Thanksgiving is a time for food, family, and gratitude, but for many, it’s also a time of financial stress. Between the turkey, side dishes, décor and travel, the costs can pile up faster than a plate of mashed potatoes and gravy.
The good news is that with a little planning and creativity, you can celebrate Thanksgiving on a budget and still come out ahead. Here are eight ways to trim your budget and save on Thanksgiving costs this year.
There’s no rule that says the host has to do it all. In fact, one of the best ways to save money (and time) is to turn your Thanksgiving feast into a potluck. Ask guests to bring a side dish, dessert or drink. Most people are happy to contribute, and it gives everyone a chance to share a family recipe or personal favorite. You provide the turkey; they help fill the table.
It’s easy to get carried away while scrolling Pinterest or wandering the aisles of the grocery store. Instead, make a realistic menu ahead of time, build a shopping list from it and commit to sticking to it. This prevents impulse purchases and food waste, and makes shopping faster, too.
Before you buy decorations, serving dishes or ingredients, do a quick inventory of your kitchen and pantry. You may already have canned pumpkin, baking spices or extra pie pans hiding in the back of a cabinet. Similarly, consider reusing last year’s decorations or creating your own from things you already own, like pinecones, candles, or a simple fall-colored table runner.
Grocery stores usually offer deep discounts on Thanksgiving staples like turkey, stuffing mix and canned vegetables. Sometimes, they even give away turkeys with a minimum purchase.
In addition, be sure to start watching flyers and digital coupons early. If your grocery store has an app, be sure to download it for deals galore! Finally, don’t wait until the last minute. Shopping early can not only help you save, but also ensure everything you want is in stock.
A few small pumpkins, some colorful leaves or a homemade banner can go a long way. Encourage kids to make their own crafts. (Bonus: It keeps them busy while you cook!). Even a simple centerpiece of candles in mason jars or a bowl of apples can add charm without breaking the bank.
Alcohol is often one of the most expensive parts of a holiday meal. If you want to serve drinks, limit it to one signature cocktail, a bottle of wine or a seasonal punch.
Better yet, make it BYOB (bring your own beverage!). People often have a favorite drink they’re happy to share, and it takes the pressure off your budget.
If you’re traveling for Thanksgiving, the price of gas or airfare can make the holiday feel out of reach. Try traveling at off-peak times, such as early morning or Thanksgiving Day itself, which tend to be cheaper.
If your destination is nearby, consider carpooling or using public transit. And if the travel costs are too high this year, consider celebrating virtually or hosting a “Friendsgiving” with local friends instead.
At the heart of Thanksgiving is connection, not perfection. You don’t need five pies, gold-trimmed plates or a gourmet spread to make it meaningful. Focus on what really matters: good food, people you love, and a moment to slow down and be thankful. Often, it’s the simple things that people remember most.
Thanksgiving doesn’t have to leave you financially stuffed. With a bit of planning, creativity and teamwork, you can serve up a holiday that’s rich in joy and light on your wallet. Use our tips to get started.
If you enjoyed this article, find more just like it on the rest of our MoneySmart Tips blog.