Thanksgiving Is Gobbling Up Budgets
By: James Flippin · November 09, 2022 · Reading Time: 3 minutes
For many Americans, Thanksgiving is coming at a difficult time. Higher-than-normal food prices at the store and nationwide job insecurity have lots of people reconsidering their Turkey Day plans.
In fact, 1 in 4 Americans surveyed by Ipsos say they plan to just skip Thanksgiving altogether in order to save money. For those that still plan on cooking, a whopping 88% say that they are cutting out at least one dish to make the evening more affordable.
While this year may be more challenging than most, try not to can your entire dinner just yet. First, put these money-saving tips to use.
Trimming the Fat
The theme for this year’s Thanksgiving is “trimming the fat.” In other words, cutting back on unnecessary expenses to make Thanksgiving dinner more affordable.
The easiest places to reduce spending are decorations, drinks, and food. Thanksgiving leftovers are practically a tradition for some, but you can be a lot more efficient with your spending simply by eliminating excess food and drinks – or, in the case of decor, window dressing.
Another easy way to save money is to make dinner a potluck by asking each invitee to bring a dish. Not only will this save you money, but it will make the whole afternoon less stressful for the host and cook(s).
Finally, be sure to take advantage of sales when you do your shopping. This year in particular, many companies are offering steeper discounts than normal.
Thanksgiving is a celebration of time spent with family and friends. In the wake of the pandemic, we know firsthand why we should never take this for granted.
Right now, times are tough for everyone and millions of families across the US are struggling financially. But difficult years like the one we’ve had make it even more important to enjoy the little things. You should always find time to give thanks, even if that means crowding around a table with your loved ones to share a pizza.
At the end of the day, Thanksgiving was never supposed to be about the feast. Instead, it’s about holding your family and friends close and telling them that you love them – which, luckily for all of us, is free to do.
Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.