Family, friends, and food are the focus of Thanksgiving. However, it is also a time when many people spend a lot of money. Some people spend money on travel, others on food and supplies, and others on gifts.
LendEDU polled 1,000 adult consumers in 2019 to find out how much Thanksgiving will cost the typical American. Averaging the responses from 1,000 adult Americans who planned to celebrate Thanksgiving, the average was $186.05 per person. The average amount was $100. The 2019 figure indicates a roughly 6% increase over 2018 when the average cost of Thanksgiving was $175.65. The amount was at its lowest in 2017 at $165.14.
According to information gathered from the respondents, the average American will spend $33.49, or 18% of their total Thanksgiving expenses, on travel in 2019. The Thanksgiving feast’s food, wine, and other expenses will be covered by the remaining 82%, or $152.56.
How can I save on Thanksgiving?
Saving money on Thanksgiving does not have to be complicated. There are a few simple ways to save money without sacrificing the quality of the holiday.
Set priorities for your plans
Write down everything you have planned to do between now and the new year as you consider how much you may spend this season. Include everything: vacations, presents, meals, celebrations, and customs. Then, spend some time ranking your holiday wish list so you’ll know what to drop from your budget if you need to make adjustments.
Create a budget and regularly review it.
It’s time to set up your holiday budget now that your holiday priorities are in place. Doing this will make you aware of your spending restrictions before spending this Thanksgiving. Now is the moment to make any necessary adjustments if you discover you are over budget. Remember that making sacrifices is acceptable to make more place for your priorities.
Make an inventory of your current resources.
Don’t immediately leave for the grocery store. Instead, spend some time evaluating what you already have. Check the pantry, every kitchen cabinet, the freezer, the refrigerator, and all other places you keep food. You’ll probably discover that some of the items on your list are things you already own, saving you from spending money on them again.
Shop wisely.
Write a shopping list to keep you organized, and do some prior research to get the greatest deals. If you don’t have a plan before you arrive at the store, it’s simple to get distracted by a dazzling “75% Off” sign.
Use simple decorations.
Encourage your kids to make paper turkeys by tracing their hands for a fun garland. Then, for a lovely centerpiece, go outside and collect pinecones from the backyard. Alternatively, you could lay a sheet of blank paper across the table with questions and give your visitors various markers or crayons so they may write their responses. Also, remember that people value good food and company much more than an extravagant mantle display.
Establish a “Bring Your Own Dish” policy.
If you’re hosting a meal for a big gathering of people, this works remarkably nicely. Simply request that each person bring one dish. Just be careful to coordinate what each person is bringing in advance and stay in touch with one another. For example, you don’t want to have five deserts and no potatoes.
Have a simple dinner.
Concentrate on a few main courses, such as the turkey or ham, some of your favorite sides, and perhaps one or two desserts. A little bit is often enough. Additionally, you can substitute throwaway plates and pans for pricey casserole dishes and fine china. Simply keep things straightforward, and you’ll save a ton of time, money, and stress.
Try something besides turkey.
This year, try something different from the traditional bird for a tasty, affordable holiday variation. Consider cornish game chickens or a grilled turkey tenderloin for a smaller gathering to save oven space. Although turkey is the traditional option, not everyone likes it. Other solutions are simple to find, frequently cheaper, and require less preparation time.
Embrace invitations from other people
While it’s fun to host and you should definitely do so if you want to, being a guest is more enjoyable and less expensive. Offer to bring a dish and assist with cleanup after dinner as a way to express your thanks. The best aspects of Thanksgiving will be yours to experience without breaking the bank.
Use leftovers
It is a Thanksgiving tradition to have a lot of leftover food. Plan to consume whatever you prepare throughout the course of the following week, or freeze any leftovers for potential use later. By bringing leftovers for lunch the following week, you can recoup part of the cost of the large family meal.
How much are groceries for Thanksgiving?
In 2021, the average price of a Thanksgiving meal for 10 people was $53.31, according to the American Farm Bureau Federation’s (AFBF) 36th annual study, which is an increase of $6.41 from $46.90 in 2020.
You’ll probably have to spend more money on groceries this holiday season to prepare your Thanksgiving feast than you did the year before. If you start shopping early, you can ensure you have everything you need for Thanksgiving day. Set spending restrictions and begin in advance to hunt for grocery store bargains.