Thanksgiving Spending: Numbers You Need To Know

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Post on Nov 06, 2024

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Turkey Day Spending: Numbers You Need To Know

Thanksgiving is the time for family, football, and...a whole lot of spending. It's a time to feast, but also to break the bank. Whether you're hosting the big meal or just bringing a side dish, understanding the financial implications of Thanksgiving is key. Let's dive into the numbers, shall we?

The Big Picture: Spending Trends

The average American family is estimated to spend around $500 to $700 on Thanksgiving dinner, including everything from the turkey and trimmings to drinks and desserts. Whoa, right? That's a significant chunk of change, and it's only getting bigger every year. The National Retail Federation says Thanksgiving spending is expected to increase by 10% in 2023, compared to the previous year.

What's driving this increase? Inflation, mainly. The price of food and groceries has been on a tear lately, and Thanksgiving staples like turkey and cranberries are no exception.

Breaking Down the Costs

So, where exactly is all that money going? Here's a breakdown of the typical Thanksgiving spending pie:

• Turkey: This is the main event, and it can be a hefty expense. A whole turkey can cost anywhere from $15 to $50 depending on size and type.
• Side Dishes: Mashed potatoes, stuffing, green bean casserole - the list goes on. You're looking at $20 to $50 for side dishes, depending on how many you're making and how fancy you want to get.
• Drinks: It's not Thanksgiving without a few drinks. Allocate $15 to $30 for drinks, including soda, juice, and maybe some wine or beer.
• Desserts: Pumpkin pie, pecan pie, apple pie, oh my! Desserts can easily cost $15 to $30 depending on how many you're making.

Tips for Keeping Your Budget on Track

Don't let Thanksgiving spending send your budget into a tailspin! Here are some tips for staying on top of your finances this turkey day:

• Plan Ahead: Making a list of dishes you need to buy and sticking to it will keep you from overspending.
• Shop Around: Compare prices at different stores to find the best deals on your groceries.
• Consider Homemade: Making some of your side dishes from scratch can save you a lot of money, plus it's a great way to get the family involved!
• Share the Load: If you're hosting, ask guests to bring a dish or two to help reduce your costs.
• Don't Forget the Tip: If you're ordering takeout or using a delivery service, remember to budget in a tip!

The Bottom Line

Thanksgiving is a time for joy and togetherness, but it's important to be mindful of your spending. By planning ahead, shopping smart, and being creative with your menu, you can enjoy a delicious and affordable Thanksgiving feast. Happy Turkey Day!