How to Cut Costs This Thanksgiving as Grocery Prices Soar

Planning for Thanksgiving can be stressful every year, but this November, families are worried about serving the meal with a large helping of inflation.

Although inflation cooled in October, with the consumer price index (CPI) beginning to stabilize after several months of steady growth, the cost of food at home remains 12.4 percent higher than last year.

"Based on WalletHub research, the average amount that hosts will spend on Thanksgiving dinner this year is $392," Wallethub analyst Jill Gonzalez told Newsweek. "This includes food, drinks and home decor, and is about 10-15 percent more than what they spent last year."

Turkeys are especially expensive this year, amid ongoing kinks in the supply chain and a deadly year for the Avian flu. The flu outbreak is approaching a record number of birds affected, wiping out over 49 million birds in 46 states—including over 6 million turkeys—since early 2022, according to the Centers for Disease Control and Prevention (CDC).

How To Cut Costs At Thanksgiving

Option 1: Give Flight To Your Turkey Tradition

So if you're looking to save money, consider ditching the turkey tradition, said Gonzalez. She recommended a roast chicken instead.

"The price of a 16-pound whole frozen turkey has increased by over 40 percent since last year, from $17.23 in 2021 to $25.36 this year," she said. "This is definitely one of the most expensive parts of the meal."

But the turkey isn't the only menu item to shoot up in price. Bakery products are 15.9 percent more expensive than last year, while dairy prices are up 15.5 percent, according to BLS data. Russia's war in Ukraine continues to boost prices, as the two countries produce 30 percent of the world's wheat supply.

Option 2: Budget Before Menu

Gonzalez said that smart grocery shopping is key to cutting costs.

"You should first start by making a Thanksgiving budget and then create the menu accordingly," she said. "Reducing portion size is a great way not only to stay on budget but also to avoid eating in excess or throwing out food."

Option 3: Track Thanksgiving TikTok Trends

Hunting for deals and discounts can also trim your spending. On TikTok, some Thanksgiving planners have shown the possibilities of shopping in unexpected places—like your local Dollar Tree.

TikToker @dollartreedinners showed how she arranged a bountiful charcuterie board with only Dollar Tree ingredients, while @craftgrooms concocted a pumpkin pie for only $5. Meanwhile, @diysbychristiniarenee took her viewers along for Thanksgiving-themed decor shopping at the $1.25-per-item store.

Other TikTokers have offered similar saving hacks. User @the_avantgarde demonstrated how to make napkin rings from leftover toilet paper rolls, while @officerfrugal recommended hosting your Thanksgiving dinner after the official holiday when prices have been slashed in the stores.