Personal Finance News Tuesday 10/30

Phil's Personal Finance Tip of the Day:

Does Excessive Halloween Spending Haunt You?

from daveramsey.com on 12 Oct 2012

Halloween approaches.

Look outside and you’ll likely see pumpkins lined on doorsteps, ghosts and goblins hanging from trees, and orange lights draped across door frames.

Across the country, people are planning elaborate costumes for themselves and their kids. Retailers have stocked aisles full of chocolate and other sugary snacks.

We love Halloween.

Problem is—maybe we love it a little too much. Americans spent somewhere in the neighborhood of $6.8 billion—that’s “billion” with a “b”—on Halloween last year, making it one of the most profitable holidays for retailers.

If we actually gave gifts at Halloween—instead of decorating our houses and ourselves—the holiday would probably be second only to Christmas in retail sales. That’s some serious spending, folks!

So, with Christmas right around the corner, you need to determine (now!) if it makes sense for you to spend your cash on Halloween. That’s what opportunity cost is all about. The money you spend on
Halloween can’t be used for Christmas.

The blow-up ghost hanging from the tree and the Cher costume may seem like great ideas now, but that costume will be stuffed in the back of the closet come December.

To read the entire article from Dave Ramsey.com:
http://www.daveramsey.com/article/does-excessive-halloween-spending-haunt-you/lifeandmoney_budgeting/text2/

Scripture of the Day from Dave Ramsey.com:

Proverbs 11:25 – A generous person will prosper; whoever refreshes others will be refreshed.

Please listen to the Dave Ramsey show live on WOR 710 from 2-4 PM EST. You can also listen to the 3rd hour 4-5 PM EST. at Dave Ramsey.com.