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While the National Retail Federation is expecting record spending this Halloween of nearly $103 per person, revelers might be planning to focus more on Halloween savings this year. Inflation is scarier than ghosts.

Luckily, creativity is one of the hallmarks of this spooky season, and savings are easy to achieve. Here are 31 ways to do it.

Get Creative with Costumes

Costumes may be the best part of Halloween. You can “be” anyone or anything for one night. But costumes don’t have to be expensive. In fact, with a little creativity you can have a great costume for almost nothing.

1. Rent, Don’t Buy

Sites like Halloweencostumes.com and Costume.com rent theater-level costume styles for a fraction of the purchase price.


💡 Quick Tip: When you have questions about what you can and can’t afford, a spending tracker app can show you the answer. With no guilt trip or hourly fee.

2. Make Your Own

Extend Halloween fun by making your own costume. The internet is full of innovative ideas — homemade costumes that turn the wearer into jellyfish or fairies, or that create illusions, like someone sitting on a flying carpet.

3. Hit the Thrift Store

Thrift stores and surplus stores can not only provide the materials for a costume, they can also give you ideas: buy a wedding dress and become a ghostly bride or purchase a lab coat and become a mad scientist. You also might spot great savings on fall fashions while you’re at it.

4. Swap Costumes with Friends

Swapping costumes with friends is a great way to save money. And your outfit from last year may be someone’s dream costume for this Halloween.

5. Look For Sales

You can shop online at Halloween retailers and regular discount stores that sell costumes. Some may have sales to boost early purchases, or to clear out inventory as Halloween gets closer.

Decorate on a Budget

You would think pumpkins would be a super cheap decoration, but that’s not always the case. There are, however, some easy ways to haunt your house magnificently and take advantage of Halloween savings at the same time.

6. Become a Prop Master

There are lots of videos online explaining how to make everything from real-looking spider webs to authentic tombstones and creepy candles. Want to be eco-friendly? You can substitute toxic chemicals and unsustainable materials like Styrofoam with more sustainable materials.

7. Repurpose Last Year’s Decorations

Rework the decorations you used last year to create a whole new look. Give that mummy a hat, or have the witch you made last year hide behind a bush this time. If you’re crafty, a bit of paint or touch of glue can give your decor a whole new look.

8. Hit Garage Sales

Check out local garage sales and estate sales for decorations other people are ready to discard. You can often find some cool vintage treasures!

9. Trade Decorations with Friends

Tired of your old skeleton? You can switch it for a pal’s ghoul or light-up graveyard. You can offer up your old decorations on social media or just have everyone gather and trade like Halloween market.

10. Try the Discount Stores

Super discount stores often have great decorations for almost nothing. Dollar stores, surplus stores, Spirit Halloween stores, and others can provide garlands, Jack o’ Lanterns, skeletons — you name it.

11. Scan Thrift Stores

A thrift store is like a treasure hunt inside a shopping trip. You never know what you’ll find at a thrift shop but you’re sure to find inspiration for decorations!

12. Don’t Forget the Lighting

Lighting changes everything. Put a green or purple bulb in a lamp and a basic room is automatically made spooky, especially if you’re lighting something from below.

13. Make Creepy Shadows

With nothing more than some paper and scissors you can make scary silhouettes for the windows: a werewolf looking in, or a dagger-wielding murderer, for example. Put in front of a flashlight, they can even create some large, scary shadows for a spooky wall.

14. Scary Music Makes Ambiance

The most ordinary scene can feel terrifying when you add scary music. You can look online for options from classical pieces like Dance Macabre to soundtracks from horror movies complete with howling winds, distant church bells, and crows calling. There are even spooky tracks available on streaming services like Spotify.

15. Look for Pumpkin Deals

Most Jack O’ Lantern pumpkins cost less than $10, but if you need more than just one, the pumpkin costs can mount quickly. Some retailers have special offers on pumpkins that can really squash your spending. One way to potentially spot good deals online is to follow retailers on social media.

16. Grow Your Own

It’s too late this year, but you can grow your own pumpkins next year. You may be able to grow other decorations to use for fall, like corn husks and twisted tree branches that can later be made into haunted forests and witches’ brooms.

17. Shop in November

Everything Halloween related goes on deep discount the day after Halloween to make room for the upcoming holidays. Many people take advantage of these closeout sales to save money while also stocking up on decor for the following year. Don’t forget about websites — there are often good deals to be found online.


💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

Low-Cost Ways to Celebrate Halloween

Haunted houses and ghost tours can cost as much as $50 per person, but there are a lot of ways to celebrate Halloween without spending a scary amount of money. Try hosting your own party, where you can save on food by shopping the sales, using coupons, and having potlucks.

