We are approaching O-N-D, October, November, and December. OND is an expensive quarter for many people because of all the holidays, gatherings, and parties. It can be a lot of fun, or it can leave you with a financial hangover. Here are few tips to help you plan for OND starting now.
First, realize that you have less time than you think. It’s already mid-September! You still have time to implement some planning and savings techniques to navigate the holidays and gatherings that usually lead to over-spending. Tucking away a little extra now, planning your budget, saving credit card points, and becoming a loyalty member are all ways to save.
October is Halloween. It's becoming a major contributor to the GDP. For 2023, the National Retail Federation estimated Americans spent $12.2billion - with a 'B' - on Halloween candy, decorations, and costumes. This year, retailers rolled out "Summerween" early to entice shoppers and celebrants to spend even more for 2024. Personally, I think I might contribute more than my fair share. I usually add one or two new costumes to our household's growing collection, we also decorate when we're home, and we spend more per trick-or-treater than those who buy candy because we hand out boxes of mac and cheese that average just under a $1 per box.
November brings Thanksgiving for those who celebrate. In 2023, the average dinner cost $61.17 which was actually lower than 2022 when the cost was $64.05 according to the American Farm Bureau Federation. No estimate as of this writing for 2024, but if the inflation pricing trend persists, you can bet companies will squeeze every dollar they can out of American celebrants.
December is the biggie with Christmas and Hanukkah back-to-back this year. Most folks will be off or celebrating from roughly December 24 through January 2 this year. EMarketer predicts spending during November and December on the year-end holidays will increase by an estimated 4.8% this year, and reach $1.353 trillion. Yowza!
Are you thinking of upping your Halloween game? Traveling for Thanksgiving? Or splurging on gifts for Christmas or Hanukkah? Well, here are a few tips.
- Set a budget! From the outset, decide what you can spend, and which items you want to have for each of the holidays. If you have accumulated credit card points or dollars, consider cashing those in to cut costs.
- Buy early, buy in bulk! Whether it's your candy, decorations, or costumes you'll want to buy early. I usually start in mid-to-late September. Don't wait until the week of Halloween because most items are gone. The same applies to the other year-end holidays. Dry goods that don’t spoil can be bought in bulk and in advance. For Thanksgiving and December holidays, buy those airline tickets early.
- Watch for coupons. Seriously, watch for coupons. For example every year there are pop-up stores such as Halloween City and Spirit that offer early-bird specials, discounts, and coupons. There are also Christmas store pop-ups in some cities. Other stores such as Michael's, Party City, and Target are getting in on the action as well. Usually by the last week of September or early October retailers have already slashed prices on some loss-lead items. Loyalty members usually get early access and may receive additional discounts. Consider becoming a member if you want notifications about potential sales, early-bird offers, or special member discounts.
- Buy post-holiday for next year. One way to score big discounts on decorations (especially those expensive animatronics) is to buy the closeout items just a few days after each holiday. It's also a good time to hit thrift stores to get costumes, decorations, and other items people have donated. If you are not squeamish about pre-owned, thrifting can be a great way to score really nice holiday items. Take Halloween costumes for example. My friend Erin, has been doing this for years with her four kids. They’re young enough that they don’t care and she’s able to mix-n-match and reuse various costumes. If buying new, you can shop with an eye to reusable pieces. For example, some costumes have the same basic components. This year's Julius Caesar costume can become a Jesus costume next year (useable for Halloween and the church play), and a Roman toga another time if, for example, its main component is a long, white tunic. Mix and match the accessories to change up your costume.
- Shop online. I know, it’s sacrilege. Shopping online can open up a lot of price options for you and make delivery a snap! Be sure to check fulfillment times and make sure you are getting what you want. Be careful reading item descriptions, and be sure to read the reviews. Also, enter the company name and product in a search engine to get more, unbiased reviews.
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