Here at Financial Helpers, we understand how tough it is to keep to a budget. This is especially true if you’re dealing with student loan debt. Most of our content has pointed out the fact that many families are still struggling to get by. The holidays are an extreme source of anxiety for many with a tight budget and Thanksgiving close to the top of the list. We all want to be able to celebrate in peace.
Thanksgiving is meant to be a time when family and friends gather together. Amazing food, great wine, and football on TV. Turkey legs, cranberry sauce, and enough stuffing to get you through until Christmas. The holidays are an amazing time for all…but only if you can afford to enjoy it. Many families have no choice but to figure out a way to cut back their expenses.
The Cost of Thanksgiving
According to data from LendEDU, the average person will spend around $100 for Thanksgiving. This number does not include travel expenses. Of course, this is estimated but on the low end of the spectrum. It can cost hundreds of dollars when you include travel, decorations, or even deciding to buy name brand products. Add alcohol, desserts, and side dishes to the mix.
“You have to be a creative cook,” says Phil Lempert, grocery expert, and food industry analyst. “A lot of your menu depends on who you’re inviting over: people with allergies, gluten-free, people who don’t like turkey. Plan out as much as possible.”
Just like with everything else, if you have a tight budget, then you need to plan ahead. Create a plan of action now rather than waiting until a few days before Thanksgiving. Here are five ways you can save big bucks on your Thanksgiving feast.
1) Make It a Potluck Party
An easy solution to your problem of hosting a big dinner is changing how it’s done. Most people, especially family members, will understand that you have a tight budget this year. Tell them you’re excited to host. You can buy a few decorations at the dollar store, cut your own napkins, and buy a bird.
You can save money is by asking those who are coming to bring a dish. And Judy is known for her cakes, to have her bring dessert. Grandpa Joe does the bird every year. And you know cousin Marla can’t live without that cranberry sauce. Is not just cheap for you but cheap for everyone else as well to bring a dish to pass. Besides, that’s how the first Thanksgiving was done.
2) Budget What You Can Afford
Again, do not wait until a few days before Thanksgiving. It’s early November right now. Take out a piece of paper and go over your budget. Decide what you can afford and plan the menu from there. Look at the weekly ads, cut coupons, and figure out which stores are having the best deals. If you’re on the shorter end of the budget, just buy one pie instead of three.
“Planning out the menu by the person is expensive,” Lempert says. “If you try to do everything for everyone, you’re going to waste a lot of money. You’re not saving any money if you’re throwing away a lot of food.” Make out a list of everyone who is coming, right down dietary restrictions for each person. From there, you can figure out how to plan the right amount of food.
Another reason why you should shop early is that stores will have an abundance of product at that time. It’s when sales will be at their best. The closer we get to Thanksgiving, the less product they’ll have and the more on-demand they’ll be. Prices will go up. Be prepared and shop as early as possible.
3) Free Food is Available
If you’re really bad off this year, there are options in most communities for receiving a free turkey. A lot of churches hand out turkeys to the poor. If you’re not comfortable with the idea of a handout, you might find stores with the free turkey promotion. A lot of the major grocery chains will offer a free turkey if you spend a certain amount of money on other dinner items.
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Keep your eye on the coupon circulars. You can follow The KrazyCouponLady.com to see which stores offer this deal. “If you’re a person that doesn’t usually look into the ads, this might be a reason to do so,” says Joanie Demer, co-founder of TheKrazyCouponLady.com. “That could be $15 you’re saving on a turkey.”
4) Wine
If it’s customary to have wine at your table during the holidays, you don’t have to go all out. Finding good wine at a cheap cost is easy to do. Rather than hitting the expensive stores, you can find cheap wine at places like Walgreens. Most stores have an alcohol aisle with varying degrees of prices.
5) Decorating for Dinner
This was briefly touched on earlier, but you don’t have to roll out the red carpet and go big for Thanksgiving. It’s autumn, which means most of the country has organic materials outside their home. Go grab a few pinecones and leaves from your yard. And going to the dollar store for a few other things won’t hurt either.
