Your empty wallet!
The cash people sink on Halloween is absurd. The National Retail Federation (NRF) estimates Americans will spend $8.4 billion on Halloween in 2016. Seriously.
According to Global News, Canadians spend $137 on average per person ($52 on a costume, $43 on decorations and $42 on candy). So if you’re a family of four, you’re looking at over $500. I don’t know about you, but I like my money to go a lot further than plastic spiders and sugar crashes.
Here are 5 smarter ways to spend $100.
1. Pay down debt
Every dollar counts when you’re in debt. As wise Mr Money Moustache says: “News flash! Your debt isn’t something you “work on”. Debt is a huge, flaming emergency!” The money you would spend on candy, costumes and parties could be better used to get you out of debt.
2. Add it to your kids’ education fund
Lock that money away in a high-interest savings account and in 10-15 years time when your kids start college, they’ll be thrilled to have their books and basic costs (and more if you keep it up!) covered. It’s not like they need more candy in their diets.
3. Invest it
You might think, “Oh, it’s just a hundred bucks”. But $100 invested a decade ago, would be a significant chunk of change. You’d be patting yourself on the back for making a sensible life choice. Make an appointment with one of our financial planners and we’ll give you a handful of investment options that will grow your $100.
Your $100 can save lives and improve the planet – for real! Donate your money to a charity that helps people access clean drinking water, school and medical supplies, or find one that conserves wildlife or the environment. You could also check out Kiva – an amazing micro-lending organization that helps people and communities break out of poverty.
5. Start a business
A hundred bucks, your brain, and a laptop can launch that business you’ve been telling everyone you’ll start someday. Here are 101 business ideas that cost $100 or less to get you started.
How much money do you think you spent on Halloween this year? Will you think twice next year? If you think Halloween is just another greedy, commercialized money-suck that teaches our kids very poor lessons, you might like my post on why I’m not a fan either.
Signature Financial’s founder and owner Nadia La Russa is a serial entrepreneur and former money stress-case. Wife to one and mother of five, Nadia sleeps soundly at night knowing her receipts are filed chronologically and her family finances are in order. If you have any questions, email her at firstname.lastname@example.org.