As the holiday season swings into gear, you may find that your debt woes appear even gloomier. Christmas and Thanksgiving can be tough for those who are finding themselves in increasing amounts of debt, as they try to make the holidays enjoyable for themselves and their families, without breaking the bank.
Luckily, by following a few tips when getting ready to host a Thanksgiving dinner, you can make it a good time for all without needing to spend a fortune.
1. Keep The Sides Simple. You may find that not everyone in your family enjoys everything on the table, but there is no need to go out of the way to prepare something fancy. Canned staples and cooked vegetables from corn to mashed potato to turnip or squash, can be both as delicious and filling as more complicated and expensive sides. Not to mention that they are generally inexpensive and of near consistent quality – meaning cheaper store brands can be as tasty as the established brands. Besides, once you’ve heated them up and placed them in a serving dish, who is going to know?
2. Keep the Turkey Small. If you’re including a few sides, you don’t need an enormous turkey unless you have a correspondingly large family. One of the most frequent Thanksgiving traditions has become giving the leftovers to guests when they leave. This presents you with a great opportunity – keep the portions smaller. Less food costs less money and if you’re one of those who finds themselves pushing leftover turkey and potatoes on your cousins as they leave, you can probably cut down on your purchases.
3. Make Punch. It might not be an expense you think about, but soft drinks, juice, and eggnog can add up quickly. Instead, consider making a punch or a large bowl of fruity Kool-Aid. They’re easy ways to make your dollar stretch. We’ve always found ginger ale, water, fruit punch syrup, and some sherbert makes for a delicious, long-lasting punch bowl for a low price.
4. Compare Grocers. Some grocers may have other better deals on fresh vegetables, while others have the best price on turkey in town. Check out the flyers arriving in your mailbox each week and see who has a great deal on a staple for your Thanksgiving dinner. Compare those prices with available coupons and then buy them ahead of time. A number of non-perishables (a.k.a. canned or frozen foods) can last between now and Thanksgiving and you can purchase them a bit at a time.
5. Save on Desserts. Consider making pies instead of going all out on desserts. Store-bought pies themselves are often cheaper than things like cheesecakes, tarts, and pastries. A number of pudding-based pies can be made quite easily – we’re thinking chocolate pie or lemon meringue – and cost little more than a box of pudding and a pie crust, while pleasing those guests with a craving for sweets.
In the end, the things to remember are: keep it simple, plan just enough food to please your guests, and stay on top of available savings. If you have a bit left over at the end, don’t fret. Thanksgiving leftovers can be as delicious a family meal as Thanksgiving itself, without the need to prepare everything again.
A little known fact about government data collection: The U.S. Department of Labor collects household expense information regularly through the use of surveys. It may not sound interesting (and it certainly isn’t), but it does provide us with some clues as to where we spend our money and where we might be able to save it when we are paying attention.
The 2009 expenditure survey, collected during the height of the Great Recession, show us where the average family is spending their money, and where they can cut it. Think about how much you spend on the following unneeded expenses and you might be able to keep more of your money in your pocket.
One of the necessary and hardest to cut expenses for those living on a limited budget is clothing and apparel. In most places, you literally can’t leave home without them. Whether you need special clothing for your job, durable clothing for manual labor, or something fashionable for your growing kids, it can be hard to fill that need on a budget – especially when a pair of jeans at a department store can cost upwards of $30 a pair. In fact, clothing accounts for over 3.5% of the average household budget.
Luckily, there is hope. Your local thrift stores (we’re thinking GoodWill, the Salvation Army stores, and the like). Don’t cringe if you haven’t been to one. Second-hand clothing isn’t what it used to be. With many of these stores you both can dress nicely in designer styles at fraction of the cost while helping out your community.
If you are on a budget, your local GoodWill or Salvation Army store may be just where you need to shop. They now often carry a large range of household items in addition to scrub uniforms, durable gear, fine suits and ties, and labels like Ralph Lauren, Armani, and L.L. Bean – often at a price of less than $10 for clothing in great condition. If you don’t believe it, check it out. You don’t have much to lose.
GoodWill stores have an added bonus of color sales for each day of the week. On a Green Day, everything with a green tag is half off. This can result in like-new Ralph Lauren polo shirts for as low as $2.50, or full suits with sport coats and pants for $2.50-$5.
If you live in the United States, it is highly likely that you live near a thrift store. When living on a budget, those savings can translate into more cash in your pocket or more money to help pay off your debts. Considering a new sport coat at a retailer might set you back a few hundred dollars, you can’t really argue with five.
In our increasingly connected society, many families have multiple phone lines to pay for. Whether they be personal cell phones for household members, landlines, or fax-dedicated lines, the costs can add up quickly. It is often one of the most overlooked monthly charges, excluding teenagers with cell phones, and many families have kept their carriers for years.
One benefit to the growing number of telephone lines, cell phone towers, and broadband internet access is that an increasing number of low-cost phone service providers have been able to open operations across the country. Here are some guidelines for shopping around.
Long Distance Packages. Many traditional land-line telephone carriers now include long-distance calling in the United States and Canada in their standard offerings at low or no additional cost. Check to see what you may be paying in long-distance charges, either by the minute or as a flat fee, and check competitors pricing in your area.
Cable Bundling. If you want a standard phone line, consider bundling your telephone service in with your cable and internet services. Most cable providers offer telephone service, which when bundled together in a single package, can get you steep discounts over purchasing separate services. The downside, when your power goes out, so does your phone.
Internet Phone Services. If you have broadband internet access (cable or DSL) and the proper set-up, consider using a Voice Over Internet Protocol (VOIP) service. Familiar services like Skype, Vonage, and MagicJack provide you with a landline number and access for your traditional phone at a price as low as $2-5 a month.
Family Cell-Phone Plans. If you have a larger household with personal cell phones, consider enrolling in a family plan, where monthly minutes and data are pooled together and drawn from the pool when each member uses them. Often, adding additional lines comes at a very low cost compared to taking out another cell phone plan.
Pre-Paid Plans. If you are trying to limit cell-phone use, try a pre-paid plan like TracFone. Or, if you are using your cell phone as your primary phone, enroll in a plan like StraightTalk. StraightTalk allows you unlimited voice and text at a price of $45 per month per phone. If your children complain about the lack of selection, ask them if it is more important to have a fancy cell phone or the ability to talk with their friends.
Bottom line: Shop around and compare plans. You could be paying far more than you need to without even realizing it.
Dollar stores, like Dollar Tree, are cropping up around the country and picking up business where they go. In fact, they are becoming big business in themselves. Dollar Tree itself, which offers all merchandise at a price at or less than one dollar, became a Fortune 500 company in 2008, posted 2009 annual revenue of $5.23 billion, and continues to grow.
While many, even those who have recently found themselves in financial straits, ignore the dollar store chains in favor of more well known discount brands and big-box stores, they have steadily increased their product lines to include most household necessities, toys, generic over the counter medications, packaging, and toys for children.
These chains manage to provide incredible prices through liquidation sales and bulk purchases, leveraging previous revenues to buy more product at a lower price, and passing that low price on to the consumer. The larger they grow, the greater the selection they will be able to offer, and the greater the discounts to you, the consumer.
For a family on a budget, finding brand name cereals, canned foods, toiletries, kitchenware, and even holiday decorations for less than a dollar can be a godsend. So, if you are in a pinch, check out a dollar store and see what you may be able to save money on. Businesses like Dollar Tree don’t hit the $5 billion dollar mark without doing something right.
It can be tough to keep a family of four or more well-fed on a budget. Follow these tips to keep your family’s appetite sated and more money in your wallet.
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