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Six Smart Ways To Save Money On Thanksgiving Dinner

Who thought the flu could affect Thanksgiving?   According to the Department of Agriculture, the price of turkey will increase as much as 19%, or up to a $1.36 per pound, thanks to the avian flu that’s impacted poultry prices all year.

According to a report from the American Farm Bureau Federation, you’ll spend 10% more on Thanksgiving groceries than you did in 2014. The report also mentions how the average cost for a Thanksgiving dinner to feed 10 people in 2014 was $49.41. 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 bucks and still allow you to pull off a nice meal.

  1. Go Generic There may be a few brands that you cannot live without for Thanksgiving, but consider items such as salt, spices, frozen vegetables, and other items that can save you money without giving up the taste. Generic brands at many stores have come up in quality over the past five years and in some cases have the same exact ingredients as your store brands.
  2. Do a potluck 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 spinach dip, voted least favorite by everybody at the last Thanksgiving meal.
  3. Make a detailed plan My wife and daughter have laid out an entire plan of what we are going to eat during the entire Thanksgiving day.  It’s important to have a plan or otherwise you will end up at the grocery store making more unnecessary purchases of food items you may not need or use during Thanksgiving day.
  4. Use your smart phone for coupon saving apps Remember that there are numerous barcode scanner apps such as the one from Shop Savvy that can help you make sure you are getting the best prices on your purchases.    Depending on the grocery store you shop at, you should make sure to check the store specific apps for in store sales in order to save as much money as possible.
  5. 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.  Your other option is to look for one of those side of the road places to get some wood and dump it in the back of your car.  Avoid buying from nurseries where the costs are usually marked way up.
  6. 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.

Written by:
Ted Jenkin

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Ted Jenkin is a frequent guest columnist for the Wall Street Journal and Headline News Weekend Express.  He is the co-CEO of oXYGen Financial.  You can follow him on LinkedIn @ www.linkedin.com/in/theceoadvisor or on Twitter @tedjenkin. 

About the author  ⁄ Ted Jenkin @ Your Smart Money Moves

Ted Jenkin @ Your Smart Money Moves

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My friends and family all think I’m a workaholic, but I say I’m just a guy that loves to help people do better in life.

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Ever since I was a little kid, I always loved money and being an entrepreneur. In fact, I still have cassette tapes of me talking to my grandmother at the age of five and my mother tells me all the time how much I played with money as a kid...

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Ted Jenkin is a frequent guest columnist for the Wall Street Journal and Headline News Weekend Express. He is the co-CEO of oXYGen Financial. You can follow him on LinkedIn @ www.linkedin.com/in/theceoadvisor or on Twitter @tedjenkin.

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. oXYGen Financial is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS do not provide tax or legal advice.

The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor regarding your individual situation. 

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