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Halloween spending this year is projected to break the bank by $12.2 billion in the United States.
Costumes will cost $4.1 billion of that total in 2023, and $3.6 billion will buy candy.
According to personal finance website WalletHub, 34 percent of parents think that children ages 13 or 14 are old enough to trick-or-treat alone. Sixty percent of parents help themselves to their children’s Halloween trick-or-treat candy.
Halloween generates more than $1 billion in annual revenue when it comes to attractions and tours. Eighty percent of haunted attractions are operated by charities.
Experts provided WalletHub with tips for celebrating Halloween and saving money.
“Costumes can often be created using clothes families already have at home. Pumpkins are not very expensive, and carving them can be very fun. With parents’ supervision, dry ice is also inexpensive and fun to experiment with in spooky experiments,” Dr. Jennifer E. Lansford, Distinguished Research Professor and Director of the Center for Child and Family Policy at Duke University.
Ashley LeBaron-Black, assistant professor at Brigham Young University, suggests giving children a budget for their costumes.
“Help kids think of creative ways to put together their own costumes instead of buying one. Go to free community events. Do fun and inexpensive fall activities at home, such as pumpkin carving or making Halloween-themed treats,” LeBaron-Black said.
According to Lansford, many communities are no longer having door-to-door trick-or-treating but “trunk-or-treat” events in church or school parking lots to ensure children’s safety.
“Local businesses could also provide glowing necklaces or small flashlights to help kids be more visible when they are out at night,” Lansford said.
Local community groups or churches can host community Halloween parties to ensure safety or ask parents to accompany children on Halloween night, Professor Sandra Poirier at Middle Tennessee State University said.
Delayed gratification is a way to teach children about personal finance when it comes to collecting and allocating Halloween candy.
“Halloween candy can also be used to instill habits of giving, that candy and money bring more joy when they are shared, not hoarded,” LeBaron-Black said.
Poirier suggests paying attention to how much each bag of candy cost, how many pieces per bag and how many pieces of candy were handed out.
“You can calculate what it costs per person on Halloween night. Also, making your own costumes is a good way to save money on that night.”
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Rebecca Barnabi
