Money-Saving Tips: How to Avoid These 5 October Traps

As the calendar turns from summer to fall and the holiday season approaches, October brings many changes that can impact your spending and savings. 

While change can be exciting, knowing potential money traps that could affect your budget is essential. 

Unsurprisingly, one of October’s most prominent money traps is Halloween and all its related expenses. 

Even if you don’t personally celebrate the holiday, you might spend extra money on candy, decorations, or costumes. 

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Navigating October’s Money Traps

Scott Lieberman, founder of Touchdown Money, highlights the lure of Halloween-related items: “People end up spending more money on Halloween-related items, including costumes and candy, because it’s a once-a-year holiday, and the holiday spirit or delicious candy can be tempting. 

Unfortunately, these items can be expensive, especially during this season.”

Dr. Kate Mielitz, an accredited financial counselor and AFC program manager at Beyond Finance, points out the obligations associated with Halloween spending: “We often feel obligated to buy candy for trick-or-treaters, costumes for the kids (or yourself), decorations for the house, and more candy because you ate or ‘misplaced’ the other candy already purchased.”

According to the National Retail Federation, the expected Halloween-related spending in 2023 includes:

  1. $12.2 billion on Halloween itself
  2. $3.6 billion on Halloween candy
  3. $4.1 billion on Halloween costumes
  4. $3.9 billion on Halloween decorations

Early Holiday Shopping Temptations

Halloween is just the beginning of the holiday season, with many stores already stocking shelves for Thanksgiving and other upcoming celebrations. 

The availability of holiday items and early deals can entice shoppers to buy ahead of time. Joseph Camberato, CEO of National Business Capital, notes, “Early holiday deals encourage shoppers to start their December shopping earlier each year, boosting sales.” 

Additionally, pumpkin-spiced products have become synonymous with the season and can lead to increased spending.

Natalie Graham, founder of Go From Broke, emphasizes the allure of early shopping and its potential to lead to overspending: “The ‘shop early’ holiday buzz starts in October. It’s easy for people to get carried away when they see sales and spend more than they planned.”

Consumer and money-saving expert Andrea Woroch advises consumers to be cautious of sales events like Prime Day and Black Friday, which can create a sense of urgency and impulsive spending. 

She recommends checking the price history of items using tools like CamelCamelCamel.com to determine if a deal is worthwhile.

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Source: Go Banking Rates

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