This year, 2021, could very well feature the most expensive Thanksgiving dinner ever. Usually, there will be some food items with a price decrease every year. This year, however, there is not a single food category where prices have decreased from 2020 to 2021. Moreover, the most notable price increases are items you would have on your list for your Thanksgiving dinner.
Why did this happen?
Last year, most of us didn’t plan for a holiday gathering at all. The lockdown was more strict as Covid-19 vaccines weren’t administered until December 2020.
The cost of a Thanksgiving dinner in 2020 was the lowest since 2010 and shops offered incredible discounts on turkeys as very few people bought them. This year, labor shortages and the Covid-19 pandemic-related production delays along with supply chain issues have increased food prices like never before.
How much more?
We will be spending at least 5% more than last fall. Though the inflation rate for food isn’t as sharp as housing or transportation price hikes, the thanksgiving budget will be drastically more than in previous years.
Turkey, the main feature of the Thanksgiving dinner table, has the most significant and expensive price increase. Labor shortages at meatpacking facilities have decreased the supply of smaller birds that people prefer for small gatherings. The number of birds available to deliver to stores is the lowest we have seen in 10 years. Moreover, less availability of truck drivers adds to the price hike.
Poultry prices have gone up by 6% and beef prices have gone up by 3%. Eggs, milk and potatoes have noticeable price hikes as well. The price of eggs has gone up. This is 12.6% more than the cost in September 2020. Fresh fruits and vegetables cost at least 3% more than they did during the fall. Finally, oil prices have gone up by 7% over last year.
What can we do to reduce costs? Here are some easy ways to maximize your savings amidst the price increases and supply chain issues.
This is the year you have to spend extra time researching for the best deals. If you find one store that has discounts on meat and another store with promotions for vegetables, you can save a considerable amount if you buy them in each different store. For tips to shop safely online this holiday season, read our blog.
Though you might have the habit of shopping all at once on a single trip, you can try moving around to get the best of every deal to save this year. Don’t wait until the last minute as you’ll not get time to compare prices and may end up hosting an expensive Thanksgiving dinner instead.
Don’t get the small turkey
Get a large turkey, even for small gatherings. This year, you will get a better deal for bigger turkeys than the smaller ones. Moreover, you will never know how plans change and the larger turkey might save you at the last minute. Like previous years, some stores might offer a free frozen turkey if you purchase a certain amount of groceries. Find those stores to make the most of that deal.
If you know any farms near your locality, you can buy local fruits and vegetables because they come without added transportation costs. Though you may not find lesser prices for meats, you will surely get a better selection of cuts than the grocery store. You can also consider alternatives this year. For instance, you can serve chicken instead of turkey and keep it less extravagant by not serving different kinds of sauces or side dishes.
Make it potluck
If you don’t usually encourage your guests to bring meals for the gathering, you can try that this year to lower your costs. You can save a lot of money when your guests share the increased cost by bringing a dish. You can make it enjoyable by assigning dishes to each family so that you will have a variety on the dinner table.
Don’t be tempted to use credit
Though it’s fun to have fancy dishes for your Thanksgiving meal, you must not get it at the cost of debt. It would be best if you did not end up in financial trouble trying to make your guests happy. You can consider creating a specific budget for Thanksgiving dinner at the start of the year. For 2022, you can start in January to build savings that will easily cover all your end-of-the-year spendings without any credit or limitations.
Bank on Line
If you do need a little extra help this season, use Line. Our Subscibe. Get Cash Now, Pay Later feature makes us your friend when you need that extra helping hand. Plans start as low as $1.97 for a month. Go that extra mile this Thanksgiving and make the moment special for you and your loved ones. Moreover, it pays to stay out of debt this expensive thanksgiving year.