Thanksgiving: it’s an excuse to eat too much turkey and pumpkin pie before passing out in front of the TV to watch football. It’s also an excuse for many Thanksgivers to fall off the financial tracks and spend way more they can afford on the holiday. If you’re worried your commitment to a great dinner could get you in trouble with your bank book, take a look at these practical savings tips for help. They can help you celebrate Thanksgiving without hurting your finances.
Know what you can afford — use a budget
A budget can help you find out your financial limits for the holiday. You can make one the old-fashioned way or have an app do it for you. The method isn’t important as long as you track your expenses and income accurately. This way you can see how much money you have left over once you’ve paid for the necessities.
Your budget is a great way to find extra savings, too. Once you’ve tracked your spending for three months or more, you can analyze it for patterns. Your monthly rent or mortgage payments aren’t what you should focus on. Rather, you should take note of any regular expense you make on unnecessary items. Common spending habits like restaurants, takeout coffee, and traffic fines limit how much you can put towards other things, like Thanksgiving. If you cut them out earlier enough, you can put all the cash you’d normally waste on a latte into your special occasion.
Prioritize your must-have lists
Following your budget, a prioritized shopping list is your greatest tool. It helps to focus your attention on items you need to buy or repairs you need to make for the comfort or safety of your guests. To make one, write out everything you think you need to do or buy before you invite friends and family into your home — in no particular order. Don’t worry if this takes a few days.
Once you’re done, start to rank them according to necessity. While it might be nice to redecorate your guest room before the big day, it’s far more important you fix the broken shower head in your bathroom. Likewise, essential pantry items and groceries trump expensive snacks and bottles to pad out your liquor cabinet. You should take on these fun items once the necessities are taken care of and you have money left over.
Be prepared for the unexpected
Part of what makes a great host is their ability to anticipate the needs of their guests. Unfortunately, it’s not always possible to accurately predict unusual expenses. You may face an unexpected furnace breakdown or a clogged toilet at the same time that your guests arrive, forcing you to pay for immediate repairs.
Starting to budget and save early can help you cover these expenses, as you’ll have more time to put aside cash on the big day. Starting early isn’t always possible for those on a small budget. When you celebrate can also impact your ability to save. If you’re celebrating Thanksgiving in Canada, the big day is the second weekend of October. An unexpected, yet necessary, repair then becomes that much harder to cover. One of the best payday loans Canada has to offer can help you pay for these urgent repairs without delay because they’re available online. Online lenders GoDay like accept and process applications 24/7, which means you could get the best payday loan Canada has to offer in just one hour.
It can be hard to give thanks if the holiday puts you into debt, so protect your finances from the big day. Whether you’re hosting your extended family or just a small group of friends, these tips can help you keep your Thanksgiving affordable.