Our Archive of Articles About Financial Literacy and Other Topics
Springboard's Thanksgiving Recipe
November 5, 2007, 3:26 pm
Saving money on the biggest meal of the year.
So in a moment of weakness (or insanity) you agreed to have all your relatives over for Thanksgiving. Now you have all these plans to make and details to worry about. You have to clean the house like crazy for a week, and it’s important to make sure that everyone knows what time to be there.
Most important, though, you have a lot of food to buy and a lot of cooking to do. And with all these details, it’s very easy to get caught up in the moment and spend way more than you need to. Having family over can be a lot of fun, especially if there are relatives coming that you rarely see. But that doesn’t mean it’s all right to splurge beyond your financial means. The good news is that, with a little extra effort, you can have a wonderful dinner within a reasonable budget.
The biggest mistake people make when preparing for Thanksgiving, or any large gathering for that matter, is that they feel they have to impress people. Naturally, you don’t want your relatives to walk away feeling as though they had not enjoyed the event, but it is possible to go overboard. So don’t feel you have to buy the most expensive of everything just to impress people. It's often impossible to tell the difference.
For example, the cost of the turkey, which is probably the most expensive single food item you’ll purchase, can vary quite a bit between brands. Do a little comparison shopping between the nationally known brands and the store brand. You may find about a 20 to 25 percent difference, saving five to ten dollars.
The same can be said for most of the food you’ll be serving. If you’re making several pies and you need to buy sugar, do you think there’s a difference in flavor between the national brand and the store brand? After all, you’ll probably prepare a lot of the food from scratch, so we’re talking about very basic ingredients, like flour, butter, margarine, potatoes, spices, and eggs. For some items the difference may be even less than a dollar, but all in all, the savings will really add up.
And take some time to read through the coupon section in the paper a week or two ahead of time. Coupons can save between five and ten percent on your total grocery bill. But don’t get carried away – only clip a coupon if it’s something you need. Don't try something out just because you see a coupon for it.
Another great way to save money is to hold back on the decorations. If you think about it, as long as your home is clean and tidy, who cares if you put up brown and orange bunting across the living room, or use the little napkins with the turkeys on them, or put out the paper turkey centerpiece on the table? The same can be said of spending money on little turkey shaped dishes. Your relatives are coming to see you and your family and to enjoy a nice dinner.
Finally, if your budget is a little tight this year, but you still want to have a nice Thanksgiving at your house, cook the turkey and ask everyone else to bring a covered dish or dessert. In addition to helping to share the financial burden, everyone will feel as if they've contributed to the experience. It is, of course, a good idea, to ask everyone in advance what they plan to bring, so you don't end up with five green bean casseroles and no mashed potatoes.
About Springboard Nonprofit Consumer Credit Management
Springboard is a nonprofit credit education and financial counseling organization founded in 1974. The agency offers personal financial education and assistance with money, credit and debt management through confidential counseling. Springboard is accredited by the Council on Accreditation, signifying high standards for agency governance, fiscal integrity, counselor certification and service delivery policies. The agency provides pre-bankruptcy counseling and debtor education as mandated by the bankruptcy reform law. Springboard is a HUD approved housing counseling agency and a member of the National Foundation for Credit Counseling, a national organization of nonprofit credit counseling agencies. The agency has several locations in California and offers face-to-face and nationwide phone counseling services. For more information on Springboard, call 1-800 WISE PLAN (1-800-947-3752) ext. 7750 or visit their web site at www.credit.org.
