5 Fall Spending Traps to Avoid

🔍 Deep Dive: Fall Spending Traps to Avoid

Ever felt that financial hangover at the end of the year? You look back at what you’ve spent and regret going overboard.

Understanding seasonal spending patterns and preparing for them is the best way to avoid this.

1️⃣ Back-to-School (Not Just for Students)

The National Retail Federation (NFR) reported that families spend an average of $890.07 per child on school-related items. College students and families spent even more, averaging $1,366.95 per student.

Even if you’re not headed for the classroom, you may feel an itch to participate in purchasing:

• A new professional wardrobe

• Upgraded tech products with new releases

• Home office supplies and organization systems

• Adult education and professional development courses

2️⃣ Halloween and Fall Decorations

The average person spends $108.24 on Halloween, according to the NFR.

While this isn’t overboard, ask yourself: Do I value Halloween decor and costumes at this price? Or would I rather have $108 in cash?

If your answer is the latter, that’s a sign the purchase isn’t worthwhile. Instead, consider things like:

• DIYing or borrowing a costume

• Choosing 1-2 areas to decorate, instead of the whole home

• Purchase decor and costumes secondhand

• Swap decor and costumes with a neighbor or friend

3️⃣ Seasonal Wardrobe Revamps

According to LendingTree, Americans spend an average of $1,945 per year on apparel, with an increase during the fall. Yet 82% of Americans’ wardrobes haven’t been worn in the last 12 months.

Via Fashion United

Every year, there’s a new trending coat, boot, or sweater. And guess what? Next season it’ll be “out of style.”

Buy a coat if you need one. Leave trendy items on the rack. And know what’s a need versus a want before purchasing.

4️⃣ Holiday Preparation

Holiday shopping begins in October, with early November sales events generating billions in spending before traditional holiday shopping even begins.

Commercials and advertisements will make you feel like the “holiday season is coming up quickly.” This can lead to panic shopping, purchasing far more than you actually need.

Instead, create a gift list now. Make note of any holiday events you’re attending, like holiday parties and gift exchanges. Create a budget to make intentional purchases.

5️⃣ Home Maintenance and “Weatherization”

It’s easy to spend thousands each fall on things like:

• HVAC repairs during first cold snaps

• Rushed “weatherization” projects to prep for inclement weather

• Overpriced seasonal maintenance (like raking leaves)

• Home improvement projects

Sure, some of these may be necessary. But others aren’t.

Can you clean the leaves out of the gutter yourself? Or install a gutter guard? Can you hire a local teenager to rake leaves instead of the expensive landscaping company?

Put It Into Practice

There are 3 precautions to take this fall:

1. Resist artificial urgency: You have plenty of time to purchase things. Make a “to buy” list and only purchase once it’s been on the list for 48+ hours.

2. Pay attention to cost per use: You’ll wear a costume for one night, and fall decor is up for 6 weeks before holiday decor comes in. If you won’t use it time and time again, don’t buy it.

3. Use what you have first: Look at your closet first. Dig out the bins of decorations from past seasons. Exchange with a neighbor or friend.

💵 Budget Breakdown: Cheaper Phone Plans

OnePay, a financial tech firm owned by Walmart, launched its own wireless plan powered by Gigs, a wireless carrier partner.

Here’s the offer:

• $35 per month

• Unlimited 5G data

• Talk and text on the AT&T network

This plan is new, so we don’t have much information about whether it’s good. But similar phone plans, like Visible by Verizon and Mint Mobile, get mixed reviews.

Some say they’re cost-effective and offer the same service, while others say they’ve experienced poor reception and slow data.

🔗 Quick Links

📈 How to jumpstart your retirement savings.

❌ Try this No Spend September challenge.

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