Halloween is the scariest holiday that we celebrate, and it’s one where you’re likely to see ghosts, ghouls, goblins and monsters over and over again. However, just because people are dressed up in scary costumes doesn’t mean you should spend the day afraid of how the holiday will negatively impact your finances. While Halloween can be an expensive holiday if you’re into spooky things or you have kids who happen to love it, you don’t have to spend a fortune this frightful day.
Use this guide to help you learn more about facing your money fears head on this Halloween, even if that means taking out an instant cash advance to get ahead of your worries:
Fear of Overspending
Overspending is one of the biggest money fears that people face. Halloween is a time when it’s easy to overspend. Halloween costumes, parties, decorations, and gifts are some of the things that are very difficult to avoid.
How to Face this Fear- Make a budget that will improve the way you spend your cash. Budget for everything from essentials like rent or your mortgage payment to holiday expenditures – like those for Halloween. Once you have a budget, you’ll find it’s a whole lot easier to keep the money you need in your checking account. That means no more late bills and last minute payments.
Fear of Being Trapped by Debt
Whether it’s a student loan, an auto loan, or credit card purchases, many people fear that it would be difficult to resolve. Even those who don’t have any debt are afraid of getting trapped by debt in the near future.
How to Face this Fear- Consolidating high debt can be helpful for some, but simply asking creditors for relief can be helpful as well. Believe it or not, some companies will work with you to get any payment they can – even if it’s partial.
Fear of Retirement
Many people fear that they would not have enough money for retirement or would have to work until at least 65 even if they would like to retire early or would have to take a part-time job even after retirement.
How to Face this Fear- Start putting away money on a regular basis to save for retirement. Opt into your company’s retirement and pension plans so that you can have enough money when you retire. Check whether your employer has a 401(k) matching program and try to max out whatever your employer offers.
Fear of Reviewing Bills and Bank Statements
This is just pure avoidance or denial. If you are at the point where you fear opening your bills and bank statements, you’re probably in debt and have been overspending. By not facing this fear, you could be making things much worse. You could be getting late fees and penalties from your avoidance. Remember, ignoring this stuff doesn’t make it go away.
How to Face this Fear: Get some help from a friend, planner or counselor. No matter what you’ve done, you need to face it and develop a budget first. Get your budget developed so you know what your discretionary spending can be. Then, don’t spend more than you make!
Fear of Losing Your Job
Being laid off is a legitimate fear if you work for someone else. The greater fear here is after the layoff, not being able to find another job and pay your bills. You should be prepared just like for any other disaster.
How to Face this Fear: Be prepared by having at least 6 months of expenses saved in an emergency fund. It will help you if your job hunt lingers on, and you’ll be able to pay your bills. Take some classes or get some additional training to make yourself more valuable to your employer. Or, do what I did, become self-employed. You’ll never worry about a lay off again!
Seek an Instant Cash Advance
Overspending for Halloween is obviously a bad idea, but if you have children or you have prior commitments, you may not be able to avoid spending altogether. The expenses related to Halloween can also short you on other bills even if you don’t mean to spend too much for the festive holiday. An instant cash advance can help you if you use the money responsibly and know how you’ll be paying the loan back. Make a plan and make sure you can pay it back. You can even use any extra money to get on top of bills before you’re hit with late fees and penalties.
Use these tips to overcome your money fears this Halloween. Remember you still have to face the spooky ghosts or goblins knocking at the door!