Looks Like Consumers are Spending More This Holiday Season

by Miranda Marquit · 0 comments

In spite of some evidence that consumers say they plan to spend less this holiday season, the reality seems to be that consumers are actually spending more. At least that’s the story according to Citi.

The latest survey released by Citi indicates that more Americans plan to increase their holiday spending this year. In fact, Citi says that Americans will spend, on average $968 this holiday season. That’s $60 more than they spent just two years ago. The survey indicates that 63 percent of Americans plan to spend more money, or the same amount, on their holiday shopping as last year. Only 35 percent of Americans say they are cutting back on what they spend.

Some even plan to spend more than $1,000 this holiday season — about 29 percent.

Consumerism Up = Confidence in the Economy

Industry leaders and others are, understandably, happy about this latest development. If holiday spending is up, it is seen as a sign that more people are confident in the economic recovery. When consumers are worried about what the future holds for the economy, they tend to hoard their cash and spend less. However, when they feel as though things are going better, they are more willing to open their wallets.

The Citi survey says that this year marks the fewest number of Americans saying they plan to spend less since the advent of the recent recession and economic crisis. With fewer consumers cutting back during the holidays, it could be an indication that the economy is on the mend.

Part of what might help the economy improve, of course, is the increased spending. In this way, consumer confidence contributes to economic recovery. Americans feel better about the economy, so they are willing to spend more, and since the economy relies on consumer spending, the extra spending boost the economy. It’s encouraging to the people in charge, but it doesn’t really solve the problems of the regular folks who use their newfound confidence and relief to get into debt as they spend during the holidays.

Are You in Danger of Debt this Holiday Season?

One of the realities of the continual increases in what people spend during the holidays is that more Americans find themselves in debt during the holiday season if they don’t have plans to stay out of debt during this time of year.

During times of economic difficulty, it’s easier to cut back on spending, and consumers are more afraid of debt. However, as the economy improves (or as consumers feel it is improving), they are more likely to believe that they can take on debt again. They are confident that they can pay it off in a timely manner.

If you really can pay off your credit cards at the end of the holiday season, using them to make purchases isn’t a bad idea. You can earn reward points, and incorporate credit cards into your frugal lifestyle. However, you still have to be careful. Don’t get in over your head, or your finances will be devastated by the high interest charges.

What will you do this holiday season? Are you spending more money or less money? Why?

Product Reviews: Can You Trust Them?

by Jessica Sommerfield · 0 comments

Online shopping is becoming more and more popular, especially during the holidays when stores are over-crowded and shelves are picked over. Sitting in front of a computer from the comfort and quiet of your own home is quickly becoming the preferred shopping method for thousands of people. Online shopping has the advantages of convenience, speed, privacy, and personal service; but it also has some disadvantages. First of all, you can’t physically touch the product; you can only view pictures that may skew the perceived color, size, material, and other details of the product. This alone is a challenge. Add to it the very real possibility that reviews you read about the product may not be genuine, and you may be wondering if the problems of online shopping outweigh the advantages.

It’s estimated that roughly 30% of online product reviews are fake. Even I was surprised at this possibility, as online consumer reviews have influenced many of my purchases. Apparently companies pay (often very well) for fake or slanted reviews of their products, which are often published on multiple sites. The intention of this dishonest business practice is to tip the scales in favor of their products or their sites. If customers only see positive reviews, they can be deceived into purchasing a product.

With so many fake reviews, how are we supposed to tell the difference to avoid being conned or, at the very least, wasting our time and money on return shipping? Here are some guidelines you may find helpful as you navigate the emerging world of online shopping.

Be skeptical of reviews that are too positive.
Even though you may think a review sounds genuine, it could still be a fake. Many companies train their writers to write in a conversational and believable tone to appeal to our trust. The biggest clue that a review may be a fake is a complete lack of negativity. This isn’t to say that there won’t be positive reviews that are genuine, but real reviews will contain both positive and negative points about the product, even if the negative points are outweighed by the positive. Real reviews generally remain neutral and unbiased. Any review that expresses very strong emotion about a product or service should be questioned.

View as many reviews as possible to gain perspective.
The more reviews you read from different sites and perspectives, the more you’ll build an accurate picture of the product. In the sheer number of reviews you read, you’re bound to get some that are genuine, even if there are fakes mixed in. Check popular review sites as well as reviews directly on shopping websites.

Look for repetitive wording and a lack of unique experience.
Each customer’s experience should be unique in some way, containing unique word choices and tone. If several reviews contain similar wording, there’s a strong chance they’re duplicates by the same author or company, and shouldn’t be depended on. Often, paid review writers will not even have the product in their possession or have ever seen it in person. Reviews that don’t contain specific details or line up with the majority of other product descriptions are probably fakes.

