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Money Matters | October Spending Guide

by First Farmers Bank & Trust | Oct 07, 2019

MSM (10_7_2019)

October shopping seems plain compared to the sauciness of November and Black Friday. For many items, especially big ticket items like televisions and electronics it's best to wait for the Black Friday deals. When it comes to saving money on these products, however, October is King.

  • Outdoor items
    • Lawnmowers
    • Outdoor furniture
    • Grills
    • Gardening tools and equipment
    • Pool supplies and pool products
Summer is cooling off and stores are starting to prepare for the holiday spending rush. The surviving lawnmowers, grills, and patio furniture are taking up precious square footage in many stores. Stores are happy to deal their remaining summer inventory at deep discounts to clear space for new holiday items.

  • Back to school supplies
 The kids are back in school and the majority already have the supplies they need. Many stores are over-stocked with pens, paper, folders, and book covers. October is the best month to buy last-minute school supplies for your kids, or even stock up on cheap supplies you know they'll need next year.

Note: Buying something because it's a great deal doesn't matter if it has no utility to your life. Not buying unnecessary things is always 100% off. 

Along with the potential product savings for the mentioned items above, there are some built-in expenses for some during the month of October that should be accounted for in your budget. This includes the price of Halloween costumes for yourselves, your children, decorations, and candy for the trick or treaters. The average person will spend approximately $90 on Halloween, which of course varies depending on level of involvement.

Final thoughts on October Spending
October is the last month to save before the holiday season comes full-swing. Christmas, Thanksgiving, and higher utility bills are right around the corner!

The goal of this series is to give tips and tricks aimed at saving money, and helping people work towards a better financial future.

Quote of the week: "The quickest way to double your money is to fold it in half and put it in your back pocket" - Will Rogers

Thanks for reading!