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.

 

It’s RRSP season! Do you know how much you can contribute this year?

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Happy New Year!  Another year, another RRSP contribution deadline.

 

This year, you have until March 1 to make RRSP contributions that can count as a deduction against your income in 2016. If you know the basic formula to calculate RRSP contribution room, you probably also know that it can make your head spin. It’s 18 percent of your 2015 year’s income, plus any unused room from previous years, less any pension adjustment from 2015.

 

Fortunately, there’s an easy way to take the guesswork out of this calculation. The Canada Revenue Agency (CRA) offers a tool called “My Account” and you can find it on their website at http://www.cra-arc.gc.ca/myaccount/. By registering for My Account, you’ll be able to see exactly how much you can contribute to your RRSP this season. There are a few other things you can do there as well, but at this time of year the RRSP contribution room feature is probably the most relevant.

 

Whether you register for My Account or not, now is a perfect time to get together and discuss any plans you have for contributing to your RRSP this year. And if you’re not doing this already, we can talk about the idea of making regular monthly contributions to your plan throughout the year, which is sometimes easier than making a larger contribution at the deadline.

 

Feel free to give me us call if you’ve got any questions about investment options, strategies, or if you’d simply like to go over your portfolio. You’ll be able to see how to reach us at the “Contact” page on this site. Or if you don’t have an RRSP yet, we can talk about how to get you started. Building your retirement savings with an RRSP can be a very effective way to prepare you for your life after work.