Look for reviews by people similar to you.
Even if a review isn’t fake, it may not be relevant or useful to you. It’s important to keep in mind the point of view behind the review — where the person is from, how old they are, and what kind of lifestyle they live. Something that is entirely wrong for them may be exactly what you’re looking for. This is one reason many sites now offer recommendations based on reviews by customers most similar to your profile, or the line “people who bought this product also bought ___.”

Using these tips will go a long way in helping you avoid purchasing mistakes while your shop online this holiday season, so you can enjoy all the benefits and none of the possible pitfalls of online shopping.

Form a Co-op and Borrow – Instead of Buy – Expensive, Rarely-Used Equipment

by Gina Blitstein · 0 comments

When in the course of human events it becomes necessary to purchase a really expensive (but rarely-used) piece of equipment… what do you do? How do you get access to equipment that you need only on occasion? These are things like floor sanders, sewer rodders, chain saws, wood chippers, heavy-duty drills and other specialized household and yard equipment – or a pickup truck for that matter… They’re things you don’t need to have – until you do. Even if what you need is within your means – like a mitre box – if you’re not a carpenter – by trade or hobby, do you really need to own one for the handful of times you may want to cut moulding or build a picture frame? These specialized pieces of equipment often represent a big investment. If they’re used regularly, they are well worth that investment; if they’re not, they sit unused and only represent a waste of money.

The fact is, you generally don’t need to shell out the money to purchase this type of rarely-used equipment because you can borrow or rent it. The problem with that is, although you can get the equipment, it doesn’t necessarily mean you know how to operate it. While hiring a professional handyman may seem to be an answer, they can charge a lot and it’s sometimes difficult to find someone trustworthy and reliable.

Form an Equipment-Lending Co-op

A workable solution to the issue of procuring access to equipment you don’t own and don’t want to buy is to form a co-op among people you know. An equipment co-op is like a lending library where you can borrow that which you don’t have in exchange for something you do have. You may, for example, offer the use of your snow blower in exchange for the use of your neighbor’s rototiller in the spring.

Most everyone has at least one piece of expensive or specialized equipment that they could and would be willing to share. Ask some equipment owners if they’d be interested in joining the co-op and create a master list of who owns and/or knows how to do what. Chances are, those who own the equipment know how to use it so you can also borrow their expertise along with the equipment. Get several people together with a diverse assortment of items and the skills to use them and you’ve built a strong resource for yourself.

Create Co-op Rules

Keep it friendly and casual, but some establishing some guidelines will protect this valuable equipment and the enthusiasm of the lenders. It’s prudent to implement rules to govern the co-op such as:

Schedule – When is equipment available for lending? For how long can it be borrowed?
Exchange – What is to be exchanged for the lending of equipment? In addition to another piece of equipment, time, labor or expertise may be deemed a fair exchange in some cases.
Care of equipment – Both lender and borrower should be assured that the borrower knows how to use and care for the equipment to avoid damage or unwarranted wear.
Consequences of damage to equipment – To avoid confusion and/or conflict between lender and borrower, determine who repairs/replaces what should the equipment break or malfunction while it’s being borrowed.
Etiquette – As a courtesy to the lender, return the equipment not only in good working condition but clean and refueled, recharged and/or restocked.

Start your co-op small and work out the procedures and rules before involving a lot of participants. As you grow your co-op, you’ll realize more and more opportunities for borrowing instead of buying.

Could a co-op save you on expensive equipment?

Frugal Meals: Save Money and Time Cooking in Bulk with Friends

by Gina Blitstein · 0 comments

Ahh, the age-old question: What’s for dinner? Sometimes we know the answer and and other times we haven’t a clue; yet much to our chagrin, dinner time rolls around once a day. Without a plan, dinner can easily turn into:

a) a non-nutritious “emergency” meal
b) a “whatever’s in the refrigerator” disaster
c) a pricy, unsatisfying mass-produced frozen meal
d) an expensive fast food meal

None of those dinner solutions are ideal, yet a plate or bowl of something tasty, nutritious and satisfying can be elusive when busy and/or erratic schedules are the norm. Besides, no one is always up to the task of cooking a complete dinner every single day. What can be done to avoid the disappointments of the aforementioned “a through d” scenarios? Bulk cooking with friends is a good solution to assure that when dinner is served, it won’t be an unappealing, costly disappointment.

Instead of facing the task of cooking dinner every single day, consider stocking your freezer with dishes you’ve prepared ahead of time with a group of friends. This provides a homemade alternative for those times when cooking dinner is simply not on the agenda, due to lack of time, energy or inclination.

