The holiday season is about to begin, and we are just approaching Thanksgiving. It is a wonderful time to meet your loved ones and share a simple Thank-You meal or an extravagant, sumptuous feast. You can also enjoy the parade with your family or plan a friendly football match. It is time to be grateful and enjoy yourselves to the fullest.
How much should I spend for Thanksgiving is the big question before you even start preparing for your lavish dinner. With prices ever-rising, it’s always a challenge to prepare an awesome feast within a budget.
Read on for more on how much the average American is planning to spend on the Thanksgiving budget and what you can do to keep your holiday food spending at the minimum this year.
Average Thanksgiving Spending
Thanksgiving budget includes the cost of the dinner, usually a turkey and some sides, and the mouthwatering Pumpkin Pie. Some Thanksgiving gifts for our family may be added to our shopping list. With the growing inflation, expenses are also always on the rise.
The American Bureau Federation conducted a survey last year. The results show that the average cost for ten people is $61.17, which is less than $6.20 per person for a meal. According to the Wells Fargo report, a branded meal will cost $90 for 10 people—that’s 0.5% less than last year’s expenses. A normal meal from store-bought brands could cost around $73.
Most importantly, the big bird stuffed in the table’s center is more affordable this year than last year.
Budgeting for Thanksgiving Dinner
So, you have to sit down to decide on your Thanksgiving dinner menu and the guest list, but before you do that, it is wise to set a budget to control your spending and avoid last-minute splurges. Start by allocating a sum for the necessities: the main course—the star of the dinner table—the turkey, salads, and sides. Next, keep some amount for the add-ons, some lip-smacking desserts, and some beverages to go with it.
Usually, a budget of $6-10 per person is a fair price for a decent dinner. Follow this list and adjust quantities according to the number of guests. Once you have decided on your budget, it becomes easier to plan the meal and keep up with your Thanksgiving budget.
Cost-Saving Tips for Thanksgiving
If you are unsure of how you can spread a budget-friendly dinner table, then follow these cost-saving Thanksgiving tips:
1. Plan Ahead
Starting early can also save a lot, as it gives you ample time to find deals and get nonperishable items when the prices hit low, usually just before Thanksgiving. This approach lets you grab discounts and avoid expensive last-minute shopping ventures, which quickly add up.
2. Shop Sales and Use Coupons
Thanksgiving is all about coming together, so lighten your load and take advantage of sales the week before Thanksgiving at most grocery stores on items you’ll use around the holidays. You can use digital coupons from a store’s app or third-party apps such as Ibotta and Rakuten, which will cash back for groceries.
3. Consider a potluck
Potluck-style gatherings will help you focus on the main course while allowing guests to contribute unique flavors and family recipes. Let your friends bring their favorite side dish or dessert. This will not only increase the variety of the meal but also save you money on ingredients.
4. Buy Generic Brands
Shop generic food brands for your holiday meal essentials. You do not have to buy name-brand canned vegetables or cranberry sauce. No one will know the difference, so do not waste the money you save.
5. Use leftovers
Plan your Thanksgiving feast so the leftovers have as many mouthwatering repurposing moments as possible. You can have sandwiches, soups, casseroles, or even breakfast hash made from turkey, mashed potatoes, stuffing, and vegetables.
Affordable Meal Planning
Plan small gatherings that help you plan affordable meals to stay within your Thanksgiving budget. Think about simple but delicious foods that will not affect your bank but certainly leave your guests happy and satisfied with your delicious yet simple menu. Make sure your menu uses ingredients that are cheaper and easily available. You don’t always need exquisite ingredients to prepare the best feast. Simple, minimalist recipes are what give a perfect and yummy dish.
You can also portion leftovers into meal-sized containers to prevent anything from going to waste. You can freeze some of the dishes for later, so the cost of the Thanksgiving meal spreads out over several days or weeks. Besides, a good leftover strategy means you don’t have to shop for groceries right after the holiday.
