Economists say that everything about traditional Thanksgiving meals will be costlier than in previous years so make sure you stay away from debt.
With experts already calling this season the most expensive dinner ever, prices are set to soar. The cost of meat, poultry and eggs rose by 10.5% from 2020 in September. With other purchases required for the holiday season, there is a chance that many people will accumulate debt.
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This year, Thanksgiving ingredients are not only more expensive but are scarce because of supply chain issues. Unlike previous years, there are chances that you will see supermarkets with empty shelves if you delay further. This not only applies to Thanksgiving groceries but also other gifts.
If you see something you would like to buy, buy it as soon as possible as there is a strong chance that you will never see it again. Also, you will have more time to research and check for other store discounts if you start early.
Make it a potluck
If you don’t encourage your guests to bring meals for the gathering, you can try that this year to lower your costs. You can make it enjoyable by assigning dishes to each family so that you will have a variety of dishes on the dinner table.
Become a member
Some supermarkets offer a free turkey for their members if they cross the required limit on groceries during Thanksgiving month. Look for these promotions, discounts and coupons in your area.
Credit card rewards
You can save a significant amount of money if you make most of all the rewards provided by credit cards. Few credit cards offer overflowing rewards for everyday purchases. Check with your bank about your current credit card offers so that you can plan your purchases accordingly.
You can also consider applying for a new card if your present card doesn’t have any discounts for supermarket purchases. Moreover, this is the season where credit card companies offer bountiful sign-up bonuses. Though these offers come with a spending requirement, you will easily cross that limit because of Thanksgiving, Black Friday, and Christmas purchases. The bonuses alone can cover the cost of your Thanksgiving meal.
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The real joy is staying away from debt
Though it’s fun to have fancy dishes for your Thanksgiving meal, you must not get it at the cost of debt. It would be best if you did not end up in financial trouble trying to make your guests happy. You can consider creating a specific budget for Thanksgiving dinner at the start of the year. For 2022, you can start in January to build savings that will easily cover all of your end-of-the-year spendings without any credit or limitations.