Bulk cooking with friends makes meal preparation fun, social, inexpensive and efficient. It will take planning and preparation to pull off but it’s worth it for the rewards it reaps. Here’s how it can work:

Coordinate with a group of friends – Get enough participants to do the work but not so many as to overcrowd the kitchen.
Choose a kitchen – If there’s an obvious kitchen that’s best suited for group meal preparation, cook there. If all kitchens are relatively equal, take turns hosting the bulk cooking activity.
Have enough freezer space – Each participant should have appropriate freezer space to store the dishes they take from the bulk cooking event.
Discuss food allergies, restrictions and preferences – You’ll want to take ingredients into consideration so as to accommodate needs and preferences of everyone who will eat the food.
Choose recipes – Ask each participant to provide a few basic recipes and as a group decide on one from each person to prepare. For maximum efficiency, choose recipes that have some ingredients in common (e.g. onions, garlic, chicken, ground beef, pasta, rice…) because you can save money by purchasing in bulk and time by chopping/processing/cooking like ingredients all at once. Now is the time to multiply recipes if necessary to ensure they’ll serve enough people.
Make a master shopping list – Compile a master list of ingredients and quantities necessary to prepare all the chosen recipes.
Shop – Buy in bulk and shop according to sales to get the best prices possible on your ingredients. Send the “super shopper” of the group to purchase all ingredients, then split the bill according to what each participant takes.
Make a master task list – Deconstruct the cooking process to come up with each task involved, which could include:
- Sink duty – rinsing produce
- Cutting board – chopping/slicing/grating
- Stove/oven – sautéing, boiling, frying, baking
- Assembly – putting together dishes according to recipe instructions
- Packaging – getting meals ready for freezing
- Cleanup – washing and putting away
  Divvy up these tasks so that everyone has a “station” at which to work and isn’t in anyone else’s way. If there are more tasks than participants, assign participants multiple tasks that won’t conflict with each other.

Whether you’re preparing meals to feed a family or single servings for yourself, bulk cooking with friends is an economical way to provide high-quality food that’s nutritious and quick to prepare.

What are your favorite meals to prepare ahead?

Ladies: Are You Thinking Enough About Building Assets?

by Miranda Marquit · 0 comments

One of the issues that has been on the minds of many financial experts lately has been the gender gap when it comes to finances. There is a gender gap in terms of who handles the finances in various households, and what sorts of money management styles are evident.

Many studies find that men and women tend to engage in different money behaviors, and that could mean problems for women down the road.

Women Aren’t Building Their Assets

“Women tend to focus on the household expenses and maximizing savings on their purchases,” says Priya Haji, the CEO of SaveUp. “While this is certainly important, women need to also think about the balance sheets of their households. How are they building assets?”

Haji points to the results of a recent survey conducted by SaveUp. In the company’s U.S. Consumer Savings and Debt Report, SaveUp found that women have on average, more than $11,000 less in their 401(k)s and about $3,500 less in their IRAs than men do. Men also have much larger taxable investment accounts and liquid savings accounts.

All of this points to the fact that women aren’t building their financial assets. This can be problematic for women, since it puts them in positions where they might fall behind later in life. Women are more likely to live longer, and that means that they are likely to need more assets over their lifetimes.

How to Invest More In Your Future

If you are a woman (or anyone, really), it makes sense for you to invest more in your future. The SaveUp report points out that men are more likely to take more risks. Indeed, their investment accounts are larger, but women have larger money market accounts. Unfortunately, the wealth-building power of a money market account is much less than other types of investment accounts.

In order to make up for the financial gender gap, women need to start focusing on other things. “Not just simple savings a CDs, which women do well with, but moving into risk adjusted investment vehicles like their 401(k) allocations for retirement, or simple investment vehicles that benefit from market gains,” says Haji.

You don’t necessarily have to run out and get a job (especially if you don’t want to work outside the home), but there are somethings you can do to improve your financial outlook. You can learn more about investing, and take steps to invest more. Index funds are great places to start, since they offer exposure to stocks (which have the potential for higher rates of return) and they follow market performances, so it’s not as risky as stock picking.

If you don’t have access to a retirement plan through work, it’s still possible to open an IRA, and have a spouse make contributions. This makes sense, since it can boost the amount you invest as a couple, and it also provides you with at least some way to build assets even as you stay at home and manage the family.

It’s also possible to start a side gig from home, or find some other way to make a little extra so that you aren’t stuck without assets if something happens to your significant other.

