As many families with small children know, Halloween is a highly anticipated holiday packed with clever costumes, yummy candies and spirited parties.

But for many parents, the costs associated with this much-loved occasion can be downright frightful. In fact, according to the National Retail Federation, Americans will spend an average of $72 on Halloween this year, which comes to $7 billion in spending nationwide. With so many ghoulish get-togethers taking place, many parents are looking for ways to stretch their dollars without missing out on any of the fun.

Scare up some savings

The money saving experts at Kmart, the one-stop shop for Halloween family needs, offer these tips to help you enjoy "More Thrills" this season.

Choose costumes with options. Going to several Halloween parties, but don't want to spend money on extra costumes? Check out the new line of costumes from Totally Ghoul that offer 3-in-1 styles for girls. Available at Kmart, your child can go from a ballerina to a fairy to a princess for the price of one costume. Kmart also offers more than 5,000 costumes for adults, kids and pets including looks from your favorite movies such as Frozen, Spiderman and Teenage Mutant Ninja Turtles. Don't forget about the hats, gloves, masks, make-up and other Halloween accessories you'll need to complete the look.

Save on ghostly gatherings. There are many ways to celebrate without emptying your pocketbook. Invite friends over for a Halloween potluck and encourage each guest to bring a dish to share with a spooky name. Rent or download classic horror films for an after-dinner movie marathon everyone will enjoy. Make sure your home is adorned with the most fearsome decorations with light up pumpkins for the porch, inflatables for the front yard and ghoulish decals for the walls.

Shop from home. Save time and avoid the headache of running around town looking for the perfect costume by shopping online. Some retailers, such as Kmart, offer added convenience, allowing shoppers to browse and purchase online, and then pick up in-store for no additional fee. Let your Halloween shopping fit into your schedule and shop from the comfort of your home, office, or on the road.

Trick or treat locally. Many parents spend Halloween evening carting children around to various locations across town. Save gas money by only allowing your little goblins to trick or treat within your neighborhood. This will help you get to know your neighbors and get a little exercise in, too. Don't leave home without the proper container for little ones to collect candy, and for you to leave treats for your own visitors. You can find these decorative containers, candy and more at Kmart, the one-stop shop for everything this season.

This Halloween, avoid the terror of overspending and incorporate a few of these tips for a frightful and fabulous celebration. For more ways to save and to check out costumes that made our "Top 10 Thrillers" list, visit www.kmart.com/Halloween.

Sponsored by Kmart