Hocus Pocus: Five Halloween Tricks to Help You Save Money

Halloween still remains a popular and fun time for kids and their families, but people are still looking for ways to save on their Halloween spending.

The National Retail Federation conducted a survey and found that 86.1% of people surveyed plan to spend less overall compared to 83.5% last year.  Additionally, 18.1% will turn to their own creativity  for a costume instead of buying one and 32.7% will spare your kids dental bills and buy less candy.

Here are five easy tricks to help you celebrate Halloween without breaking the bank:

1.  Be Creative – You can save a considerable amount of money by channeling your inner creative genius and making your own costume.  You would be surprised by what you find in your own closet.  Plus, homemade costumes often come out better than store bought.  My daughter opted to make her own this year and all we spent was $7.00 on a pair of glasses as opposed to $40 at the costume store like last year.

2.  Choose Halloween Treats Wisely –  When choosing candy to give out, you may be able to choose one that is not taxed.  Believe it or not candy bars containing  flour are tax free.  This may be hard to determine since some candy bars contain flour and some don’t.  If your sweet tooth leads you to purchase Milky Ways or Kit Kats, your Halloween candy purchase will not be taxed.

3.  Turn Your Big Party to a Block Party -  If you are accustomed to having big parties for Halloween, you can still celebrate, but split the costs with your neighbors.  My neighbors always pitch in on a pot luck and order a bounce house for the kids.

4.  Look for Festivities in Your Area – You can go online and search Halloween festivities in your area.  Many areas have planned events at local parks or schools that are either free or very low cost.  My kids love going to our free neighborhood haunted houses.

5.  Donate to Charity -  After Halloween is over, donate costumes and decorations you don’t plan on using to charity.  You may be able to get a tax deduction for your charitable donations when you file your taxes.

TurboTaxLisa

Lisa Lewis is a CPA and the TurboTax Blog Editor. Lisa has 15 years of experience in tax preparation. Her success is attributed to being able to interpret tax laws and help clients better understand them. Lisa also has been a TurboTax product user for many years and understands how the software program works. In addition to extensive tax experience, Lisa also has a very well-rounded professional background. She has held positions as a public auditor, controller, and operations manager. Prior to becoming the TurboTax Blog Editor, she was a Technical Writer for the TurboTax Consumer Group and worked on a project to write new FAQs to help customers better understand tax laws. She could also be seen helping TurboTax customers with tax questions during Lifeline. For Lisa, getting timely and accurate information out to customers to help them is paramount.

Comments (2) Leave your comment

  1. How much can u claim on charitable donations before you have to have paperwork? Cause some if the thrift stores I give to just say thank you or have bins to put stuff in abduction don’t give u anything for tax purposes.

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