18. Look for Coupons

Coupon sites offer discounts on haunted houses and other spooky activities. Just make sure you read the fine print. Some coupons may require you to visit during the week or might only be valid for specific shows.

19. Show a Scary Movie

Hold a movie marathon where your friends and family create the lineup by bringing their favorite scary films. Or tune in the Halloween classics on television. Serve popcorn and inexpensive Halloween candy. And if someone has a projector, you can show it outside and make it that much spookier.

20. Host a Costume Contest

Consider inviting the kids to dress up and compete to create the scariest, funniest, and even most creative costumes using items they already have at home. The prizes don’t need to be expensive, just something from a dollar store.

21. Carve Jack-O’-Lanterns

Have friends bring their own pumpkins and have a jack-o’-lantern carving party. You can even roast the seeds and serve them as a snack.

22. Host a Scary Makeup Party

Have a get-together where you paint your faces with inexpensive makeup to look like werewolves, vampires, and banshees. Watch some online tutorials for inspiration as you get into the Halloween spirit.

23. Tell Ghost Stories

This is a great activity to do in the dark, maybe even around a fire with some s’mores. Have everyone come with a ghost story to share.

24. Have a Seance

Also great to do in the dark near a glowing fire: Use a Ouija board or other tools to speak to the departed. It’s extra fun if one or two people hide out and make ghost noises.

25. Have a Haunted House

You needn’t put on a big production. Simple things can bring a lot of spooky fun like hanging old pictures and telling ghost stories about them while leading participants around darkened rooms. Play scary recordings and have someone hiding behind a few corners to jump out.

26. Check Out Local Haunts

Do you have a house, an old church or another place in town that’s known to be haunted? How about a neighborhood that really goes to town on the decorations? If so, Halloween is the perfect night to go visit.

27. Check Out Local Free Events

Look for local churches, malls, or schools that are putting on free Halloween parties or fall festivals for the community. Consider it ready-made fun.

Save on Treats

Halloween just isn’t Halloween without the candy. But you don’t have to spend a fortune to keep you and your trick-or-treaters happy.

28. Buy in Bulk

Get giant bags of candy from club stores like Costco or Sam’s Club. They can provide you with enough candy for the whole neighborhood — and a party at home.

29. Visit Low-Cost Retailers

Low-cost retailers like Walmart and Target often have special large bags of candy that may be on display in the holiday aisle rather than the regular candy aisle. If you can’t find it, ask for help.

30. Use Coupons

You can look for retailer coupons that give you a few dollars off your candy purchase, or even offer a buy one get one free deal.

31. Focus on the Fun

On Halloween, people are ready to be tricked, to be scared, and to believe the illusions that give them a little thrill of mystery. Instead of worrying about impressing others, focus on having good experiences and creating lasting memories.

The Takeaway

Halloween is about the kind of fear that gives you goosebumps, not sleepless nights. With today’s inflation, and a need to stretch dollars further than before, it might be a lot less scary, in a good way, to focus on your savings goals this year.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

Photo credit: iStock/Talaj

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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SORL1023001

While medical doctors have high earning potential, the first few years of a doctor’s career — known as residency — tend to be defined by long hours and relatively low pay. So if you’ve got a medical career ahead of you — and medical school student loans to pay off — what sort of financial life can you expect? In this article we’ll explore the average pay for medical residents, and what they can do to manage their finances during this time.

How Much Do Medical Residents Make?

So, how much do doctors make during residency? According to the Association of American Medical Colleges, the average medical resident salary was $60,373 as of July 2022 . After federal and state taxes (assuming an average tax rate of 8.9%), this leaves the average medical school resident with $3,797.73 to spend each month.

Medical residents are known to work very long hours. The Accreditation Council for Graduate Medical Education requires hospitals to ensure that residents work no more than 80 hours a week. If you do the math, an annual salary of $60,000 breaks down to just over $14 an hour if a resident puts in a full 80 hours a week.

Making that money stretch can be a challenge — especially in high cost-of-living areas. To help, here are five tips for getting by (and even thriving) while living on an average resident salary.


💡 Quick Tip: Get flexible terms and competitive rates when you refinance your student loan with SoFi.

How to Get by on a Medical Resident’s Salary

1. Make a Simple Budget

The average resident has little time to keep track of their expenses, but building a simple budget could be the difference between making it work and ending up short. Your first step should be to make a list of all “necessary” spending, such as rent, utilities, transportation, and food.

