I’m a Financial Expert: Always Buy These 9 Things Around the Fourth of July
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The Fourth of July is a popular time to shop. A recent CapitalOne Shopping research survey found that Americans spent about $15.8 billion around this time last year. Unsurprisingly, the majority of purchases were on fireworks ($2 billion), alcohol ($4.02 billion), food ($9.5 billion) and other goods geared around the holiday.
But not everything needs to be centered around Independence Day. Right now is a great time to shop for other summer essentials and even nonseasonal items before they go up in price.
GOBankingRates spoke with Steven Kibbel, CFP, founder of Kibbel Financial Planning and a senior contributor at Prop Firm App, and Dennis Shirshikov, a finance professor at CUNY and head of growth at Summer, to find out the top items to buy around the Fourth of July. Here are their suggestions.
Outdoor Furniture
There’s no better time than now to deck out your back porch or patio with some outdoor furniture you can use to enjoy those long summer evenings and grill sessions.
“Retailers often run significant sales on outdoor furniture around the Fourth of July,” Shirshikov said. “These items are highly seasonal, so stores offer discounts to clear out inventory before the summer ends.”
Plus, by getting what you need now, you’ll have it for years to come.
Grills and Grilling Accessories
It’s not the Fourth of July without a good outdoor barbecue, but this is something you can use well beyond the holiday — up until the weather starts to turn and you need to store it away until next year.
“Growing up, summer was all about family barbecues — and saving money around this time of year certainly helped fund those fun memories! Even nowadays, I still get excited when those big red, white and blue signs pop up. You really can’t beat discounts on things you’ll use all summer long,” Kibbel said.
“Grilling essentials are a must. As somebody who cooks out at least twice a week from June to August, quality grilling tools and ingredients are always on my shopping list. Around July Fourth, you’ll often find myself and my relatives stocking up on things like charcoal, lighters, seasoning blends, wood chips and even small grills themselves. Once you have the basics, you’re set for cookouts all season,” he said.
According to the CapitalOne survey, the cost of cookouts dropped by 2.8% from 2022 to 2023. The estimated cost for a cookout is $6.77 per person, excluding drinks but including all food items.
Electronics and Home Appliances
You can often find deals on electronics and household appliances around this time of year too.
“Many electronics, including televisions and home entertainment systems, see price drops around Independence Day,” Shirshikov said. “Major appliances like refrigerators, washers and dryers often go on sale during this time.”
A big reason for this, he said, is because retailers are trying to boost their midyear sales by putting steep discounts on must-have items.
Games and Toys
While you’re having a drink or two by the grill, you might also want to pick up something fun for the kids — or even the whole family — to enjoy.
“During early July sales, board games, sporting goods, pool floats and accessories, and outdoor toys are frequently dozens of dollars off their regular prices,” Kibbel said. “It’s a small extra cost that pays off in smiles all summer as your little ones enjoy their new playthings.”
Plus, many of these items will last for years, meaning you can bring them back out next summer without additional cost.
Summer Clothes
Summer might feel like it’s going to last forever, but retailers know fall’s right around the corner and are already starting to prepare with discounts on summer apparel.
“This means you can stock up on summer clothes at a fraction of the price,” Shirshikov said. “Buying summer attire now ensures you’re well prepared for the remaining warm months and even the following year.”
Just don’t stock up too much on clothes for kids, as they’re likely to outgrow them before next year comes around.
Summer Reads
Nothing quite sets the tone for a relaxing summer like those summer reads.
“Grab some cool summer reads — magazines, fiction books set during vacation months, autobiographies of famous Americans,” Kibbel said. “Something about kicking back by the pool or patio with an inspiring story makes me feel like a true leisure-lover! A nice way to celebrate the season.”
Last-Minute Travel Deals
If you’re still planning a trip for later this year or next, you might want to grab some travel deals now.
“Surprisingly, the Fourth of July can also be a good time to book travel for later in the year. Airlines and travel companies often launch sales to capitalize on the holiday, providing opportunities to secure deals on flights and vacation packages,” Shirshikov said. “Planning your winter holiday travels now can lead to substantial savings and better availability.”
Winter Apparel and Accessories
You might not find the largest selection of winter clothes and accessories right now, but what you do find could be on sale. So if you know you’re going to need these things anyway, you could save money by getting them early.
“Think beyond this holiday — winter gear like gloves, hats, snow shovels, ice scrapers can be half off around Independence Day,” Kibbel said. “Smart to get a head start when you see deals!”
Home Improvement Goods
For homeowners, Independence Day is also a great time to score some deals on home improvement supplies and tools.
“With the peak of home improvement season in full swing, retailers offer discounts on tools and supplies,” Shirshikov said. “If you’re planning any DIY projects, this is an excellent time to buy.”
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