By ASH IDRISY
Halloween is almost here. The candy, the costumes, the crisp fall air — but also the fun of being spooked just enough to get a little chill. When it comes to your money, though, the last thing you want is a scare. Let’s shine a flashlight into the dark corners of personal finance and talk about a few scary money mistakes you’ll want to avoid.
For one, imagine walking into a haunted house without a flashlight — you’re bound to stumble into something you’d rather avoid. That’s what it’s like when you don’t have a budget. A budget doesn’t need to be fancy. Pen and paper will do. The important part is knowing how much money comes in and where it goes. Without that awareness, you risk overspending inways that drain your bank account.
Keep that flashlight handy or perhaps invest in some candles.
As the fall leads to winter, your electricity usage will certainly go up and with that, your monthly bill. Not to mention there are reports that many Americans will soon experience higher bills, as AI data centers, LNG exports, and erratic weather drive the cost of power higher. I personally light candles to shave off some electricity usage, and it’s also a calm way to wind down for the night.
Something you don’t want to hear at night is a banshee’s wail that warns of trouble ahead, and unpaid bills give off the same scream. Ignoring them won’t make them go away.
Late fees pile up, credit scores suffer, and eventually debt collectors come knocking. Set reminders or automate your payments so the banshee never has a reason to cry over your finances.
Be sure to look out for the phantom that is credit card debt, which is just like a ghost that refuses to leave your house. The minimum payment seems harmless, but high interest rates make balances grow in the shadows. Before you know it, that $200 pair of “must-have” kicks has cost you twice as much. If you find yourself haunted by balances, make a plan to pay off one card at a time, starting with the one that has the highest interest. Once you banish that ghost, move to the next. An alternative is to use the “snowball method” and pay off the smallest balance first and then move onto the next smallest and so on.
Ghouls lurk in the shadows waiting for the desperate, and payday loans do the same. They promise fast cash, but the interest rates can be monstrous, sometimes 300% or more. What feels like a lifeline quickly turns into a nightmare. If you’re ever short on cash, look first to a credit union, a small side hustle, or even borrowing from family before letting the payday ghoul sink its claws in.
Moving on, let’s take care of some zombies! Subscriptions are the zombies of your budget. They start small, $10 here, $15 there, but once they’re in, they’re hard to kill. Before long, you’re paying for streaming services, apps, and memberships you don’t even use. Every few months, take a look at your bank statement and cancel anything you haven’t used recently. If you really miss it, you can always re-subscribe later.
Now let’s not forget about those night-loving vampires. Or at least the vampires of personal finance: impulse buying. Whether it’s a late-night online shopping spree or grabbing extras at the store because they’re “on sale,” those little bites add up. To protect yourself, give big purchases a cooling-off period. Wait 24 hours before you click buy. More often than not, you’ll realize you don’t really need the item. Keeping a list of financial goals nearby also helps remind you what you’re saving for when temptation strikes.
Finally, one of the scariest mistakes: not having an emergency fund. Life will throw you surprises: car repairs, medical bills, sudden job loss. Without savings, those surprises can rattle your financial skeleton to the core. Start small if you need. Even $10 a week adds up over time. Aim for $500 first, then work toward three to six months’ worth of expenses. Having that cushion will keep unexpected costs from becoming true financial horror stories.
Halloween is supposed to be spooky fun, but your finances don’t need to be. By avoiding these scary money mistakes, you’ll give yourself more peace of mind and more control over your future.
