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 A list of things you’ll need to know so you can avoid a financial hangover this Thanksgiving!
Every year we eat. We eat turkey, gravy, yams, potatoes, casserole, pudding, pie and the ever popular stuffing. It’s expected, looked forward to and handily enjoyed. In addition to the Thanksgiving foods we enjoy, each household has its own traditions around the holidays, many of which have nothing to do with food. What if your tradition became saving money? Below you’ll find useful tips on saving money that don’t require you to deviate from tradition! Follow these tips and you’ll be sure to have a great holiday with a full belly and a full wallet!
1.) What’s in a Name?
National Brands vs. Store Brand
In terms of your Thanksgiving meal, this tip is a no brainer! Why spend twice as much for ingredients like spices and pie filling? It’s not as though your turkey is going to stand up before the meal and plug an advertisement for the brands used to prepare your feast. You can save a lot by buying store brand ingredients. According to Consumer Reports Magazine, filling your cart with store brands saves you an average of 30%. That means that if your family spends $100 a week on groceries, those savings add up to more than $1,500 annually. Want to see the difference for yourself? Use this generic store brand calculator to find out how much you could be saving this Thanksgiving on all of your favorite holiday foods!
2.) Turn Black Friday into Grey Friday
Shop Local
The mob, the throng, the unsettled masses! We’ve all seen the horrible scenes on the news of crowds numbering in the thousands. They storm the malls and major shopping centers like medieval armies, searching for the best deals on the hottest items. Want to save money on holiday shopping while avoiding the siege? If venturing out on Black Friday is one of your family’s traditions but you hate the crowds, consider choosing your location wisely. There are all kinds of stores besides the giants that offer great deals on black Friday. All you need to do is think local! Tap into a virtual treasure trove of smaller Mom and Pop type shops by searching on Yelp.com! There you’ll find reviews and locations for lots of smaller shops in your area that are offering great deals. Then all you have to do is pick a few to visit and let the savings begin!
3.) Travel Hassles Be Gone!
Take the Train
The best part of any holiday is the gathering of friends and family, some of whom may live far away. But one of the largest expenses for any holiday are the travel costs associated with getting everyone together. Plane tickets and the airport scene as a whole is usually a mess. Airline ticket prices go up significantly during the holiday season and with the crowds and chances of bad weather, there isn’t even a guarantee you’ll arrive on time! Think you’re being smart and cost effective by taking to the highway? Think again. With escalating gas prices and the miles of traffic that surely await you, you’ll end of spending a fortune on gas. What’s the solution? Take the train! Findings from the National Household Travel Survey show that during the 6-day Thanksgiving travel period, the number of trips to and from a medium length destination of 50-100 miles increases by 54%. Money is wasted on airline tickets and gas for distances easily covered by TRAINS! Imagine kicking your feet up on a train while enjoying the scenery instead of grinding through traffic. Book your ticket today with Amtrak!
4.) Where Did it All Go?
Create a budget and stick to it!
We can all get a little carried away around the holidays by telling ourselves things like “it’s only once a year,” and “it’s a holiday I can treat myself!” And looking at things that way when it comes to money can be a good thing because you are probably taking note of what you’re spending your money on. If you have a very clear and well planned budget for this Thanksgiving then you’ll have an easier time noticing when you’re spending on things that you didn’t budget for. Try using a budgeting tool like the one found at Mint.com. Knowing where your money is going can be the most powerful tool to help keep you on track. The real trouble comes when you’re out grabbing things and not thinking about the bigger financial picture. Marketers are ready and waiting for people to get carried away by the holiday spirit, that’s why they push seasonal products which are often more expensive. When you’re out grabbing coffee ask yourself “does this fit in my budget?” or “do I really need a pumpkin spice latte to feel the holiday spirit or will my usual coffee order do?”
5.) Team Holiday
Invite your guests to CONTRIBUTE!
The best part of Thanksgiving is the gathering of family and friends. With this tip the term “the more the merrier” really applies! If you’re having a medium to large size group over invite them to contribute in some way. Turn what could have been a huge job for one person into a small job for many people. Relatives often have a favorite dish they expect to see on the Thanksgiving table, so why not ask them to bring it? Having a potluck style Thanksgiving gets everyone involved in producing the final product. It also saves you from having to cover the expenses of a multi course meal for many all by yourself! Not to mention it’s a great stress reducer for those wearing the aprons!
Each household holds its own traditions around the Thanksgiving holiday; this year, let yours be the tradition of saving!
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