Have you created a spending plan for your family’s Thanksgiving dinner? $4.99 per person is what the American Farm Bureau reports will be spent for Thanksgiving dinner. That means a family of 10 would spend just under $50 for the entire meal. Is that close to what you plan to spend?
Sometimes, we overspend on the meal and overindulge during the meal. We stuff ourselves to the point were we become lethargic and cannot move. This overindulgence harms us physically and financially. Use the action plan below to help you maintain your financial wellness.
Here's an action plan to help you enjoy the holiday while achieving your financial goals.
Plan of Action
- If you can identify what you spent last year for Thanksgiving dinner, do so.
- This will allow you an opportunity to see if you spent more than the national average, if you are in line with it, or if you are under. This can serve as your benchmark for 2017.
- The easiest way to get this data is to look at last year’s November bank or credit card statements. If you are primarily a cash user, you should look at your receipts from 2016.
- Create a spending plan.
- Your spending plan is the amount that you plan to spend for your entire Thanksgiving dinner. Use last year’s spend as well as the national average to set a realistic plan for yourself.
- Create a grocery list.
- Studies show that when a person has thought through their purchases before stepping into a store and walk in with a list, they are more likely to stick to purchasing what is on the list.
- Look for sales and coupons that can be used for the items that are on your grocery list.
- Stores often times have BOGO deals. Leverage sales and coupons to stretch your dollars.
- Store specific websites and www.coupons.com are a couple of resources to find deals.
- Stick to your plan.
- Marketing professionals know how to appeal to our senses to elicit purchases that are not needs. Stay focused on your end goal and stick to your plan.
- Compare your intended spend to your actual spend.
- If you are under or on target, great job.
- If you are over your intended spend, consider returning some items.
- Remind yourself that your financial freedom is not for sale. Use what you already have.
If you don’t create a plan for success, you are planning to fail.