We all know the Thanksgiving season can be a delightful time of year, filled with delicious food and cherished moments with loved ones. But it’s no secret that hosting a Thanksgiving feast has the potential to be a stressful endeavor – especially for your wallet. In fact, a recent survey revealed that 50% of Americans believe that current inflation rates will impact their Thanksgiving planning and spending.1 Fortunately, there are savvy strategies you can employ to save money at the store ahead of Turkey Day, allowing you to enjoy the holiday without breaking the bank.
While it may be tempting to splurge on lavish ingredients and extravagant decorations, it’s essential to remember that Thanksgiving is about more than just the food and trimmings—it’s about the warmth of family, the laughter of friends, and the spirit of giving thanks. Striking a balance between an unforgettable feast and sensible spending is not only achievable, but also an opportunity to emphasize the core values of gratitude and togetherness that Thanksgiving embodies.
Whether you’re hosting a large family gathering or having an intimate dinner with a close friend, it’s essential to make the holiday memorable without causing undue financial stress. By implementing these eight tips, you can create a festive and flavorsome Thanksgiving celebration that doesn’t compromise your budget.
- Plan Ahead: One of the most crucial steps in saving money for Thanksgiving is to plan ahead. This includes making a menu, creating a shopping list, and setting a budget. Having a clear plan can prevent you from making impulse purchases and help you stay on track financially.
- Compare Prices: Before heading to the store, take some time to compare prices at different supermarkets and online retailers. Many stores offer price-matching guarantees, so you can ensure you’re getting the best deals on essential items like turkey, canned goods, and baking supplies. Additionally, consider purchasing store-brand products, which are often more affordable than name brands but of similar quality.
- Take Advantage of Sales and Coupons: Keep an eye out for Thanksgiving sales and promotions as we head toward the big day. Many stores offer discounts on staples like canned vegetables, flour and sugar, or even bigger-ticket items like main course meats. You can also use digital or paper coupons to save on items like baking ingredients, spices, and even kitchen equipment. Don’t forget to check store flyers and websites for special deals.
- Buy in Bulk: If you have ample storage space, buying non-perishable items in bulk can be a smart move if you know you’ll use them. Stock up on items like canned goods (did someone say cranberry sauce?!) and frozen vegetables when they are on sale, and you’ll have them for future use as well. Win-win!
- Focus on Seasonal and Local Produce: If you can, opt for seasonal fruits and vegetables that are in abundance during the fall months. These are often more affordable and fresher than out-of-season produce. Consider buying from local farmers’ markets, where you can find high-quality, affordable ingredients while supporting local businesses.
- Rethink the Turkey: Turkey is typically the star of the Thanksgiving meal, but it can be one of the most expensive items on your shopping list. And in 2022, American’s spent over $1.1 billion on Thanksgiving Day turkeys!2 So, consider opting for a smaller turkey or even a turkey breast instead of a whole bird, depending on your guest list. Alternatively, explore other protein options like chicken, pork, or vegetarian dishes. Remember, the key is spending quality time with loved ones, not necessarily the size of the entree.
- Reduce Food Waste: Avoid overbuying ingredients, especially those that aren’t shelf-stable or freezable, to keep your food (and money) waste to a minimum. Plan your portions carefully, use leftovers creatively, and freeze excess items for future use. For example, you can turn leftover turkey into sandwiches or soups, and surplus pumpkin puree can be used in various recipes in the months ahead.
- DIY Decorations and Table Settings: Thanksgiving is not just about the food and connecting with loved ones; it’s also about creating a warm and welcoming atmosphere. Consider making your own decorations and table settings using items you already have at home, such as leaves, candles, and mason jars. This will not only save money but also add a personal touch to your celebration.
Thanksgiving is a time to give thanks and spend quality moments with family and friends. By implementing these money-saving strategies, you can enjoy a delicious and memorable Thanksgiving without emptying your wallet. With careful planning, budgeting, and smart shopping, you can create a feast that is not only bountiful but also budget friendly. So, this Thanksgiving, you’ll be able to savor both your feast and your savings!
Beyond the Holidays
As we look to the future, it’s also essential to consider ways to manage your budget beyond the holiday season. One option that may help secure your financial well-being all year long is a reverse mortgage. A reverse mortgage is a specially designed loan allowing older homeowners to convert their home’s equity into cash without having to sell the home or make regular monthly mortgage payments so long as they keep up with their property taxes, insurance, and home maintenance.
By exploring the possibilities of a reverse mortgage, you can take a step toward relieving your financial stress and enjoying a more comfortable lifestyle year-round. It’s a tool that can help you maintain your financial security, make home improvements, cover healthcare or Aging in Place expenses, or even fund your travel dreams, all while allowing you to continue living in your home.3
Incorporating a reverse mortgage into your financial plan can be a wise step toward securing your future and ensuring that your finances remain stable beyond the Thanksgiving season. It offers an opportunity to bolster your budget, alleviate monetary concerns, and maintain the financial flexibility necessary for a secure and comfortable retirement. So, as you prepare for Thanksgiving, consider not only how to save money before the big day, and the holiday season ahead, but also how to safeguard your financial well-being in retirement.
As you prepare for Thanksgiving and contemplate safeguarding your financial well-being in retirement, it’s essential to note that for some lenders, reverse mortgages are just one of many offerings—but at Longbridge, they’re all we do. Our knowledgeable staff has years of experience, and our loan officers are the best in the business. And just as Thanksgiving is a time for families and friends to come together, we see our relationship with you as nothing less than a harmonious partnership. We want to make you feel right at home throughout the process.
When you trust Longbridge as your lender, it’s not just about numbers and transactions; it’s also about the personal connection we share. We listen to your unique desires and financial goals to help you navigate the path that best suits your needs. In the spirit of togetherness and gratitude, our loan officers stand by your side, ensuring you’re never alone on this journey. Contact the Longbridge team today to learn more!
From our Longbridge family to yours, we wish you a Thanksgiving filled with warmth, togetherness, and the joys of financial peace of mind.