Shopping Smart for Thanksgiving Deals
Just as the holiday season approaches, the market is loaded with discount offers, sales, and attractive holiday deals. You can be smart if you research well and grab great deals. Thus, keep your eyes open for online and in-store concurrence deals ahead of time and stick to a shopping list, which will keep you on track.
Look out for the best deals and plan ahead. Avoid impulse buying or extending your credit card limits. Without a plan, you’ll likely get sidetracked by those flashing “75 off” signs, and no bargain is worth getting into debt.
Read related blog: How to Spend Less and Save More for Thanksgiving
How Beem Can Help You Spend Less
Planning for your Thanksgiving budget can be overwhelming, but reliable apps like Beem will make things easier without ruining the experience. With AI-powered Beem, you can set specific limits for spending in Thanksgiving-related categories, such as groceries, decorations, and travel. Thus, you can give a clear picture of your budget and prevent impulse buys that could leave you with an over-the-limit account.
The Smart Wallet app helps in live expense tracking to ensure every dollar is accounted for, especially during the holidays. Each purchase updates your budget totals instantly, so you know where you stand financially. If Thanksgiving meals stretch your grocery budget, use Beem to get $10-$1,000 with no credit checks, no interest, no income restrictions, and no due dates.
In addition, Beem gives you sale alerts on coupons and cash back for the best-selling items of Thanksgiving so you can save even without having to search for them. That way, you can enjoy more of your holiday while Beem goes about the magic in the background to make the most out of every cent you spend.
Conclusion
Thanksgiving is the time to gather, share, and create memories, not to worry about overspending. With a bit of planning and smart budgeting, you can host a memorable feast for gratitude without breaking the bank. Stick with cost-saving tips and use Beem to keep your finances within the limit and make this holiday stress-free. You can benefit from this thoughtful approach to cherish every moment as you also know your budget is balanced. So, let’s laugh, create some more traditions, and just enjoy each other’s company because, all in all, Thanksgiving isn’t really about food at all. It is about the moments that truly bring a smile to your face.
FAQs For How Much Should I Spend for Thanksgiving
How much should I budget for Thanksgiving dinner?
Depending on your guest list and meal selection, you should budget between $50 and $200. Portion size, or allocating a budget of $6 to 10 per guest, is also a good idea. This budget is fair for a decent dinner that would include turkey, some sides, and a couple of desserts. If you can afford to spend more, there is no limit to your budget. The more you add, the more grander your feast will be.
What is the average expense of a Thanksgiving meal?
The average cost of a Thanksgiving meal per person is around $6 and can be extended up to $10, depending on the ingredients and the location you select. That would be around $67 to $100 budget for a 10-person meal. If you have fewer guests, you can add more dishes, like a couple more desserts and some exclusive beverages, to your meal on the same budget.
How can I save money on Thanksgiving groceries?
You can plan ahead; setting a budget always helps. You can use discount coupons, shop online, and consider potluck dinners. Several discount offers are available in grocery stores, departmental stores, or hypermarkets. If you prefer, you can also make great meals using generic brands. You can also go to potluck dinners or use similar ingredients for multiple recipes.
What are some affordable Thanksgiving meal ideas?
If you are hosting a small gathering, the best affordable Thanksgiving meal ideas are turkey, roasted vegetables, stuffing, and mashed potatoes. You can opt for turkey breast instead of the full turkey. Fresh salads, such as heirloom tomatoes and avocado, are also great for adding variety. When it comes to desserts, you can use seasonal fruits to bake your favorite pie or crisps at home.
How can Beem help me manage my Thanksgiving budget?
Beem helps you manage your Thanksgiving budget easily. You can set spending limits for groceries, decorations, and travel. The app tracks your expenses in real time, so you always know how much you have left to spend. Beem also alerts you about sales and cashback offers, helping you save money without extra effort. This way, you can enjoy your holiday while keeping your finances in check and avoiding impulse buys.
