending habits is an easy thing to overlook. What turns into quick budget planning for holiday costs can turn into a scary situation when the numbers don’t add up. To ensure you’re thinking of all the purchases for the scariest holiday of the year, make a list of the things you’ll need to buy.
Candy? Decorations? Greeting Cards? Costumes? Party food and supplies?
Sometimes, forgetting the smallest items can make the biggest impact to the bottom dollar. Use our free Budgeting Tool to adjust your spending for the punch and decorative skeletons (for example).
Stop Allowing “Hauntingly Low Prices” Signs to Encourage Impulse Buying
There are a few ways to help avoid impulse buying during Halloween.
· Make sure you’re only buying what you need. There’s nothing more frustrating than buying items you don’t need (who needs two candy cauldron bowls?). So be sure to completely empty those storage boxes labeled ‘Halloween’ before hitting the festive aisles at the store.
· Pay for items in full. If you have the option to make monthly installments for a larger purchase this Halloween, paying in full is usually the more affordable option.
· Only carry cash with you. After you’ve budgeted for the month and know what you’ll be able to spend comfortably on Halloween items, only use cash to pay for those items. Typically, most people who use cash to complete transactions will underspend what they’ve originally budgeted.
Establish a 15-Minute Buying “Spell”
Studies have shown waiting to complete a purchase after 15 minutes helps consumers make better purchasing decisions. Imagine how much less impulse buying you would be doing if you had to walk around the store for 15 minutes with those items in your cart before making the purchase.
Author note: I’ve tried this method before and it has saved my wallet from some seriously unnecessary, expensive transactions.
Don’t Let the “Ghosts of Bank Accounts Past” Haunt You
The average American owns 3 credit cards (according to Experian), a checking account, savings account, and if you’re paying a mortgage or have a 401(k), chances are your money is scattered all over with different financial institutions. But how long has it been since you last looked at what accounts you had in your name?
There’s something enchanting when it comes to simplifying your accounts. If the number of accounts you have is overwhelming and you need assistance, the credit union can help.
Eat, Drink, and Be Scary…At Home
Save even more money by hosting a spook-tacular Halloween party at home. Invite your friends and family bring a Halloween themed dish and have a unique potluck.
Need some other ideas for your dish? Check out our Pinterest Holiday board.
Holidays don’t have to be a frightening experience for your savings account. Want to save more money for the rest of the upcoming holiday season? Start saving more now by opening a holiday savings account with the credit union. You can make easy deposits automatically. No tricks, just treats.