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This October, the spookiest thing about the season may not be ghouls and goblins; it may be navigating your finances.
In an effort to slow down inflation, the Federal Reserve has again raised interest rates, and more rate hikes are expected in the coming months. While gas prices seem to be decreasing, according to the latest Consumer Price Index report, the cost of food and utilities continues to climb. Projections released this month by the National Energy Assistance Directors Association show an expected 17% increase in home heating costs year over year.
So, what does this mean for each of us as we head into the fall season and the spookiest time of year, Halloween?
“We know people are paying more for nearly everything now – from groceries to gas, and even Halloween treats,” said Kristen Holt, CEO of GreenPath Financial Wellness, a non-profit financial counseling agency. “At GreenPath, we’ve seen a growing need for budgeting and supportive services, as so many people have been impacted by increased interest rates on credit cards and loans.”
Inflation, though, isn’t scaring off Halloween. According to the National Retail Federation’s annual survey, spending on Halloween candy, decorations, cards, costumes and accessories is expected to reach a record $10.6 billion, up 5 percent over prior year.
“Even this year, it is possible to celebrate Halloween while maintaining your budget,” said Holt. “We don’t want credit card debt to ‘haunt’ you after the holiday has passed.”
Here are five ways to maintain fall fun on a budget:
- Visit an apple orchard or cider mill. Many orchards do not charge admission fees. You-pick apples and pumpkins can be an economical and adventuresome way for families to enjoy the season.
- Keep it local. Check your local library, recreation center or online for a calendar of fall community events. Or, work with others in your neighborhood to stage a haunted walk utilizing decorations and lighting you already have on hand.
- Think originality when it comes to costumes. The most memorable outfits are often self-made. Pinterest and other online sources provide great ideas for DIY costumes, many you can assemble from items you have on hand. Trading outfits with family and friends is also a great way to find new options and save money.
- Set a budget for Halloween candy. Buy in bulk and clip coupons. Be realistic about trick-or-treater turnout. Don’t open bags of candy you might not need; you can return unopened candy after the big night. There may be cheaper prices if you shop early, just try not to eat your treats before the big day and need to replenish your supplies.
- Keep your décor simple. Creatively utilize nature this time of year. Reuse and recycle. Team up with neighbors and friends.
If you’re feeling financial fright, we can help. GreenPath can provide a free counseling session and assessment of your financial situation. Certified counselors are trained to work with you to create and review your budget, provide debt management advice and help you reach your financial goals.
To learn more, visit www.greenpath.org or call 866-648-8122. Follow GreenPath on Facebook and Instagram @greenpathfinancial and on Twitter @GreenPath.