How to prevent your kids from spending $74.34 on this Halloween

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By: tiarajoseph11
on 27th Oct,2016

Do you want to teach your kids some good financial lesson in this Halloween? Let’s discuss the major financial guidance you must convey to your children in this Halloween.

Hosting a Halloween party for your kids is a great thing. Children eagerly wait for the trick-or-treating day since the beginning of the year. But many of us feel that we are expected to shell out for Halloween with the cost of decorations, candy, costumes, movies and others.

Do you know that last year, on an average, people spent about $74.34, overall $6.9 billion on Halloween? For decoration, 1.5 billion pounds of pumpkins are produced and sold every year.

But practically, if you work with a budget, you can keep these Halloween costs down.

With all these arrangements, gifts, and treats, a Halloween also can be used to teach a good lesson to your kids on "how to manage money properly".

Here are 6 IMPORTANT FINANCIAL LESSONS you can teach your kids in this Halloween.

1 Compare shop each time

Whether you're buying gifts, choosing Halloween costumes for your kids, or shopping for Halloween décor, don't forget to teach your kids the importance of comparison shopping.

In 2016, we are expected to spend $2.6 billion on candy and $1.9 billion on spooky Halloween decorations.

So, whether you're buying online or offline, they must compare and then decide which one to purchase. Teach your kids to use several apps like ShopSavvy or RedLaser; these apps are very useful to compare different products and their prices.

If you're buying from stores directly, you must tell your kids to prepare a list and note down different prices correctly.

It'll help them to compare prices for the same product from different stores.

2 Try buying from sales

It’s a great money-saving option that your kids can use while buying different stuff. They can get different offers from the sale, both online and offline, at a competitor's store. Several stores start attractive discount sale before the Halloween week.

In 2016, it is that a person will spend about $27.33 on costumes, 2.5 billion in total on this Halloween.

So, teach your kids about the difference between sticker price, offer price, and discounts. They must look forward to good deals and wait for the latest releases, coupons and special offers using apps or weekly circulars.

The better they do (look for good deals), the more they can save.

3 Try to buy in bulk

Ask your kids to list up all the things first that they need for decoration and gifts. Once you're done, look for good offers where you can find all your stuff, favorite brands, candy, and chocolates in a bulk.

In 2016, $950 million will be spent on children's costumes and $350 million will be spent on costumes for the pets.

Teach your kids to shop wisely. Buying from a different store is good, but if you buy in small quantities, you’ll never get as much discount as you might get while purchasing in bulk.

Not only for Halloween, this rule implies to all upcoming occasions.

4 Control the gratification

Kids will get lots of toys, candies and other gift stuff at the Halloween night. Most of the children tend to stock all the gifts and share among themselves later. Teach your kids to follow the same attitude.

Ask your kids to control their urge to open Halloween gifts, collected candies immediately after returning home. They must learn self-discipline and wait until the Halloween gets over. If your children are following this, encourage them by giving surprise gifts.

By this way, they will learn the benefits of following a good behavior and also learn to save today for their future.

5 Encourage barter and trade

You can teach these two amazing skills to your kids at the time of Halloween. It's the best time to teach them how to trade and barter candies among themselves after the night of trick-or-treating.

Kids are interested in trading or bartering not-so-popular candies with their favorite branded candies. It's up to them how better they can manage to trade branded stuff with others.

Teach them well to negotiate with the person they're trading with and get as much as possible.

6 Do-it-yourself (DIY)

Halloween is the best occasion when you can show off your creativity. If you're on a tight budget, you can design your spooky costumes. Decorate your house and surroundings as per the holiday theme. Your kids will learn the importance of DIY creativity and how they can use it to save money in times of financial crisis. They'll learn to make their dresses, art supplies, decoration materials by using unused goods.

By this way, they'll learn how to use waste products to make something useful, with lots of fun.

Technically, Halloween is all about fun. But by using these simple, funny but effective lessons, you can prepare your kids for their better financial future.

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