Turkey Day is coming, and for those who celebrate, that means shelling out money for a turkey and all the many sides that make this yearly feast so beloved. However, even though the current inflation rate is at its lowest since February 2021, prices are still up 21.2% since the start of the pandemic. But if you plan and prepare, you can save some dollars to start the holiday season off right.
Here are five ways to save money for those still feeling the pinch this Thanksgiving.
1. Budget for your turkey
While prices fluctuate year to year, the average cost of a turkey costs around $2.36 per pound. But as Thanksgiving approaches, try shopping for turkey discounts at bigger chains, which typically offer discounts and promos in November. Make a budget before you shop, and add every item to a shopping list before you go to the store. This can keep you from spending on added items you don’t need. Don’t forget to look for coupons in the paper or on websites.
2. Go potluck
Instead of exhausting yourself in the kitchen and racking up a big grocery bill, throw a potluck Thanksgiving and ask everyone to bring a side. If you want specific items on your dinner table, create a checklist and let different people sign up for what they want to bring.
3. Keep it simple
While Thanksgiving is known for being a big feast, do we really need all those sides? You can save money by simplifying your menu with fewer items. You can also try budget-friendly recipes with seasonal fruits and vegetables, which are typically cheaper.
4. Use those leftovers
Make sure you have a plan for your leftovers so you can stretch out your spending. For example, you can use leftover fruits and vegetables like cranberries and sweet potatoes in muffins and breads. Turkey can be made into soups and sandwiches or easily frozen. This way, nothing goes to waste.
5. Make your holiday gift-giving list now
Thanksgiving kicks off the holiday season for many of us, which means shopping. But don’t be tempted by those Black Friday deals if it’s not on your list or in your budget. Just because something is on sale doesn’t mean you have to buy it. Deals are great, but only if they help you save money.
Put savings toward credit cards
If you’re able to save some money this season, apply it to credit card debt or put it into your savings account. This way you can stay on top of your finances and start the holiday season off right.