Halloween teaches us valuable financial lessons like budgeting candy, but it’s not all gum drops and lollipops. A retailmenot.ca survey found that Canadians spent $1 billion on Halloween in 2015. In fact, the Halloween industry is so large that it can support retailers who are only open for the season.

 

According to Global News, the average Canadian spends $52 per person on costumes.T he cost of costumes rarely reflects the quality. So why shell out so much money? Save yourself from the frightening cost of a costume by dressing up as an iconic movie or TV character in plain clothes. Don’t let the cost of Halloween costumes scare you away this year.

 

4 Cheap Halloween Costume Ideas from Your Closet

 

For men:

 

Marty McFly from Back to the Future

You will need white sneakers, a jean jacket, blue jeans, a white buttoned shirt, an orange vest and a red t-shirt.

Quote: “Wait a minute, Doc. A… Are you’re telling me you built a time machine… Out of a DeLorean?”

 

Ace Ventura from Ace Ventura: Pet Detective

You will need to style your hair up and back in the iconic Ace Ventura style, a pair of black converse or boots, red striped pants or something similar, a floral pattern shirt, a white tank top and an ID card reading “Ace Venture Pet Detective”.

Quote: “That was close one ladies and gentlemen, of course in every contest, there must be, a loser. Lew-Who, Za-Her.”

 

For women:

 

Wednesday Addams from The Addams Family

You will need dark black mascara, a white collared blouse, a black long sleeve shirt, white stockings, a pair of black shoes and your hair in pigtail braids.

Quote: “I’ll stop wearing black when they make a darker colour”

 

Sandy Olsson from Grease

You will need red lipstick, a tight pair of black pants (preferably leather), a black shirt that shows off your shoulders and red high heels.

 Hang a leather jacket over your shoulder and do your hair to match Sandy’s to really sell this costume.

Quote: “Tell me about it, stud.”

 

Bonus: You can have a lot of fun dressing up as yourself in high school. Find an embarrassing photo of yourself and replicate the look.

A DIY costume will show off your creativity and make you the life of the party. Consider a costume from your closet before spending money at a retailer. The key to a great Halloween costume is making it fun, so memorize some movie quotes, dress up as your favorite character this year and save your money.

 

A painless way to cut back on expenses

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A relatively painless way to reduce your monthly expenses is to have a second look at the way you’re managing your debt.

 

Over time, most of us take out a variety of loans for different purposes.  These can include such things like credit card debt, car loans, home renovation loans, and of course, the mortgage.  And if you have more than one loan, you’re most likely paying a different interest rate on each loan.  One of the easiest ways to reduce your monthly interest costs is to consolidate your debt at the lowest rate.  Typically, your lowest-rate debt will be a loan that is secured by an asset, such as your home.

 

If you have sufficient equity built up in your home, consider switching to a product that allows you to access your equity, such as a home-equity line-of-credit.  Then, use this line of credit to repay your higher-interest loans.  In this way, you’ll be bringing all of your debts together into a single account, at a single rate.  Some line-of-credit products even allow you to track debts separately within the account so you can continue to keep track of interest costs and repayment separately.  Not only will debt-consolidation save you interest but it will make it easier for you to keep track of what you owe and how you’re progressing in paying it down.

 

Reducing your monthly expenses doesn’t have to be complicated or painful.  By borrowing smarter you can reduce your interest costs and increase your cash flow each month.

 

If you’d like to learn how to reduce your monthly interest costs, give us a call and we can discuss some options with you.