Halloween is a fun time, but the cost of costumes can be prohibitive for some. While Americans plan to spend about $10.6 billion on Halloween this year, you don't need to break the bank to enjoy the holiday! Here are some ways to save money this season:

Make Your Own Costume

DIY costumes are a great way to save on your costs. Not only do they save you the hassle of a costume store, but you can also have fun creating something unique.

There are many Halloween costume ideas out there that can be made from simple items you probably have around the house. Whether it's an old box that becomes a classic choo-choo train or an old set of makeup you never used, there are lots of ways to be creative and save money at the same time.

Trade Costumes

One way to save on your costs this year is to borrow or trade a costume with friends and family. This is especially helpful if you have young children who aren't yet ready to buy their own costume.

Use Facebook Marketplace or Offer Up to find someone who is looking to part with their costume. You could even ask your local consignment shop for a gently-used costume that is still in good condition.

Hit the Clearance

In the weeks leading up to Halloween, many stores put out deep discount sales on costumes and other Halloween merchandise. These sales are often 50% off or more, and you can save big if you take advantage of them.

If you aren't able to wait for these sales, check out secondhand stores or sites like Poshmark to buy pre-owned Halloween costumes. These items are usually in good shape and are priced far lower than new ones.

Imitate Your Kid’s Favorite Character

If your kid is already a favorite character, you can try to imitate their look this year. For example, if your child is a princess, you could make her into a fairy princess. You can get creative with a few basic pieces of clothing from your own closet to create a costume that reflects their style and personality.

Visit Your Closet Before The Stores

Before you go out to the stores, check your closet for a few pieces of clothing that might be suitable for a costume. If your kids wear a lot of black t-shirts and sweats, these items may be useful for building your costume around.

Visit a Thrift Store Before The Stores

Another way to save money on Halloween costumes is to visit your local thrift store. The store will typically have a special Halloween display for the season, so you'll be able to find some costumes that aren't already on sale at your local stores.

These costumes are often cheaper than buying them new, and you can even save money on accessories by purchasing them at the thrift store.

For instance, you can get cat ears and tails at the dollar store for a fraction of the price of the same item at a costume store.

Halloween costumes can quickly become a big drain on your budget. That’s why it’s important to be smart about how you spend your money during the holiday season. Thankfully, there are several ways to save money on Halloween costumes that won’t compromise your financial goals.

1. Set a limit to how much you’re going to spend on your costume.

Buying a new costume every year can be expensive, especially if you have children who want to dress up. One of the best ways to avoid overspending is to set a limit for how much you’re willing to spend on your child’s costume and then stick to it.

2. Take advantage of sales and coupons when shopping for your costume.

Often times, Halloween specialty stores offer discounts to make room for their new merchandise. However, if you’re looking to save even more, try checking out discount stores like TJ Maxx or Marshall’s.

3. Borrow or Trade Halloween Costumes

Before you head out to purchase a new costume, check with friends and family members in your area for any old costumes they may have for sale. This will help you to save on your next outfit, and it might also give you some extra cash to buy your child’s new costume!

4. Recycle a Box for a Costume

Instead of spending money to buy a new costume, consider recycling a cardboard box and making your own. With a bit of paint and a little imagination, you can turn a simple cardboard box into an incredible one-of-a-kind costume!

5. Find Thrift Stores With Halloween Pop-Up Shops

If you’re looking for a one-of-a-kind Halloween costume, there’s no better place to look than at your local thrift store. Many thrift stores organize special Halloween pop-up shops to feature all sorts of costume-ready merchandise. These include hats, capes, wigs and other accessories as well as clothing from all decades.

6. Buy Used Halloween Costumes

Whether you’re purchasing new or used, it’s always worth taking a look at consignment stores in your community. These stores usually have a lot of used costumes for sale, and they are often priced far lower than you’d expect for such high-quality clothes.

7. Use What You Have to Create Your Own Costume

If you have any old sports uniforms lying around your home, you can transform them into an adorable wolf or bear costume! Similarly, an old dance recital costume can be made into a cowgirl or a princess with a few accessories.

10. Invest in a DIY Gold Medal

If you have children that love to participate in sports, consider letting them craft their own gold medal to add to their team’s uniform. This not only makes it more fun for them, but it will also save you money.