Not only is Halloween a great day for kids and their dentists, it also presents a wonderful opportunity to teach the next generation about managing money.
Many people don’t realize that Halloween is often and expensive occasion for families. The National Retailer Federation says that consumers will most likely spend almost $7 billion on all the trappings of a “proper” Halloween. Into the budget go items such as decorations, costumes, and candy. Even pets sometimes get costumes- to the tune of $350 million. The NRF says that each shopper will spend an average of $74 on the holiday.
Don’t despair. Get your kids in on the planning, and you can teach them some great lessons about watching where their money is going.
1. Comparison shopping- using great apps like ShopSavvy or RedLaser, or by simply comparing prices on-line and in stores, children can learn that there is often a great deal of variance in what stores charge for their goods.
2. Never pay retail- watch for specials, reduced-price sales and other events that can slash prices way down.
3. Buying in bulk- stores like Sam’s Club or Costco discount items when purchased in larger quantities. This is a great way to buy all the candy you need.
4. Delayed gratification- one great lesson to impart to children is the importance of not acting impulsively, especially when it comes to spending money. If you see something you like, but don’t really need, wait a day or two, or even longer, and see if its appeal hasn’t faded. This is a great way to save lots of money.
You can decide ahead of time with your children how much money you think a reasonable amount to spend on Halloween, and curb spending to match your budget. This is a great lesson in the value of hard-earned dollars versus the frivolous nature of a holiday like Halloween.