Five Tips for a Frugal Thanksgiving: How to Save on Food, Travel and Gifts

The holidays are supposed to be a time for cheer, but they can also bring stress. If money is tight and the cost of food is high, the idea of hosting a big meal or flying cross-country probably feels more like a burden than a celebration. According to one survey, the price tag is the worst part of the holiday for those who celebrate.

We understand if your holiday budget is tight this year, but here are some ways to make the season a bit more affordable.

1. Compare Prices Online

Before you head to the grocery store, take a look online. Each year you can find a list of websites that compare turkey prices at national chains and local grocery stores. Doing a quick search in advance can save you time going from one store to another. For other dishes, you can also check grocers’ ads, websites or apps for the best prices. 

2. Celebrate Late

Another way to save is to have Thanksgiving a day or two late. Many Thanksgiving favorites— especially turkey—see major markdowns right after the big day. Pushing back the party could be a great way to not only have an affordable Thanksgiving but also to stock up on lots of turkey for cheap meals in the future.

3. Simplify Your Menu

The overwhelming majority of people say they have Thanksgiving leftovers each year, so why not cut costs by preparing less food or a smaller menu of foods? 

Instead of spending money on a long list of appetizers, sides, drinks, desserts, disposable utensils and more, focus on a few favorites to enjoy and consider prioritizing foods that freeze well. For simple crowd pleasers, most people say their favorites are either turkey or ham for the meat and mashed potatoes for the side. For other dishes, you might ask your guests to chip in. 

4. Save on Travel

The decision of whether or not to travel for Thanksgiving is a personal one, but it has a big impact on your holiday expenses. Choosing not to travel may not be easy, but it doesn’t have to mean staying home alone. 

Instead of going solo, consider organizing a small get-together, volunteering, planning a fun Zoom meet-up with family or booking a flight home a week or so after the holiday. If you do plan to fly, start looking for flights early and use price trackers to alert you when prices drop. 

5. Put the Brakes on Shopping

In 2023, the food wasn’t the most expensive part of Thanksgiving, it was the shopping, particularly the online shopping, according to Adobe. 

As tempting as the sales can be, don’t let them dictate your budget for holiday gifts. While shopping early gives you the best chance to find deals and save money on shipping, don’t be tricked into thinking that spending money is a way to save money.   

Instead of making spontaneous purchases, determine your gift budget before Thanksgiving and start a list of affordable gift ideas. If a Thanksgiving deal fits within your budget, great! If not, do your wallet a favor and hold onto your money.

Put Your Savings to Use

If you’re successful at cutting costs this holiday season, try putting the money you saved toward your financial goals. That might include paying off credit card debt, building an emergency savings fund or saving for a house. When you start with your goals in mind, you might even find more motivation to cut the holiday expenses.
Whatever your holiday plans look like this year, we hope you enjoy the season and you have plenty of reasons to be thankful. As always, remember that the NFCC is here to help with tips and resources for reaching your credit and financial goals.