More than half of Americans plan to host guests for Thanksgiving this year. NBC10 Responds is helping you manage your money with tips on cutting down on the cost of dinner.
A new survey from LendingTree reports Thanksgiving hosting duties this year could cost an average of $431 for food, drinks and décor, a 19% increase compared to last year.
“Even though inflation is slowing down, prices aren’t falling,” Matt Schultz, Chief Credit Analyst at LendingTree, told NBC10. “And I think that that’s probably going to have an impact on how people approach Thanksgiving.”
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Schultz said the right credit card – used wisely – can make a difference when shopping for Thanksgiving dinner. He advises shoppers to look for signup bonuses or cash back offers.
“If you already have money saved back for the holidays, instead of paying for everything around Thanksgiving or Christmas with cash, get a new credit card,” Schultz said. “Use that card to the amount that it takes to get that $100 or $200 signup bonus and then use the cash you have in savings to pay off that card.”
Around 60% of Thanksgiving hosts expect their guests to offer money or an item to help offset expenses.
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“Don't be afraid to be a little bit vulnerable and say, you know, I'm trying to pay down debt so things are a little more difficult,” Schultz said. “Would it be okay if instead of pitching in financially, maybe I show up a little earlier and help decorate or help more with the food? Getting creative with those sorts of things can help you keep your costs down.”
Schultz also recommends shopping around.
“If you’re willing to maybe venture away from the typical grocery store that you go to or your favorite other types of retailers, you may be able to find some deals that help you keep those costs down,” Schultz said.
Schultz also said to stick to a plan and a list wherever you end up shopping.
“Not necessarily knowing what they're looking for and just kind of looking for inspiration,” Schultz said. “And they end up giving in to impulse and kind of wrecking their budget that way.”
Remember to also research different deals or perks your grocery store offers during the holidays, including Thanksgiving meal packages for certain group sizes.
Take a look at a full list of Thanksgiving deals and resources below:
