Whether you’re hosting a Halloween party for the kids this year, or everyone’s getting ready for trick-or-treating, working with a budget can keep your Halloween costs down.
The National Retailer Federation predicts consumers will spend $6.9 billion on Halloween this year, with an average of $74 per shopper. This annual spend includes the cost of candy and Halloween decorations, and costumes account for the most expensive purchases. Let’s not forget about pets — we’ll be spending $350 million on pet costumes and other accessories this year, according to the NRF.
With all these purchases, you can use this holiday to set a good example for your kids to manage money effectively. Here are six key financial lessons you can teach your kids during Halloween.
1. The value of comparison shopping
Whether you’re scouring stores for Halloween costumes of your kids’ favorite characters or shopping for Halloween décor online, teach your children the process of comparison shopping online and offline. Show them how you use apps like ShopSavvy or RedLaser to compare current prices across several stores. Give them a chance to see you comparing prices for those must-have items online — even just checking a price on Amazon can give you a fair idea of whether you’re getting a good deal on your purchase.
2. Never (or rarely) paying retail
No matter how much you want something, there’s a good chance you can find it on sale either online or offline at a competitor’s store. Many stores run weekly specials and last-minute markdown offers leading up to Halloween. Take advantage of weekly deals and special savings on Halloween candy and other party essentials using tools like Target’s Cartwheel app that allows you to capture mobile barcodes while you shop. Teach kids that they don’t always have to pay the sticker price, and they should keep their eyes peeled for the latest deals, coupons and special offers using apps or weekly circulars.
3. The value of bulk buying
Warehouse clubs such as Sam’s Club and Costco are perfect destinations for rounding up Halloween candy on the cheap — without compromising quality. You can find all your favorite brand name chocolate and candy, as well as generic candy, in larger bag sizes. Teach those young shoppers the importance of bulk buying certain items, and show them the price savings of their favorite bags of candy as part of the lesson. In addition to candy for trick-or-treaters, warehouse clubs can be a valuable place to buy Halloween decorations such as wreaths, miniature haunted houses and even character costumes.
4. Delaying gratification
Whether they want to stock up on some Halloween treats, buy Halloween toys and collectibles, or dig into the candy bowl on the day of Halloween, teach kids the value of delaying gratification. Postponing indulgent behavior, even for a day or two, will instill a sense of self-discipline and help kids learn the value of waiting and anticipation. You can also give kids an incentive not to eat Halloween candy until after the festivities by giving them the option to get extra candy from you if they agree to wait.
5. Fair trades
The night of trick-or-treating or day after a Halloween party when your kids are counting their candy is the perfect time to teach some basic trading and bartering skills. Kids intent on having the best candy can learn that they need to trade more than one piece of less popular candy for premium brands. Kids who want a sibling’s Halloween toys or other items collected during Halloween events can learn to negotiate and trade using candy or other items. These are valuable skills that even the youngest kids can pick up in the midst of Halloween.
6. Benefits of DIY projects
Halloween is one of those holidays that can get you in the creative spirit. If you’re on a tight budget, making your own costumes and décor makes even more sense. Teach kids the value of DIY crafts and how much you can save when making your own items using art supplies, materials around the house and low-cost materials from a craft store. Show them how fun it can be to get creative with various materials and art supplies, and take advantage of free printable or cutout designs online to create customized projects.
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6 Financial Lessons Your Kids Can Learn From Halloween originally appeared on usnews.com
