Tom, or whatever you choose to name her if your Thanksgiving turkey happens to be a hen, will cost a lot more to put on your table this year than in the years gone by. Food prices are up. It’s a simple fact. 

According to a National Public Radio article by Deepa Shivaran, “The Farm Bureau [American Farm Bureau Association] reports that the cost of a Thanksgiving dinner for 10 people is up 14% over last year, averaging at $53.31. The turkey itself costs 24% more than last year … $23.99 for a 16-pound turkey.”

The quoted price of a Thanksgiving dinner for 10, includes the turkey, stuffing mix, sweet potatoes, vegetables, cranberries, rolls and butter, pumpkin pie with whipped cream and coffee or milk.

According to Veronica Nigh, a senior economist at the Farm Bureau, inflation, problems with transporting food and the inability of suppliers to predict demand during the pandemic all contribute to higher food costs. “The trend of consumers cooking and eating at home more often due to the pandemic led to increased supermarket demand and higher retail food prices in 2020 and 2021, compared to pre-pandemic prices in 2019.” says Nigh, “This year’s total meal price increase [is] the largest the Farm Bureau has seen since 1986.”

It doesn’t matter what you buy, the price will be higher this year than it was last. “Without a doubt, due to the highest inflation in 30 years, the tab for this Thanksgiving dinner will be the highest consumers have seen,” says financial analyst Daniel Roccato of Credible, an online marketplace for loans. “It’s going to cost you more to host Thanksgiving and cost your family more to drive there this year.”

The reality is that prices are even higher than what experts predicted. Roccato estimated whole turkey prices would climb 8% to 9% this year, says Megan Leonhardt in an article published at Fortune.com. Roccato’s estimate was low. According to Forbes, the price is up more than 20%. 

And it’s not just the food. With gas prices on the rise around the country, anyone who has to travel to friends or family during Thanksgiving will see a higher price to fill the tank.

So what can be done on the personal level to help fight rising costs during these difficult times?

It Is Possible to Save?

Good planning is the key ingredient to saving money. 

Take a Headcount

Take a headcount of the number of people you are feeding and reflect on their eating habits. According to NextLuxury.com, “If you only have, say, six people total, getting a 22-pound turkey is probably not the right move unless you plan on eating turkey until 2022.” As the serving size per person of turkey is estimated at only one (1) pound, a 22-pound turkey is way too big for six people, even if you want leftovers.

Make a List

Make a list of exactly what you are going to serve, and stick to it. Also, buy what is on sale.

Remember an “official Thanksgiving rule book” about what you can and cannot serve does not exist. Possible less expensive replacements for turkey are chicken, ham, lamb, maybe even a vegetarian main dish or a simple turkey breast. 

“Only plan to purchase what you know you’re going to use for Turkey Day; this way, you don’t end up throwing away a lot of what you buy. You may forget an ingredient in a recipe or spend a lot more than you originally planned if you don’t have a list,” says food writer Marisel Salazar, author of Michelin Guide’s popular Eating Off Duty column.

Keep Decorations Simple

Keep decorations simple and natural. Create your own table decorations using what you have on hand and use fall leaves and other greenery from your yard. Stay away from pricey baubles. Brown paper can make a great tablecloth. If you need extra glasses, cutlery, tables, chairs and such, borrow them from family, friends and/or neighbors.

Think Outside the Box

Think outside the box. Organize a potluck. “One of the easiest ways to cut down on the costs of hosting [Thanksgiving] is by going the potluck route,” says DealNews consumer analyst Julie Ramhold. “As the host, you can offer to handle the main dish, and then have your guests bring the sides and desserts. If you feel like you’d want to include more than just the main dish, opt for things like drinks and disposable dinnerware as these tend to be on the cheaper side of the spectrum (especially if you purchase in bulk).”

One Last Caution

Beware of adding beer, wine and/or alcohol to your menu. According to the Farm Bureau the cost of booze because of inflation is “14% more than last year,” states a Market Watch article. This rise in cost is the highest ever since the Farm Bureau started tracking prices.

Food For Thought

Twenty-five percent of shoppers plan to save money this year “by leaving the wine, beer and spirits off of their Thanksgiving grocery lists. And 14% said they’re not buying a turkey this year.” states the same Market Watch article. 

You can do things to keep dollars in your pocket and still enjoy the fullest with family and friends. It’s merely a matter of setting boundaries, making priorities and being creative.

Consider Shopping Local

While local prices may not always be able to compete with the low prices of big box stores such as Walmart, buying local will have a big positive impact on your local community, which in turn will come back to help you out. As many are struggling this holiday season, your decision to buy local ingredients for your Thanksgiving feast could be of great help to farmers and providers in your area.

You might even be able to find better deals when you look local, especially with increased shipping costs being a major factor in prices going up.

Photo by Priscilla Du Preez / /Unsplash