Thanksgiving on a Budget

Thanksgiving is a great excuse to get together with family and friends and to eat, drink, and be merry. But if you’ve taken on the task of hosting this time-treasured holiday, you might have a little stress added on top of the anticipation.

Hosting Thanksgiving requires planning, spending extra time on your feet in the kitchen, and, of course, additional expenses. In fact, the average Thanksgiving host can easily spend several hundred dollars preparing for the event.

If you’re hosting Turkey Day this year, you don’t need to bust your budget to create a memorable family feast. A little planning can go a long way towards hosting a satisfying Thanksgiving on a budget.

1. Create a Budget in Advance

If you want to save money this Thanksgiving, start by setting a realistic budget. Think of the number of people you’re feeding and how much you’re willing to spend. 

As you calculate your shopping budget, it can be helpful to set a per-person budget. Spending $10-$15 per person is a good place to start. But remember, the best strategy is to choose a realistic budget that aligns with your finances. 

Take a look at your own pantry and see what dry, canned, and packaged goods you already have so you can save money and time at the grocery store. Beginning your shopping two to three months before the holiday can help you spread costs across multiple paychecks. 

If you plan to serve turkey for the holiday, you'll need to calculate how large of a turkey to buy as you set your shopping budget. A good rule of thumb is 1.5 pounds of turkey per person. Many grocery stores advertise turkey discounts or free turkey giveaways four to six weeks before Thanksgiving. 

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2. Plan Your Thanksgiving Menu 

Before heading to the grocery store, it's a good idea to write down your holiday menu. Taking this extra step will help you draft a shopping list, which can help limit impulse buys and make it easier to stay on budget.

Don't feel pressure to go overboard when planning your menu. When hosting Thanksgiving dinner on a budget, consider serving four to five dishes and a couple of accompaniments. A menu that features a few holiday favorites is more than enough.

As an example, you might serve turkey, gravy, stuffing, mashed potatoes, green bean casserole, cranberry sauce, and one pie for dessert. This would make for a delicious and budget-friendly spread.

Don't assume you have to serve multiple appetizers or desserts. Adding more dishes to your menu can increase costs and create waste. Instead of serving more dishes, you might scale up each recipe to account for more servings so there’s plenty of food for all your guests. 

To make your menu feel special, consider small, inexpensive ways to make each dish stand out. Here are some examples:

• Add chopped apples or dried cranberries to the stuffing

• Make a brown-sugar garlic glaze for roasted carrots

• Stir orange zest into the cranberry sauce

• Top your mashed potatoes with fresh herbs

3. Stock Up and Buy in Bulk 

Many Thanksgiving staples don’t expire for some time, so they can be purchased several months in advance. Pay attention to the sales in your area in the months leading up to the holiday. That way, you can stock up ahead of time on the dry, frozen, and canned goods you’ll use for most of your Thanksgiving dishes. Tracking prices can also help you identify actual sales vs. regular pricing that's advertised as a sale. 

Also, remember that buying things in bulk—either from bulk bins at your local grocer, or from a warehouse club like Costco—can seriously cut down on the added costs of packaging or buying multiple smaller items. If you're worried you won't use everything you buy before it expires, consider splitting bulk buys and their costs with friends or family. You can help your loved ones trim their own grocery spending with this strategy.

4. Find Coupons to Cut Costs

Clipping coupons may be a family pastime of the days gone by, but that’s because there are so many couponing and deals apps made for smartphones now.

Apps like Ibotta, Coupon Sherpa, SnipSnap, and Saving Star are easy to use and can save you a lot of money at the grocery store—especially during the holiday season. To save more money, don’t forget to double up on coupons and check the mail for additional ones before you head to the grocery store!

Tip: Learn how to coupon like a pro in four simple steps.

5. Cut Back on Meat

You might feel obligated to stick to cooking your grandmother’s traditional spread. But if a traditional Thanksgiving meal would break the bank, it might be time to switch up your menu.

