I love the fact that our kids can raid the dress up trunk, and with a few added items from the day after Halloween clearance come up with a bunch of costumes.
I try to hit Wal-Mart within the week after Halloween to scope out the best deals.
That's how we ended up with a cute little horse costume for just a few dollars.
Second hand stores are also really a good place to check for costumes (that's where we found Tigger...and that costume has been worn by at least 2 other kids in our family too.)