Money Rehab with Nicole Lapin - A Guide To the Memorial Day Sales That Are Totally Worth It— and the Ones That Aren't

Episode Date: May 23, 2024

Monday is Memorial Day. You know what that means: discounts. Nicole shares which sales are actually awesome deals, and which you should skip.

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money is working as hard as you do. So why overcomplicate your money? Keep it simple with Bank of America, your one-stop shop for everything you need today and the goals you're working toward tomorrow. To get started, visit bofa.com slash newprosmedia. That's b-o-f-a dot com slash n-e-w pros p-r-o-s media. bfa.com slash newprosmedia. I'm Nicole Lappin, the only financial expert you don't need a dictionary to understand. It's time for some money rehab. it's time for some money rehab. While the start of summer is technically June 21st, I'd argue that summer unofficially starts Memorial Day weekend. It is the beginning of picnic season, the moment the East Coast starts finally warming up, and ice cream trucks are hustling. And you know retail in America. Brands love to pepper in sales on a three-day weekend,

and Memorial Day is no exception. We all know the major players in the holiday sales game. The biggies are Memorial Day, Black Friday, Cyber Monday, and Labor Day. But not all sales are created equal, and in fact, each holiday has its own niche where you can expect to see sales on certain products but not others. For example, your vacuum may have taken its last dusty breath and you've been planning on finding a replacement on Labor Day where you're sure you'll be able to pounce on a great deal. But nope, on Labor Day weekend, you will not see too many deals for vacuums. Those actually roll around this Monday on Memorial Day. However, please don't buy something just because it's a good deal. This is a phenomenon experts are calling spaving,

spending to save. Examples of this would be you buy something extra just to get free shipping, or a buy three, get one free sale when you just needed two. When you're being tricked into spending more money, you are not saving. It is just as simple as that. However, if you are in need of some of the essentials, now is a good time to cross some of those things off your shopping list. And the sales this weekend are expected to be particularly big because retail has been having a hard time lately. So brands are going back to do some sticker price slashing in order to get shoppers back in their stores or more likely on their websites. Economists had predicted that there would be a 0.4% increase in spending in April, but there wasn't, so the

pressure is really mounting. Target sales, for example, fell for the first year since 2016. In response, the brand just announced that prices would be lowered on over 5,000 popular products, like certain brands of laundry detergent, sunscreen, baby wipes, snacks, and more. To be clear, these price reductions are permanent. This isn't even part of the Memorial Day weekend campaign. That will kick off even bigger discounts. There are a lot of deals to be had out there. I'm going to help you skip the guesswork, and today I'll guide you through what you can expect to save on on this Memorial Day. Number one, mattresses. You guys, I cannot explain it, but Memorial Day weekend is the

Super Bowl for mattress companies. Normally, you'll see price trends set around supply and demand, right? Like you can expect to get a winter jacket for cheap during the summer because demand is low. So I just cannot explain why all of the best mattress deals happen Memorial Day weekend. It's not like there's a decreased demand for mattresses in the summer. I have never seen reports of a national trend where some people sleep less in certain times of the year. Have you? seen reports of a national trend where some people sleep less in certain times of the year. Have you? And yet, come Memorial Day, the whole mattress community comes together and puts their stuff on sale. So if you're thinking about getting a new mattress within the next year, now is the time. You can find some sweet deals in your typical specialized

bedding stores or general department stores. 2. Jumbo Appliances On Memorial Day weekend, retailers will slash prices on many home appliances like refrigerators, washing machines, dryers, dishwashers, stoves, and yes, vacuum cleaners. So keep your eyes peeled for discounts, package deals, or rebates this weekend. If you're a renter, send this episode maybe to your landlord if you need to drop a strong hint that your washing machine needs an upgrade. Number three, outdoor accessories. And this is something that I'm actually seeing a difference in this year. Historically, outdoorsy sales have been marketed on Memorial Day weekend. So things like outdoor furniture, grills, bikes, hiking gear, all that

jazz. And the advice I've always given is, sure, peruse the site of your favorite department store to see what deals might be out there. But traditionally, these types of deals are way bigger on Labor Day. And that makes sense, right? Labor Day marks the start of fall and therefore cooler temps in many parts of the country. So the demand for outdoor essentials will be lower in colder weather. And based on what we know about supply and demand, the lower the demand, prices drop. Memorial Day weekend, on the other hand, is the kickoff to summer. Everyone wants to be spending more time outdoors in the sunshine. And so my BS radar has always been on high alert for Memorial Day outdoor furniture sales. And I have seen a lot of pretty weak non-deals like buy to get one free situations or a spend

$500 to get $2 off discounts. Something lame with an ROI that's too low to be a real perk. However, this year, I think you will actually find some great offers because of how retail is struggling. To go back to the Target example, Target is now offering 50% off patio and garden swag and 40% off outdoor games. That is a real discount, so it's not a bad time to buy. Number 4. Travel. Yes, I saved the best for last.

I am surprised by how few people take advantage of this, but travel agencies and travel tools like Expedia and Kayak, airlines and hotels put discounted rates and special vacation packages on sale on Memorial Day weekend. In order to take advantage of this, though, you'll have to use the strategy that Scott Keyes gave me when he came on Money Rehab, optimize for price rather than destination. In other words, when people plan vacations, it's really common to choose the destination first and then look at the prices. But Scott says you're going to find the best deals if you search by price and keep the destination flexible. So if you use Going, that's Scott's app, you can get travel alerts for cheap flights to a bunch of dreamy destinations.

Other apps like Skyscanner and Hotwire also have features that help you discover flights based on your price point if you're flexible on the location. So if you're looking to scratch a travel itch, shop your favorite travel sites this weekend. For today's tip, you can take straight to the bank. Many companies like Target, Walmart, and Macy's are all trying to set themselves apart from competitors during Memorial Day weekend, so they'll entice shoppers with a loyalty discount. Do some digging online, and if you need to opt into emails to get a 10% discount, just do it. You can always unsubscribe or even set up a whole other, this is what I do, email account just for those types of emails. Just make sure you're signing up for a loyalty

account and not a loyalty credit card. That is a whole other can of worms that we don't need to take advantage of the deals this weekend. Money Rehab is a production of Money News Network. I'm your host, Nicole Lappin. Money Rehab's executive producer is Morgan Lavoie. Our researcher is Emily Holmes. Do you need some money rehab? And let's be honest, we all do. So email us your money questions, moneyrehab at moneynewsnetwork.com to potentially have your questions answered on the show or even have a one-on-one intervention with me. And follow us on Instagram at Money News and TikTok at Money News Network for exclusive video content. And lastly, thank you. No, seriously, thank you. Thank you for listening

and for investing in yourself, which is the most important investment you can make.