Thanksgiving is just around the corner, and with it usually comes friends, family, and good food. But although the current inflation rate has been at its lowest since February 2021, prices are still up 21.2% since the pandemic started. As most people know, groceries aren’t cheap, which means neither is Thanksgiving. However, if you plan and stay proactive, you can make this turkey day more affordable.
If you’re worried about staying frugal this Thanksgiving, here are five ways to save money.
1. Compare prices and prepare
While the turkey is often the priciest dish on the dinner table, November is still the best time to get one. Prices are typically lower, and bigger chain stores offer promotions and discounts to entice shoppers. Use this to your advantage and shop around. A quick search of turkey price comparisons can help you find the best price. Of course, turkey isn’t the only food served at Thanksgiving, so looking for coupons can help you find discounts on your side dishes. Another way to help save is to make a grocery list before heading to the store with all your ingredients. This can help you stay focused and not buy items you don’t need.
2. Hosting vs. traveling
Hosting dinner at your house allows you to stay in the comfort of your own home, but footing the bill and cooking for a lot of people is expensive and exhausting. Instead, assign each guest a dish to pass, saving you money and time. On the other hand, if you’re a guest at someone else’s dinner, you may want to consider the expense of travel and stay local.
3. Evaluate your menu
Thanksgiving can still be a feast even if you don’t put out as many sides. Paring back on your menu and going with a few favorites can help ensure you don’t overspend. Another way to simplify your menu is by searching for budget-friendly recipes and only using seasonal fruits and vegetables, which are typically less expensive.
4. Decide what to do with leftovers
Making a plan for your leftovers can help you ensure everything gets used. For example, try baking cranberries or sweet potatoes into breads or muffins. Use the turkey in soups, salads, sandwiches, or quesadillas. Some items, like turkey, freeze well too.
5. Plan your holiday budget
Thanksgiving typically marks the start of the shopping season, which means sales and promotions are on the rise. Avoid spending just to get the discount unless it’s something on your list.
Pay down your credit cards
If you’ve saved money by having a budget-friendly Thanksgiving, put those extra dollars toward a bigger credit card payment or in the bank. This way, you can head into the holiday season more financially healthy.