Learn the ways to stick on a $50 Thanksgiving budget. This post contains affiliate links/ads. See disclosure policy.
Thanksgiving Day is getting closer.
With the Thanksgiving Day just over a week away, more and more people are going to buy things left and right. In short, people are going to possibly spend more money than what they want to.
Here is an information from the Statistic Brain Research Institute about Thanksgiving spending:
- Total number of Turkeys that are consumed on Thanksgiving Day – 51,650,000
- Total U.S. spending on Thanksgiving dinner food – $2,983,000,000
- Average household spending on Thanksgiving dinner – $59.18
- Average household spending on Thanksgiving weekend – $342
- Number of families that will travel for Thanksgiving – 39,000,000
- Number of places in the U.S. named Plymouth – 37
- Average cost per pound of Turkey – $1.20
Does this mean that you’d be one of those people who will spend a lot of money during this great holiday? No, not at all.
There are ways you can save money during Thanksgiving and/or stick to your Thanksgiving budget without depriving yourself of the festivities that surround this holiday.
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How To Stick on $50 Thanksgiving Budget
Before you even open up your wallet or swipe your credit cards, take note of the following tips on sticking on a $50 Thanksgiving budget. You’ll thank yourself for following these tips:
1. Make a plan and stick with it.
Before you do anything, make sure you sit down and make a plan. List down all the menus, decorations, etc. you need to buy. Writing down what you need to buy can really help you see how much you would be spending on Thanksgiving.
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Remember the average household spending on Thanksgiving dinner along is $59.18. Your bill could be higher or lower depending on how complex your Thanksgiving plans are.
So, if the dinner is already $59.18, how would I be able to bring it down to $50 and still have money left for things like decorations?
Glad that question was asked. This is where the next tip comes in.
2. Be part of a community sponsored Thanksgiving party.
Many times, your community will host a Thanksgiving party on Thanksgiving day. This means people will bring food to the party.
If you want to spend as little as possible on Thanksgiving day, be part of this community party. You can bring a dish or two, which may cost a few dollars at the most.
Not only will you spend less money but you will also be mingling with other people.
For example, our church sponsors Thanksgiving dinner every year for free. Because it's free, we get to attend, have fun with our fellow parishioners, and have a blast Thanksgiving celebration. Once we go home, we'd have a few meals prepared, which mostly cost, at most, $20.00.
3. Make it a potluck.
For the most part, dinner is the most expensive part of Thanksgiving or your Thanksgiving budget.
To make the cost lower means you need to be clever or smart in finding ways to make it happen.
If you are inviting guests, make your Thanksgiving dinner party is a pot luck one. It may sound like any other party because it is. Just because it’s Thanksgiving Day doesn’t mean you need to make all of the meals.
People are very welcoming when it comes to gatherings. They come to party not because there are foods but because of the event, the friends, the gathering, etc. They’ll be more than willing and happy to bring a dish or two.
For meals you have to create, make sure you use Ibotta, which can save you a ton of money on groceries. We've saved and made over $300 just this year alone with Ibotta.
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4. Stay away from Black Friday (for the most part).
Oh yes, Black Friday!
It’s the time of the year when people spend more than what they have. Why not? It’s the time when a lot of things are on deep discount; however, if you are on a Thanksgiving budget, you will likely spend more money if you give into the Black Friday craziness.
If you really need to buy things, then, limit yourself to the ones you really need. If you are buying online, use EarningStation to get cash back and Paribus so you can get a portion of your money when the prices of the things you buy online drop.
My wife and I almost always get 5-10% back even after making the purchases with Paribus and around 8% additional discount with EarningStation.
Just on BlackFriday alone, we usually save around $250.00 in between these apps, which is on top of the savings we get from buying discounted products on BlackFriday.
We're talking of 13-18% in savings here.
It is so easy to spend a whole lot of money when everything is on sale. Retailers are so great at telling you that you need to buy these or those when in reality those are just wants and not needs.
4. Bring your own booz.
Wines, beers, and other alcoholic beverages have become staples in any party. Ask your friends and family members to bring the beverages they want.
I have always done that and it works all the time.
I personally don’t drink so I don’t know what wines or beers taste like. I don’t know what the best beverages to buy. So, I leave the guessing game to those who are going to drink.
If you were to buy all the drinks, you’d probably be consuming all your $50 Thanksgiving budget in drinks alone.
5. Tone down on the decorations.
Thanksgiving decorations can seriously dent your Thanksgiving budget. Worse, it can eat up your entire budget. Yikes.
Stay away from reading magazines or looking at pictures of beautiful, well-decorated table, living room, etc. for Thanksgiving. Sure, they are beautiful, but when you looking at the price tag, you’d be surprised as to how much it will cost you to mirror what you are looking at.
If you want to stay within your budget, it is best to tone down on decorations. You could spend a small fraction of your Thanksgiving budget on decorations and buy everything you can buy with that budget.
If you are ok with doing that, then, do it. You can also buy decorations after Thanksgiving Day as these will be marked down drastically and use them for next year’s Thanksgiving.
6. Don’t forget what the season is about
While it is easy to get sucked into the Thanksgiving Day craze, always remember what this day is really all about. It’s not about how much money you could and should spend. It’s not how pretty your decorations are. It’s not how festive your party is.
It’s about giving thanks to a year full of blessings, challenges, happiness, and everything in between.
You can have a zero Thanksgiving budget or $10,000, but at the end of the day, Thanksgiving is a day to give thanks.
Always remember than Thanksgiving shouldn't always be denting your budget. You can stick with a $50 Thanksgiving budget and still have the best Thanksgiving Day ever. Thanksgiving should always be about giving thanks not spending a lot of money.
What are you thankful for? Are you going to have a $50 Thanksgiving budget?