The inflation rate might be at its lowest since early 2021, but prices are still 21.2% more than in February 2020 at the start of the pandemic. While spending is most often associated with the holiday season, many people have been feeling the pinch of shopping for groceries.
If you want a budget-friendly Thanksgiving, here are five tips to help you save money.
1. Budget and sales
The cost of a turkey can range depending on the size, quality, and retailer, but it’s typically the priciest item on the list. Stores usually have sales and promotions around turkeys in November, so shop around and find the least expensive bird. Creating a budget, including a grocery list that includes every item you need, can help you stay focused so you don’t buy items you don’t need.
2. Potluck and travel
Whether you’re the one hosting or going to someone else’s house for Thanksgiving, there can be downsides to both. If you’re hosting, you can save money by having everyone bring a side dish instead of footing the bill yourself. If you’re planning on traveling to someone else’s house, consider the cost. If it’s somewhere you have to book a plane or spend a lot on gas to get to, consider staying locally.
3. Simplify the menu
Shopping in season is always a good way to save money on produce, but you can also look for simple and budget-friendly recipes to reduce the holiday cost. Paring down the number of foods you’re serving may also help keep costs down.
4. Have a plan for the leftovers
While eating leftovers the next day can be great, using fruits and vegetables in baked goods or freezing or repurposing turkey into soups and sandwiches can help you make good use of your leftovers.
5. Make a gift list
Don’t let all the sales that inevitably lure shoppers into spending money every year take a bite out of your wallet. Shopping discounts are always a good idea, but don’t spend on something you don’t need. Make a list of the gifts you want to give so you don’t buy something no one needs just because it’s on sale.
Pay on your credit cards
Once you’ve added up your savings, consider putting it in the bank or toward credit debt so you can start the holiday season with a healthy financial outlook.