5 Budget-Friendly -- and Spooky -- Halloween Party Ideas

If you're planning to host a monster bash this month, spare yourself a few bones with these money-saving secrets.

Between the candy, decorations and costumes, it's easy to feel like Halloween is a vampiric day: It'll suck your wallet dry if you're not careful. Consumers are expected to spend more than ever on their Halloween festivities. In fact, Halloween spending is expected to reach -- are you ready for this? -- $8.4 billion this year, according to the National Retail Federation. Luckily, there are a few strategies to host a spooky party without spending that ghastly amount of money.

[See: 9 Scary Things Consumers Do With Their Money.]

1. Go for do-it-yourself decorations: Those giant lawn inflatables are fun, but doing the work to afford them isn't. Some, like a 14-foot pumpkin-headed Grim Reaper, can set you back almost $250. That's a lot of cash for something that's going to spend 11 months of the year in a box in your basement. So rather than spend your money on lavish lawn ornaments, simply swap out your outdoor lights with eerie red bulbs ($5.29 each at 1000bulbs.com). Wrap an old white sheet around a ball, draw on a scary face with a black marker, hang it from your tree and watch it sway in the wind. Then pick up a mini waterproof Bluetooth speaker, like Soundbot's SB510 Shower Speaker ($13 at soundbot.com), stick it under a nearby bush and pipe in one of Pandora's free Halloween stations, such as Spooky Symphonies or Halloween Party, for some terrifying tunes. For less than a crisp $20, you'll have the most frightening yard on the block.

2. Serve creepy cocktails: If you're hosting a shindig for adults, skip the full bar, which can really add up, then opt for a single-themed cocktail instead. One good option for chilly fall nights is called Glow Wine, which is a proper old-fashioned hot punch that just so happens to be blood red. Here's how to make it: Pour two bottles of red wine in a large pot, add a cup of sugar, six cloves, the peel of half a lemon and a cinnamon stick. Bring it to a boil and serve with an orange slice. An added money-saving bonus: Buy inexpensive wine since you're dressing it up with sugar and spices ... no one should know the difference. If you're hosting a party for kids, skip the juice boxes and make a spooktacular elixir for them by adding in some creepy crawlers. Freeze gummy worms in trays or fill a rubber glove with water, freeze it and float the icy hand in the bowl. Talk about a chilling decoration.

[See: 10 Frugal Ways to Save This Fall.]

3. Buy candy in bulk: It's no surprise that if you buy small bags of candy at the grocery or drugstore you're probably going to pay more. Instead, pick up your sweets at a big-box store, such as Costco or Sam's Club. Another option: Skip the candy for trick-or-treaters altogether and hand out spooky trinkets instead, such as glow-in-the-dark eyeballs ($6 for 48 at orientaltrading.com) or glittery stick hands ($8.25 for 72 at orientaltrading.com). The benefit here is that they never go bad, so if you don't hand them all out this year, you'll already be set for next year.

4. Skip the patch: Hitting the pumpkin patch for your perfect jack-o'-lantern is always fun, but this is one case where buying directly from the farmer isn't necessarily less expensive. Sure, it's not as quaint of a shopping experience. But grabbing a pumpkin from your local grocery store, where they're generally sold at a price-per-pumpkin, may be friendlier on your wallet than picking one up from your local farm, where they're generally sold at a price-per-pound.

[See: 12 Habits of Phenomenally Frugal Families.]

5. Swap your costumes: Shoppers will spend $3.1 billion on Halloween costumes this year, according to the NRF, and most will wear them for no more than a couple of hours. So rather than lay out cash for a one-and-done outfit, email your friends to set up a costume swap. Everyone can toss their old outfits in a box, and you can mix and match. An old cowboy lasso can make for a perfect Wonder Woman accessory. If that's too much effort, shop around online, and always be sure to use a coupon code.

Sara Skirboll is the resident shopping and trends expert for savings destination RetailMeNot. A principal author of the RetailMeNot Shopper's Trend Report, she researches consumer sentiment and analyzes information from a database of more than 500,000 offers for 60,000 retailers. With more than a decade of experience working within the retail, fashion and beauty arena's, Sara has her finger on the pulse when it comes to shopping habits, shopping trends and spending practices.