How to be financially responsible while celebrating the 4th of July

Independence Day festivities account for a significant portion of a household's July monthly budget, according to credit counseling services, and more than 160 million people were predicted to celebrate Independence Day by hosting or attending a cookout or barbeque last year, according to data aggregator BIGinsight.

Howard Dvorkin, a CPA and founder of Consolidated Credit, expects that number to rise with recent improvements in the economy.  "Future U.S. economic growth rose significantly during June," said Dvorkin. "In fact, reports show that the measures were the highest it has been in two years."

The Fourth of July is a federal paid holiday, so it encourages Americans to go out and celebrate our country's independence. In the midst of the festivities, some people may go a little overboard, Dvorkin explained.

It can be tempting to celebrate by throwing a grand party with decorations and fireworks, but keep in mind how costly party supplies can be. Consolidated Credit's certified credit counselors offer consumers tips for this year's celebration:

  • Around July 4, retailers have low prices on barbeque items including food, chips, drinks and even grills. It's a good idea to take advantage of these summer-time holiday savings to make the most out of your money.
  • Many cities celebrate the 4th of July by having free events including parades, pony rides, concerts and of course, fireworks! Check out your city's website for information about their events.
  • If you're anywhere near a beach, it's also a great idea to soak up the sun in the daytime and stay for the fireworks at night.
  • If you feel like staying in for the night, you can always catch Macy's Annual of July Fireworks Spectacular or the Boston Pops annual concert and fireworks display from what is coined "The Cradle of Liberty."
  • Also for those in Boston, www.july4th.org is a great resource for metro events.

 

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