How much does it cost to give thanks? Last year, one survey found most people spend around $361 to host the fall holiday.
Online loan marketplace surveyed 2,000 Americans on their Thanksgiving Day spending. One-third of those who host the holiday say it’s a “financial strain.”
“Thanksgiving is a time for big gatherings centered around lots of great food, and anyone who has thrown one of those get-togethers knows they’re often not cheap,” says credit analyst Matt Schulz. “Factor in lingering inflation, and those costs just grow. That could easily deter people from hosting in the future.”
If you plan to host this year, don’t fret about the future. These money-saving tips can help you host a holiday feast without covering costs with a credit card.
The survey revealed hosting costs, including food, drink, and decor. The National Farm Bureau Federation reports a Thanksgiving meal for 10 people costs around $61.
How many people are you inviting? And is anyone bringing a dish? Don’t think a potluck is tacky. It’s actually fun for guests. Plan a theme early and send meal requests to the group you invite. Everyone can pick the dish they want to make.
Last year, turkey prices made headlines for dropping significantly year-over-year to $1.27 per pound. Well, that trend is predicted to continue this year. Turkey prices will drop .44 cents to 95.7 cents per pound in November.
The turkey is the main event. A 20-lb turkey can realistically feed 10 people. You can save quite a bit if your guests bring their own dishes and drinks.
This is the brief window when retail stores stop pushing Halloween and Christmas decorations and start selling Thanksgiving items. The great thing about this holiday is that it’s a little more lenient on interpretation.
Basically, anything that’s Fall goes. That means any decorations that are orange or brown, have leaves, or have pumpkins will work. You can find plenty of Fall items in large retailers. The trick is to check out the bargain bins.
But that’s not the only way to save money. You can make plenty of decorations for cheap or pay nearly nothing. Pinterest has plenty of DIY decoration ideas. Peruse the app to find fun ideas that
won’t cost much. You likely have items around the house that can be reused for Thanksgiving Day decorations.
If the hosting costs don’t scare you away from doing the same next year, hit the stores on Black Friday. All the top Thanksgiving Day items will immediately go on sale. Buy what you can and store it away in a tote for next year.
One imperative way to save or at least stretch your Thanksgiving Day money is to preserve the leftovers. The food will stay good for three to four days. The costs aren’t terrible if you deduct those meals from your regular food budget.
Thanksgiving Day food waste is a big enough issue for the U.S. Department of Agriculture to publish ways to preserve food. The government agency recommends using everything or saving it for future meals.
For broths and soups, you can freeze scraps, veggies, and meat trimmings. You could also sauté those veggies for another recipe. Store all of your leftovers in marked containers. Move them to the front of the refrigerator. It’ll draw more attention to you and your family, increasing the chances of eating the food before it goes bad.