Next you’ll want to look how much you bring home each month, including your resident’s salary and any additional income from your partner or family support. Then look at how much money you have left over. That’s how much you have to spend on “extras” each month, like dining out, travel, or clothing. You might decide to set spending limits for each category (for example, $100 for eating out) or monitor your spending as the month progresses. Or, you can do both.

2. Consider Personal Preferences and Trade-Offs

A budget can feel like a hassle, but if you set it up right, it can also be freeing. By knowing exactly how much you can spend, you can then decide what’s important for you to prioritize and what you don’t mind cutting out.

Maybe you’ll decide that you want to cut cable, but you don’t want to stop meeting up with friends at your local wine bar. Or perhaps you’ll give up eating out so you can spend more on rent. Making a budget is just analyzing each trade-off. Ask yourself, “Do I want this, or something else?”

3. Focus on Fixed Costs

One substantial way you can make an impact on your budget is by making “big wins” on fixed costs, such as housing, car payments, or utilities. For example, lowering a bill by $20 each month is going to have a bigger effect than saving a few dollars on small purchases. Looking at your own fixed spending, where could you ask for better rates? Or cut back entirely?

While you’re at it, look at your subscription services and other memberships. Though not often considered a “fixed cost,” they can add up quickly to become a significant expense. When you put them on autopay, it’s easy to forget about them and miss the chance to cancel them each month or year. Take time to go through your credit card statement to make sure you’re not paying for a service that you’re not able to use because you’re so busy. Try to eliminate one or two for automatic monthly savings.

4. Share a Living Space

When you’re trying to save money, there’s usually no financial win that’s bigger than saving on your housing costs. To do this, you can move into a more affordable place, live with roommates, or rent out a room in your place. Not only can a roommate help you save on rent, but on utilities like water, electric, and cable.

Some folks don’t like the idea of having roommates because they lose some privacy. But if you’re a busy resident who’s not home very much and is trying to eke by on a small salary, it can be a great way to save money.

5. Choose Less Expensive Transportation

Transportation may be your second biggest expense after housing, especially if you’ve got car payments. But even if you’ve already paid off the vehicle, you’ll need to cover the cost of car insurance, as well as maintenance and sometimes parking. It can add up.

If you’re living in an area with good public transportation, or you’re able to live within walking distance of the hospital, you might want to get rid of your car to save money. In some areas, Uber or Lyft offer a flat-rate, monthly pass option that can be less expensive than owning and maintaining a car.

If you’re not ready to sell your car quite yet, simply try using it less. Even this small act may save you money each month. For example, if you’re spending $120 per month on gas but could ride public transportation for $30 per month, you may save over $1,000 on transportation in a year.

It might be a difficult transition at first, but you may find that you appreciate the time you aren’t behind the wheel. Another potential way to save money on transportation is by shopping around for car insurance. If you haven’t done so in the last several years, it could be well worth it — especially if you have a good driving record.

6. Cook at Home

You’re likely overworked and want to rest during your off hours, and it’s hard to find the time and energy to cook. But eating out is expensive. While it may be unreasonable to think that a medical resident will cook every meal, it may be worth taking a few hours each week to make a batch of meals that you can eat throughout the week. Preparing meals and eating at home could potentially save residents hundreds of dollars a month.

Another Option: Refinance Medical School Loans

Like most people who attended medical school, there’s a very likely chance you took out student loans. Managing these loans while you’re living on an average resident salary may be important for your financial success. It is important to understand your loan repayment options as a medical resident. One of the first decisions you may want to make is whether you want your loans to go into forbearance or to make payments on your loans during residency.

Student loan forbearance may seem like an ideal option for a person on a medical resident salary, but that might not always be the case: Federal medical school student loans accrue interest during that time, and that interest is added to your balance at the end of your forbearance period. This is called compounding, or capitalization, and means that you’re paying interest on top of interest.

You may want to consider refinancing your medical resident student loans with a company like SoFi that offers programs designed for medical school residents. Refinancing is the process of paying off one loan (or many loans) with another, generally to lower your overall interest rate or to change the terms of your loan.

Refinancing student loans won’t be for everyone, as you will lose access to federal loan programs such as Public Service Loan Forgiveness (PSLF). SoFi’s medical school loan refinancing offers monthly payments as low as $100 per month during residency, while no interest capitalizes during that period.

Additionally, with SoFi, you might be able to lower your overall interest rate as well, which could potentially save you thousands of dollars over the life of your loan. Learn more about SoFi’s medical resident loan refinancing rates and terms.

SoFi Student Loan Refinance
Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FOREFEIT YOUR EILIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers. Learn more at SoFi.com/eligibility. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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