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(From the Financial Literacy Blog) – The biggest celebration of the summer is nearly here! The Fourth of July is a day filled with star-spangled festivities, and brings together family, friends, food, and fireworks. However, amid all of the celebration and fun, it can be easy to overspend. While it may be a staple of summer fun, it’s important that you don’t let the day break your budget. Here are some tips on still having a blast, even if you’re planning for a frugal Fourth of July celebration:
Reduce Your Travel Costs
With gas prices averaging $5.00 a gallon here in Maine, the cost of visiting distant friends and family can add up. One of the worst feelings is filling your tank and then driving a mile down the road only to see far cheaper fuel prices. To help you find the most competitive price on gasoline, consider using a gas-finder app. Price comparison apps such as GasBuddy, Gas Guru, or Waze list the gas stations in your area, allowing you to find the one with the lowest price. All these apps are free and are available for both Apple and Android devices.
Reuse Decorations
While buying a number of U.S. flags and fancy red, white, and blue decorations can make your Fourth of July party stand out, it can get quite expensive. Instead, re-use any decorations you may already have. Do you have red cups and plates from Christmas, Valentine’s Day or Memorial Day? Save some money and use them! The same concept applies to your outfit. You don’t need the latest Independence Day shirt off the rack. Pull out any clothing items from your closet that are red, white, and blue. Get creative and pair them together for an on-theme outfit at no extra cost!
Skip the Fireworks
It’s estimated that Americans spent $2.4 billion on fireworks in 2021. Supply chain issues and inflation will result in even higher costs this year, with the American Pyrotechnics Association claiming an overall price hike of 35%. To celebrate on a budget this year, consider skipping the fireworks. Well, don’t skip them altogether, as there may be a local display happening near you. Check in with your town to see if they’ll be hosting a community fireworks show. Maine’s cities and towns often spend thousands of dollars on their displays for attendees to view at no cost. The community show is not only far cheaper for you, but it’s likely more elaborate and impressive as well. While the show may be free, parking can be a different story. To save money, try to arrive early and grab a free spot on the street or in a public lot. If there is no way around paying for parking, consider carpooling with friends or family to split the cost.
Keep the Menu Simple
Barbecues are a staple of summer, but it’s easy to get carried away behind the grill. With friends and family coming together for the special occasion, you may want to splurge on the menu. Steaks and ribs sound amazing, of course. Also, getting a final head count isn’t always easy, so it’s better to have too much than too little, right? Before you know it, your food costs are breaking your budget. According to the American Farm Bureau Federation, the average Fourth of July cookout will cost 17% more compared to 2021. Instead of splurging, keep the menu simple. Hot dogs and hamburgers are an inexpensive way to feed a lot of people. And while it might cost you more for your burger than it did a year ago, it is likely a cheaper option than other meat options. Choose the generic brands when it comes to chips, drinks, and condiments, as they’re usually cheaper than their name brand counterparts. For even more savings, consider hosting a potluck and ask guests to bring a dish of their own.
Take Advantage of Free Amenities
One great thing about the Fourth of July is that there are often tons of free activities for you to take part in, such as parades, live music, firework displays, and more. Further, on a hot July day, you can opt for some inexpensive entertainment at home. You can set up the sprinkler for kids to run though and pull together some yard games for friends and family. Entertainment doesn’t have to be elaborate to be fun. We’re also lucky to live in a place where our state’s natural resources provide free or discounted entertainment, such as visiting a beach or local lake. Without stressing about your finances, the holiday can be even more enjoyable.
Wishing you all a happy, frugal Fourth of July!