For example, there’s no reason to buy both a turkey and a ham this year. You could end up with a lot of food waste. Pick one and save yourself money, time, and effort. Or get creative and check your local butcher shop or grocery store for deals on other kinds of meat. You might be surprised to find reduced pricing on pork, beef, or chicken right around Thanksgiving.

If your family is feeling extra thrifty, why not eliminate the meat and create a vegetarian Thanksgiving menu?

6. Ask Guests to Bring a Dish or Beverage

Potluck-style Thanksgivings are becoming more popular these days. Not only can they help you host Thanksgiving on a budget, they’re also a great way for friends and family to share their traditions and favorite recipes with one another.

Additionally, it’s too easy to rack up a huge bill buying alcohol for your Thanksgiving guests. To save money, you could ask guests to contribute their favorite beverages to the bar this year. Not only does this ensure you’ll have a nice variety of drinks, it could really cut down on your costs.

7. Shop in Season and Local

The true spirit of Thanksgiving celebrates the harvest of your region. With that in mind, plan your meal around what’s in season in your area and, when possible, buy from local farmers. Food that travels a shorter distance sometimes costs less, so it’s possible to save money and support local businesses by shopping locally.

8. Make Everything From Scratch

Some packaged foods save you so much time and effort that they’re worth the expense. But it’s usually cheaper to make things like stuffing, mac and cheese, gravy, and other food from scratch. To maximize your savings this holiday season, do the math to see which holiday essentials may be cheaper to make yourself than to buy premade. 

9. Plant a Garden in Your Yard

Growing your own garden is a great way to cut down on food costs year round—not just at Thanksgiving. Do a little research about what grows best in your area. Then, plant a garden in your backyard or put an herb garden in your window box. By the time Thanksgiving rolls around next year, you’ll be ready to truly celebrate your harvest!

10. Find Thanksgiving Decorations on a Budget

Don't assume decorations are out of budget this year. There's no need to spend a lot of money on decorations or buy new items. You may have a few fall-themed decorative finds already at home that you can use to make your home look festive and welcoming. 

If you don't own much fall decor, consider heading to your local thrift store for affordable decorative items like centerpieces, tablecloths, and dishware. 

If you do want to buy a couple of new, but affordable, decorative items to add to your collection, consider shopping at stores like T.J. Maxx and Marshalls. These stores sell festive decorations and dishware at affordable prices. Always check the clearance section for the best deals.

If you're willing to get creative and are open to a DIY approach, you can decorate for your holiday gathering for free or nearly free. Some ideas include using fresh apples from your kitchen or pinecones and leaves you've collected from your yard. Stores like Dollar Tree sell low-cost decorative essentials that you can use to make crafts.  

11. Use Smart Thanksgiving Leftover Strategies

Looking for a way to stretch your holiday food budget further? If you enjoy eating leftovers, one strategy is to plan for Thanksgiving leftovers. As you make your shopping list and set a budget, consider whether it's worth making extra food so you can extend the meal beyond Thanksgiving.

If you prepare enough food for leftovers, you can serve lunch or dinner for two to three days after. If your leftovers extend beyond that, plan to freeze some of it. 

Thanksgiving leftovers keep well in the refrigerator for about three to four days. So you'll want to freeze anything you don't plan to eat right away. Don’t keep leftovers in your fridge beyond this timeline, as they can begin to spoil and you can get sick. 

Think you'll get bored eating the same meal for multiple meals? Get creative. You can use extra Thanksgiving dinner ingredients to make sandwiches, soups, and casseroles. 

Using up holiday leftovers can save you money by trimming your grocery budget the following week. This approach can also reduce your stress by simplifying meal prep for the coming days. 

Plan Beyond Thanksgiving

The holiday season can bring a lot of expectations, but being savvy about saving money on your celebration doesn’t have to mean sacrificing a great meal. Planning ahead, getting creative, and shopping smart ultimately cut out stress and allow you to truly enjoy the time with your friends and family.

There’s a lot to be thankful for these days, and taking the first steps toward improving your financial future could be one of them. Happily, learning how to deal with debt, money, and planning for your future doesn’t need to be hard. Freedom Debt Relief is here to help you find the tools you need to move toward a better financial future. 

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