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.

 

6 Additional Costs That Come With Home Ownership

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6 Additional Costs That Come with Home Ownership

 

When it comes to home ownership, there’s a lot to wrap your head around. But, understanding basic financial concepts can pay off big time in the long run in the form of savings.

 

When you’re looking at buying a home, there are a lot of expenses to consider in addition to the mortgage payment. To help better understand what to expect when buying real estate, here are some additional costs and factors to take into consideration.

 

CMHC mortgage insurance

If your down-payment is less than 20% of the price of your new home, you’ll need to have Canadian Mortgage Housing Company insurance on your mortgage. CMHC protects homeowners and their lenders against possible financial losses in the case of default and non-payment.

 

The cost of premiums range from 2.8% to 4% of the total value of your mortgage and you can find more details about CMHC insurance on their website.

 

Home insurance

Purchasing home insurance to protect your property, the home structure and your personal belongings is a good idea. Home insurance rates vary depending on where you live and a number of other factors such as the age and size of your home.

 

Home inspection

When making an offer to purchase a new home it’s custom to include a home inspection as a condition of acceptance. Before investing a big chunk of your personal savings into home ownership it’s a smart idea to have a professional look at the structure of the home to ensure there aren’t any big problems brewing below the surface.

 

Property survey

If you’re planning on building a fence or an extension to your new home, you’ll need to order a property survey. The cost can be up to $1,500 and it provides information on the size and boundaries of your property and land.

 

Legal costs

Home ownership isn’t as simple as: you find a house you love, make an offer, get a mortgage and move in. There are real estate agents, notaries and financial advisors involved. Plan to set aside up to $2,500 for legal and closing costs when buying your home.

 

This fee covers various expenses such as the cost of the land deed transfer from the previous owner to yourself and registration of the title.

 

Moving

If moving was easy than everyone would do it. When it comes to professional services, sometimes the cost is worth the expense. Moving expense are a variable cost depending on who you hire, but new homeowners should set aside at least $1,500 for moving expenses.

 

Most moving companies price their services based on weight, time and manpower. Shop around to get at least three quotes and ask the moving company to visit your current residence to take an inventory and provide an accurate quote.

 

Home ownership is a milestone in your life, it’s also a big financial commitment – that’s why it’s best to be prepared. A financial advisor can help you budget and save for your first (or next) home. Contact me today and let’s create a plan to help you achieve home ownership.