Halloween teaches us valuable financial lessons like budgeting candy, but it’s not all gum drops and lollipops. A retailmenot.ca survey found that Canadians spent $1 billion on Halloween in 2015. In fact, the Halloween industry is so large that it can support retailers who are only open for the season.


According to Global News, the average Canadian spends $52 per person on costumes.T he cost of costumes rarely reflects the quality. So why shell out so much money? Save yourself from the frightening cost of a costume by dressing up as an iconic movie or TV character in plain clothes. Don’t let the cost of Halloween costumes scare you away this year.


4 Cheap Halloween Costume Ideas from Your Closet


For men:


Marty McFly from Back to the Future

You will need white sneakers, a jean jacket, blue jeans, a white buttoned shirt, an orange vest and a red t-shirt.

Quote: “Wait a minute, Doc. A… Are you’re telling me you built a time machine… Out of a DeLorean?”


Ace Ventura from Ace Ventura: Pet Detective

You will need to style your hair up and back in the iconic Ace Ventura style, a pair of black converse or boots, red striped pants or something similar, a floral pattern shirt, a white tank top and an ID card reading “Ace Venture Pet Detective”.

Quote: “That was close one ladies and gentlemen, of course in every contest, there must be, a loser. Lew-Who, Za-Her.”


For women:


Wednesday Addams from The Addams Family

You will need dark black mascara, a white collared blouse, a black long sleeve shirt, white stockings, a pair of black shoes and your hair in pigtail braids.

Quote: “I’ll stop wearing black when they make a darker colour”


Sandy Olsson from Grease

You will need red lipstick, a tight pair of black pants (preferably leather), a black shirt that shows off your shoulders and red high heels.

 Hang a leather jacket over your shoulder and do your hair to match Sandy’s to really sell this costume.

Quote: “Tell me about it, stud.”


Bonus: You can have a lot of fun dressing up as yourself in high school. Find an embarrassing photo of yourself and replicate the look.

A DIY costume will show off your creativity and make you the life of the party. Consider a costume from your closet before spending money at a retailer. The key to a great Halloween costume is making it fun, so memorize some movie quotes, dress up as your favorite character this year and save your money.


Don’t like paying taxes? Then you’ll love the TFSA

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“In this world, nothing can be said to be certain, except death and taxes” – Benjamin Franklin


We’ve all heard the death-and-taxes expression before, or at least some variation of it. We chuckle at it because it’s true. Taxes are a fact of life. We mutter about it but we pay it anyway because it’s never going away.


So when the federal government gives us a way to pay less tax, like it did in 2008 with the introduction of the Tax-Free Savings Account (TFSA), we really need to take advantage of that opportunity. 


(Friendly note before we get started: If you don’t know what a TFSA is, it’s really about time you learned.)


The TFSA is a plan that allows you (provided you’re at least 18 years old) to contribute $5,500 to it each year. You can invest in virtually anything in your TFSA: mutual funds, stocks, segregated funds, bonds, basically anything you can hold in your RRSP. And while money you contribute to the plan isn’t tax deductible (like RRSP contributions are), all of the growth that takes place inside a TFSA is completely tax-free.


Where this really comes in handy is down the road – after you’re retired. When you begin to withdraw from your TFSA, all that money is yours. Unlike in other registered plans like RRIFs, LIFs or LRIFs, none of your withdrawal is taxed. What you see is quite literally what you get.


So don’t pass up this opportunity to enjoy some tax-free investment gains. If you haven’t contributed to a TFSA yet, you have almost $50,000 in unused room that you can take advantage of right now. Give me a call and let’s talk about getting you started.