American’s Spooky Spending Habits

Check out Sammy’s Scary Halloween Finance Facts on Centsai.

Halloween is not the only expense knocking at the door. Thanksgiving, Christmas, other holiday celebrations and New Years are upon us as well. It can be more than spooky as far as spending goes, it can be downright scary for American family budgets. Just take a look at these headlines:

  1. Fortune Magazine: American’s Will Spend a Terrifying Amount on Halloween This Year
  2. USA Today: Halloween Sales of Candy and Costumes Expected to Break a Record
  3. WGN 9 Chicago: Frightening Figures on the Cost of Halloween

According to the National Retail Federation, here is what American consumers say they spend on various non-holiday celebrations:

  1. Valentines $137
  2. Halloween $86
  3. Super Bowl $75
  4. St. Patrick’s Day $38
  5. Cinco de Mayo $31* (Estimate from various sources)

The average U.S. household owes $16,061 in credit card debt, according to a Time article. Interest rates play a large role in the debt: The average household that owes money on credit cards pays about $1,292 in interest each year. This begs at least two personal finance questions:

  1. Is Halloween a “want” or a “need?”
  2. How much and how long will the average U.S. household be paying for Halloween 2017 if it pays by credit card?

If you are interested in strategies to reduce your holiday spending, these articles will help.

Krazy Coupon Lady: 7 Scary Good Ways to Save on Halloween Candy

U.S News: 7 Ways to Save Money on Halloween

Deal News: 8 Ways to Save on Halloween

National Financial Educators Council: Substitute Cash for Candy

 

Email us your tips and strategies for saving money this Halloween at contact@sammyrabbit.com. Let’s help each other develop better money habits.


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Posted in: Finance Facts