Ah, turkey day…you might imagine yourself gathered around a table of loved ones, sharing a delicious meal and loosening your belt straps after gorging on amazing food. All this has a price. Americans spend a lot to celebrate Thanksgiving each year. For 2022, however, many of us are trying to find ways to tighten our belts – our money belts, that is.
Holiday Spending: Get the best holiday shopping and saving tips
Plus: 5 things to do when your savings hit $50,000
With inflation driving up prices, fear of a recession about to hit at any moment, and some of us seeing our work situation change for one reason or another, here are some practical and easy ways to save money for Thanksgiving.
Friends action with pizza
The trip. The kitchen. Family. Sometimes it’s a little too much to handle, especially at Thanksgiving. That’s why this year many Americans are choosing to just have a Friendsgiving instead, a celebration that only requires a few besties and a dish or two to share.
Personal Capital conducted a survey to identify some trends for the 2022 Thanksgiving celebration. “More than half of respondents said they had lost their job in the past 12 months (53%). And unsurprisingly, those who did were less likely to plan to celebrate Thanksgiving this year. However, they were much more likely to celebrate Friendsgiving, which seems to come with a more economical menu.
And this menu doesn’t have to be traditional in any way. Friendsgiving attendees can have a potluck or this year just order pizza. The survey also revealed that “only 24% of Friendsgiving celebrants planned to have turkey, an item that is certain to be more expensive this year compared to last year. Instead, pizza was the top choice (33%). »
Take our poll: What’s the first thing you’d do if you won a lottery?
Small guest lists
What is the size of your table? How many silverware sets do you really have? Do you need to invite everyone and their grandma, as well as grandma’s best friend? Consider leaving your guest list to only the most VIP people, the ones who will bring the most joy to your Thanksgiving.
“Most Americans placed their Thanksgiving budget between $101 and $200,” reports the Personal Capital survey. “Gen Xers were the most likely to stick to a tight budget of $100 or less (40%), and Baby Boomers were the most likely to break the bank with a budget of $201 or more (20% ).”
Not only will limiting your guest list help you save on your meal prep budget, it will also cut down on the time you spend cleaning up dinner.
86 This Unique Dish
Okay, so there are a few Thanksgiving meal staples that we all expect to see served: stuffing, potatoes, and more.
But do you really need to make a fully loaded lasagna if you’re already serving a fully loaded turkey? And on the subject, do you even need a turkey now that the price per bird is skyrocketing?
According to Finder, for Thanksgiving 2022, “Americans will spend about $1.1 billion on festive faults, an increase of about $151 million from the $985 million paid for Thanksgiving turkeys in 2021.”
An estimated 88% of Americans are ditching at least one item from their Thanksgiving dinners in order to save money this year. Hopefully the cost reduction doesn’t extend to dessert, because that just means more room for the pie!
Not only are Thanksgiving hosts considering eliminating some items from the menu (sorry, weird casserole that no one ate!), but they’re also asking guests to bring a side dish or two. There is an ongoing debate about another option: asking your guests to contribute financially to the meal.
“You can also split the cost of your Thanksgiving meal with family or friends. If everyone contributes and brings a delicious dish, it can make the holidays more affordable for everyone you celebrate with this year,” says Laura Adams, personal finance expert at Finder.
It may seem rude or in poor taste, but most of your guests might be willing to go along with the idea, as long as you give them enough notice.
Skipping Thanksgiving All Together
It may be a difficult decision to make, but one that some Americans are increasingly opting for: not celebrating Thanksgiving at all. For many, it’s just not worth it.
Just add up the numbers and see if it makes sense: 112 million American adults are expected to travel for Thanksgiving in 2022. IRI, an analytics and data company, used its annual Thanksgiving tracker to forecast that the cost Thanksgiving meals would increase by 13.5%. in 2022. Since 2020, this number has only increased by double-digit increments.
Between the cost and hassle of travel, rising food prices, and the general chaos that holidays can often bring, perhaps it’s best to relax at home and be thankful you don’t have to. in the face of all this.
More from GOBankingRates