How to save money on Thanksgiving groceries

The Farm Bureau’s 37th annual survey shows that Thanksgiving meals will cost families 20% more than last year, with the price of a 16-pound turkey reaching $28.96 — an increase of nearly $5 from last year. And prices aren’t just higher for seasonal goods, the latest data from the US Bureau of Labor Statistics, which measures how much shoppers are paying for goods month-over-month, shows that overall grocery prices are hitting new highs.

Americans feel the pain of inflation at the checkout

The home food index rose 12.4% last year, with the cost of grains and baked goods rising 15.9% for the year and the dairy and related products index rising 15.5%. The other major grocery store food categories showed increases of 8.0% (meat, poultry, fish and eggs) to 15.4% (other home foods). Some analysts are even suggesting that eating your Thanksgiving dinner at a restaurant could be cheaper this year.

Some of the factors at play in regional food shortages and higher costs: bird flu, which has killed millions of turkeys, and supply chain issues.

“The higher retail cost of turkey at the grocery store can also be attributed to a slightly smaller flock this year, higher feed costs and lower processing weights,” AFBF chief economist Roger Cryan said in a statement. “Farmers are working hard to meet the growing demand for food — both here in the US and around the world — while facing rising prices for fuel, fertilizer and other inputs.”

5 tips too help you save on your Thanksgiving meal

1. Consider a rewards credit card: Consider using a cash back or rewards credit card that earns rewards for grocery purchases. This allows you to earn cash or points that can be redeemed for cash or gift cards to help cut your grocery bill.
2. Host a Potluck: Just because you’re hosting a Thanksgiving dinner doesn’t mean you have to foot the entire bill. Plan ahead and create a group text with everyone you’ve invited. Assign a dish to each person so you don’t have to pay for and prepare each individual dish – saving you time and money.
3. Buy in bulk: When Thanksgiving is crowded, it might be worth bulk buying certain goods. According to SoFi, buying in bulk can save you between 20% and 50%, depending on the item. However, this isn’t a universal truth, so you need to pull the numbers together and find an item’s price per unit (that product’s price per gallon, ounce, pound, etc.) to determine if you’re actually saving money, and how much.
4. Consider frozen or canned. Frozen turkey and canned vegetables tend to be cheaper than fresher alternatives. If you have the space in your freezer or pantry, consider buying these ahead of time when you spot a good deal.
5. Look for deals at your local grocery store. Keep an eye out for deals at your local grocery stores by checking out the weekly sale flyers. This can help you plan when to go to the grocery store to do your shopping so you can maximize your savings. And if you’re not already doing so, you can also get your Thanksgiving shopping done through a grocery delivery app like Instacart, FreshDirect, or Gopuff, which makes it easy to find deals in your area and sometimes offer a discount for new customers.