According to a report from the American Farm Bureau Federation, you’ll spend 13% more on Thanksgiving groceries than you did in 2010. The report also mentions how the average cost for a Thanksgiving dinner to feed 10 people in 2010 was $43.47 and this year, it’s expected to be $49.20. I’m not sure what town the Farm Bureau got this data from, but I don’t think I’ve ever been able to pull off a Thanksgiving dinner for $4.92 per head. Of course if you’re drinking two buck Chuck from Trader Joe’s than it possible to hit this number as long as nobody gets second helpings of stuffing. With the rising costs of milk, turkey, and other consumer staples, you are likely to pay more this year if you are hosting Thanksgiving Dinner. Here are a few tips that might save you some money and still pull off a nice meal.
- Go pot luck with your relatives or friends– Ask each member in your family to either bring an appetizer or bring a dessert. You can keep costs down by just sticking to the main meal and drinks. This may mean you suck it up and eat your Aunt’s least favorite spinach dip as voted by everybody at last Thanksgiving meal.
- No green peas or pumpkin pie – These two items were up over 15% in price over the past year. I know pumpkin pie is a favorite of many people during this holiday, but it’s just a pie. This may shave a few dollars off your bottom line.
- Use your smart phone for coupon saving apps – You can also get our 100 Money Saving Idea websites from www.oxygenfinancial.net, but just use the search function for Thanksgiving and coupons and see what pops up on the phone. Just double checking for coupons before you do the big shopping can put money in your pocket.
- Don’t buy that store bought bundle of wood – Make a game with the kids for picking up twigs, loose wood, or spend some time the day before splitting some wood in your backyard. Those store bought bundles of wood usually only carry 6 to 8 sticks of wood and sometimes it isn’t even the best burning wood. This is a big waste of money due to lack of planning.
- Use decorations from your backyard – Rather than buying a big centerpiece and a whole bunch of Thanksgiving items you are just going to throw away, use the beauty of the fall around you to make some homemade centerpieces. You can use items like leaves, pine cones, acorns, and much more to serve its purpose. You won’t win any awards, but nobody will care after their second glass of wine!
There a few holidays better than enjoying some football, food, and family. However, with a little bit of communication and planning you can pull it off without denting a hole in the family budget.
Go to www.oxygenfinancial.net to request a consultation with the leading financial experts for Generation X in the country.
Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®
Co-CEO and Founder of oXYGen Financial, Inc
Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice and Smart Money Moves to the X and Y Generation.
Securities and Investment Advisory Services offered through NFP Advisor Services, LLC (NFPAS), Member FINRA/SIPC. Oxygen Financial is not affiliated with NFPAS. NFPAS does not provide tax or legal advice. This site is published for residents of the United States only. Registered Representatives and Investment Advisor Representatives of NFP Advisor Services, LLC (NFPAS) may only conduct business with residents of the states and jurisdictions in which they are properly registered. Therefore, a response to a request for information may be delayed. Not all products and services referenced on this site are available in every state and through every representative or advisor listed. For additional information, please contact NFPAS Compliance Department at 512-697-6000. PLEASE NOTE: The information being provided is strictly as a courtesy. When you link to any of the web sites provided here, you are leaving this web site. NFP Advisor Services, LLC makes no representation as to the completeness or accuracy of information provided at these web sites. Nor is NFP Advisor Services, LLC liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, web sites, information and programs made available through this web site. When you access one of these web sites, you are leaving our web site and assume total responsibility and risk for your use of the web sites you are linking to.