Memorial Day weekend is just around the corner. It’s time to honor those who died in the U.S. military service. For many, this day is also the unofficial kickoff of summer, a time to gather with family and friends, fire up the grill, hit the pool, or just go shopping. After all, Memorial Day is pretty much synonymous with the beginning of summer. sale.
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A recent survey conducted by GOBankingRates found that 23% of respondents have no plans to celebrate Memorial Day this year.
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How much money do you plan to spend when celebrating Memorial Day? |
|
|
$0 to $50 |
twenty three% |
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$51 to $99 |
18% |
|
$100 to $199 |
16% |
|
$200 to $299 |
9% |
|
$300 to $399 |
Four% |
|
$400 to $499 |
3% |
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over $500 |
Five% |
|
I’m not going to celebrate Memorial Dav. |
twenty three% |
Budgets also vary widely depending on who is planning the celebration. The survey revealed a wide range of people who plan to spend time on Memorial Day activities. The largest proportion, 23%, said they planned to spend $50 or less, and 18% said they expected to spend between $51 and $99. Another 16% expect he will spend between $100 and $199.
and 5% are ready This year’s celebration will cost more than $500.
What do high spenders spend their money on?
Where will this money go? Probably the biggest expense for many people is food and drinks. Cookouts, picnics, and backyard barbecues are practically mandatory on Memorial Day. If you’re hosting a gathering yourself, you’ll probably need to stock up on burgers, vegetables, snacks, and drinks to keep your guests happy.
If you’re celebrating away from home this year, there may be travel expenses involved. Maybe you take a road trip to visit family, the beach, or a weekend getaway. Gas, hotels, Airbnb, and other travel-related expenses can add up quickly.
Concerts, festivals, and sporting events such as the Indy 500 are often held during holiday weekends. There’s more to consider than just the ticket price, as food, drinks, merchandise, etc. can add up to quite a bit of money.
Memorial Day sales are another way to celebrate. You can also invest in new outdoor furniture and grills for your holiday party, or get unmissable deals on appliances and new mattresses.
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How much will I save by opting out?
Research shows that the average amount saved by not celebrating Memorial Day is about $150. That may not seem like a big deal, but it depends on your situation. If you’re on a tight budget or want to make a big purchase right away, it’s important to save little by little.
Free Memorial Day Alternatives
Want to save money and be adventurous this Memorial Day? Here are some free and low-cost options.
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Hike. Visit a local park or trail, enjoy the (finally!) warm weather, and get out into nature. Bonus points if you bring a picnic lunch!
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Get cultured. Many museums and galleries offer free or discounted admission on certain days. Check to see what sales are happening on Memorial Day.
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Participate in local events and festivals. Many cities and towns hold free or low-cost events during Memorial Day weekend, such as outdoor concerts, parades, and cultural festivals.
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Host a potluck. Gather your friends and family and enjoy a meal together by sharing the dishes. It’s a fun and budget-friendly way to socialize.
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volunteer. Give back to your community by volunteering with a local charity.
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Just relax. Use the extra day off to catch up on sleep or read a book.
Some may think that skipping Memorial Day celebrations is a missed opportunity. But others may see it as an opportunity to save money and enjoy a relaxing weekend at home. Regardless of your plans, making conscious choices about how you spend your money will go a long way toward achieving your goals.
Note: Survey result percentages are rounded to the nearest whole number.
Methodology: GOBankingRates surveyed 999 American women ages 18 and older nationwide from May 3 to May 7, 2024, asking 22 different questions: (2) Has inflation affected your summer vacation or travel plans this year?; (3) If you go on vacation, how do you plan to travel? (select all that apply); (4) If you go on vacation, where do you plan to stay? (Select all that apply); (5) How much do you plan to spend on vacation this summer?; (6) What is the best way to save money on vacation? (7) If you are a parent, how much would you spend on summer activities and camps for your children?; (8) If you are a parent, how much will you spend on childcare this summer per week?; (9) What retailer do you frequent to buy summer necessities?; (10) Which retailer do you think has the worst sales on summer necessities?; (11) If you shop at Dollar Tree, what should you buy in the summer? (Select all that apply); (12) If you shop at Costco, what should you buy in the summer? (Select all that apply); (13) If you celebrate Memorial Day, how much money do you plan to spend? (14) If you celebrate Independence Day, how much money do you plan to spend? (15) If you celebrate Labor Day, how much money do you plan to spend? (16) If you shop over Memorial Day weekend, what do you plan to buy? (Select all that apply); (17) If you were shopping for the Fourth of July, what would you buy? (Select all that apply); (18) If you were shopping for Labor Day weekend, what would you buy? (Select all that apply); (19) Are you planning on taking on a second job this summer to help cover expenses? (20) What are some ways you can save extra money this summer? (Select all that apply); (21) How do you plan on building wealth this summer? (Select all that apply); (22) In your opinion, which summer purchase is worth every penny? (Select all that apply). GOBankingRates conducted the poll using PureSpectrum’s research platform.
GOBankingRates Details
This article was originally GOBankingRates.com: Do you have an anniversary planned? Here’s how much you can save
