Let’s Talk About Christmas Since Halloween Is Nearby

The return of football, the shifting of the leaves, and the ubiquity of pumpkin spice are all signs of autumn. Halloween is almost approaching now that fall has arrived!

It’s time to start planning for Christmas and other Winter holidays, without a doubt.

Making financial planning for the holidays is still a really smart thing, even if you’re the “Bah, Humbug” type who frequently posts Facebook rants about the neighbors putting up their lights before Thanksgiving. Even though it may be too early to hang stockings, it’s never too early to start saving money.

Ugh! Why are we even discussing that money right now? Not even Halloween yet!

Halloween is the reason we need to start planning now. Every year, Americans spend more on Halloween. On Halloween, Americans spend roughly $7 billion, including $350 million on pet costumes. It’s simple to splurge in October, let that lead to a luxuriant Thanksgiving in November, and then end up charging all of our December purchases to a credit card with a high interest rate. To avoid having a holiday hangover in the new year, planning beforehand is essential.

How much money will I spend on holidays?

According to studies, the average cost of the December holidays is $300 per child, and one in ten consumers admit to spending more than $500 on gifts for their kids. The average American holiday expenditure is $600 billion, or nearly $2,000 per individual. This includes any items you frequently purchase, such as furniture, meals, and tacky clothing. What a large sum of money.

Is it too late to start making plans for this year now?

In no way. There are many ways you can protect yourself against your own spending. You can open a money market account, a Holiday Club account, or a number of other types of plans. For information, contact Scott Credit Union by phone, email, or visit. However, it’s not the only strategy. Opening a Home Equity Line of Credit or switching your high-interest credit card balances to Scott Credit Union’s low-interest Extreme Visa are further ways to improve your financial situation.

But even all those options don’t represent all the various ways to save money. Remember that holiday spending doesn’t have to be an all-or-nothing proposition. You can combine savings, credit cards and budgeting to attack the holiday from several angles. Start now, and by December you’ll have a well-stocked war chest, or in this case, toy chest, to give you a variety of options.

What about the holidays between now and then?

Between Halloween and Thanksgiving, Americans spend around $150 per person on average. That can add up quickly, especially in larger families. It can also be difficult to tighten the belt at this time of year, because it can mean less candy and less family time for the kids.

If you’re worried about this spending, one way to rein it in is to make a combined holiday budget you pay into every month. Figure out how much you plan to spend on birthdays, holidays, anniversaries and the like, then divide that by 12. That’s how much you need to put away every month.

Does that sound like a lot of money? Then you can cut down all year long. Maybe you don’t need to send birthday gifts to as many people, or your anniversary can be a smaller occasion this year.

The bottom line: If you start planning ahead, you can keep your holiday spending from being an obstacle to your financial future.