Thanksgiving is right around the corner, and anyone hosting a gathering is likely knee-deep in menu planning and buying food. Whether you’ve already purchased your groceries or have yet to hit the stores, one thing’s for certain: The price of a Thanksgiving dinner has risen considerably over the years.
In fact, the price of a classic Turkey Day feast for 10 is currently 19 percent higher than it was just five years ago, according to the Farm Bureau. The bureau reports the following average prices in 2024:
- Turkey: $25.67 for a 16-pound bird
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Bread:
- $4.16 for a dozen dinner rolls
- $4.08 for 14 ounces of cubed stuffing
- Fresh cranberries: $2.35 for 12 ounces
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Vegetables:
- $2.93 for three pounds of sweet potatoes
- $1.73 for a pound of green peas
- $0.84 for half pounds of celery and carrots, respectively
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Dairy:
- $3.21 for a gallon of whole milk
- $1.81 for a half-pint of whipping cream
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Dessert:
- $4.15 for a 30-ounce can of pumpkin pie mix
- $3.40 for two 9-inch pie shells
Depending on the size of your gathering, you may be looking at a three-figure bill, especially when factoring in ingredients such as butter, eggs, cheese, seasonings, flour and sugar — as well as beverages.
This year, I tried to get a better handle on my Thanksgiving dinner spending than in previous years. Below are five simple ways I was able to better manage the high costs of a Thanksgiving dinner in 2024 — and one thing I wish I’d done differently, in retrospect.
1. I made a Thanksgiving budget.
I listed out the dishes I planned to serve, along with the corresponding ingredients I’d need to buy. From there, I was able to tally up roughly how much I’d be spending. I factored in the costs of non-food items I needed for cooking and serving the meal: a new glass baking dish and some new trivets.
Tip: When creating your Thanksgiving grocery list and budget, be sure to “shop” your pantry by checking for any necessary spices or canned goods that you may already have on hand.
Bottom line: I estimated my Thanksgiving bill would be around $130 before the use of coupons or any special deals I’d find when perusing store ads. I challenged myself to stick to my budget and made plans for the money I was determined to save (more on that later).
2. I spread out the costs over two paychecks.
While this step didn’t necessarily result in any tangible savings, doing some of my Thanksgiving shopping earlier in November helped me to spread the total cost over two paychecks. Early on, I purchased things with a longer shelf-life such as beverages and some canned goods.
Tip: As luck would have it, November is a three-paycheck month for many consumers this year — potentially creating an opportunity to spread out your expenses. These months can come in handy, whether you’re hosting a big gathering, building up an emergency fund or paying down debt.
Bottom line: Devoting money from multiple paychecks toward a Thanksgiving dinner (or any big purchase, for that matter) can keep you from feeling overextended financially in the days leading up to the holiday.
In planning my Thanksgiving shopping, I researched prices online of three stores near me: Meijer, Jewel and Aldi. I noted which store offered the best prices on each item on my list, and made my purchases accordingly. Each of these three retailers offered the lowest prices on various items I needed.
Tip: A recent study from Coupons4real found Walmart has the lowest prices on own-label groceries, with its products among the 20 percent cheapest compared to other big retailers. Following Walmart, in order of lowest to highest store-brand prices, were Aldi, Costco, Target and Kroger.
Bottom line: By my estimates, I saved around $20 by doing the research and shopping at the three stores, versus shopping at just one store for everything.
4. I saved an additional $20 by using coupons.
The last time I shopped at Meijer, a store coupon printed out with my receipt for $10 off a future purchase. I was excited to be able to apply this to my Thanksgiving shopping trip at the store the following week. What’s more, I also used a store coupon at Jewel for 20 percent off a future purchase (which I was given after getting my flu shot at the pharmacy there).
Using the stores’ apps, I also clipped some online coupons for items I was purchasing to save a few dollars more.
Tip: If you happen to have a store coupon to save a set dollar amount or a certain percentage off your bill, consider timing that with your Thanksgiving dinner shopping.
Bottom line: Between the store coupons and online coupons, I was able to save around $20 on my grocery purchases.
5. I gladly accepted my guests’ offers to bring dessert and a side dish.
One of my relatives graciously offered to bring two pies and some gourmet coffee, while another offered to bring a savory side dish. I gladly took them up on this, which saved me not only some money, but also the time and trouble of preparing these items.
Tip: Accept offers from your guests who are willing to bring food, which will save you time and money.
Bottom line: I’m thankful for my family members’ bringing dishes, which not only lowers my grocery bill, but also saves me time in food preparation and shopping.
One thing I learned
I’ve told my story in terms of the ways I budgeted carefully and planned for my Thanksgiving dinner purchases. There’s one thing I regret doing, however: I hurriedly bought my turkey at the first store where I saw turkeys for sale, because I was happy with the selection of sizes offered. In retrospect, I wish I’d compared prices first because it would have been cheaper elsewhere, and other stores had plenty of turkeys available in the size I wanted.
What I did with my $40 in savings
Thanks to shopping around and using coupons, I saved around $40 on my Thanksgiving dinner shopping. When all is said and done, I’d be remiss — especially as a banking reporter — if I didn’t transfer the money I saved to my high-yield savings account, so it’s now earning one of the best rates around on deposit accounts.
When it comes to people’s saving and spending choices, it can be easy to let spending get a bit out of control during the winter holidays, says Mark Hamrick, Bankrate’s senior economic analyst. “Rather than getting out over our skis on holiday spending, there’s an opportunity to create a budget which includes satisfying a range of financial goals. These should include adding to a high yield savings account.”
With the year soon coming to a close, it can be a good idea to create a financial plan for the upcoming year. “It is never too soon to begin thinking about budgeting and saving for spending needs in the coming year, including the 2025 holiday season,” Hamrick says. “With savings, as with borrowing, it always pays to shop around for the best rate.”
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