Holiday Tipping Etiquette

by Jessica Sommerfield · 0 comments

The holidays are a time of celebrating family, friends and those special people in our lives that have helped us in many ways throughout the year, whether big or small. While we wouldn’t dream of forgetting to thank our family member and close friends with a gift this Christmas, there is a large group of people in our lives we may be neglecting: service industry workers. This large and varied group of individuals we interact with on a daily basis includes the mail carrier, the UPS or FedEx driver, our babysitter or daycare provider, our children’s teachers, our personal trainer, beautician, handyman, and garbage collector. These individuals provide (often mundane) services to us all year long, and it’s only good etiquette to thank them with a gift of some kind during the holidays.

If you’re like me, you’ll admit you’ve fallen severely short of showing your gratitude to these people in years past. This year can be different, and with a little tweaking, you won’t have to blow your already-tight holiday budget. Here are a few guidelines on how best to approach holiday tipping for the service providers in your life.

Consider the level of your relationship.
Even though you may greet your mail carrier or garbage man whenever you see them, you probably don’t know them that well. It’s both inappropriate and unnecessary to give these types of acquaintances a personal gift or large tip. A small tip (under $20) is enough to show your gratitude without making anyone feel awkward. You can even tip them with non-monetary token such as Christmas cookies or a coffee shop gift card. On the other hand, if it’s someone you’ve interacted with a lot, gotten to know on at least a slightly personal level, and provides significant services to you, you should tip them more.

Don’t under or over-tip.
You might still be uncertain of how much to tip. Obviously, you should only tip what you can afford, but don’t tip so little as to be insulting to the person you’re tipping. It’s almost better to give nothing than to give miserly. The level you tip should be in relation to how much you normally pay for their services, or if they’re free. A good tip for a therapist or personal trainer would be the cost of one session, whereas you might tip a babysitter the amount you normally pay them in one week. If you need help, consult a holiday tipping chart to determine the appropriate amount for each service industry and go from there. On the other hand, you don’t necessarily have to give an extra tip to someone you tip throughout the year, such as your beautician. You can certainly still give them a tip, but a small gift might be more fitting. Certain services aren’t as suited to tipping: you wouldn’t tip your child’s teacher, but a gift would probably be appreciated.

Consider tipping restrictions.
Some service industries forbid their workers from accepting tips and gratuities, since this can be misconstrued as bribery or encourage unethical favors or privileges in return. Before you attempt to tip a service provider, familiarize yourself with what they can and can’t accept to avoid confusion or embarrassment. For instance, U.S.P.S. workers can’t accept tips, and only gifts valued under $20. Other companies allow more leeway in tips but at a supervisor’s discretion. When you can’t tip someone you’d like to appreciate because of their employer’s policies, a simple thank you card or letter will suffice.

Tip according to your budget.
Christmas is a time to be generous and not stingy, but this doesn’t mean going into debt. Don’t give into peer pressure or feel the need to fake a level of affluence you don’t have; you can offer non-monetary tokens of appreciation to those you want to appreciate. Personal, handmade gifts or written words are often the most appropriate ways to show your thankfulness during the holiday season.

Do You Even Need to Leave the House on Black Friday?

by Miranda Marquit · 0 comments

I’ve never been a big fan of Black Friday (or shopping in general). And I’m not too thrilled about what many are referring to as Gray Thanksgiving — since so many stores are now offering deals if you’ll show up as early as 5 p.m. on Thanksgiving Day. It all seems to much for me, and I don’t like going out and fighting the crowds. You pretty much have to put together a Black Friday survival plan if you expect to do well.

Plus, I don’t think Black Friday has much to do with frugality to begin with. Rather than seeing it as a frugal way to get shopping done, it looks more like consumerism.

But that’s just me. I know that there are many people who love the thrill of the chase, and who even enjoy the camaraderie that can develop as you stand in line waiting for a store to open.

For the rest of us, though, the good news is that there is no need to even leave the house on Black Friday. There’s a good chance that you can accomplish all that you need to at home.

Online Shopping for Black Friday

It used to be that there was Black Friday and Cyber Monday. Now, though, there really isn’t much of a need to differentiate between the two. Everyone offers online deals. And it’s not so much that Black Friday is a single-day event anymore. The days leading up to Black Friday are all part of the hype, with previews, and pre-sales, and more. And you can get almost everything you might one online.

I prefer online shopping to in-store shopping for most things anyway. You can find really good deals, and you don’t have to leave the house. It’s hard for me to get excited about heading out in the cold to be jostled by the crowds. Instead, I’d rather stay cozy at home, with a mug of hot chocolate and an Internet connection.

In many cases, it’s fairly easy to find free shipping on time of finding good deals. A number of retailers will ship for free if you meet minimum requirements, and there are those that waive shipping fees during the holiday season. There are also many promo codes that offer free shipping this time of year.

With technology making it so easy to find what you want online, it doesn’t make a lot of sense to leave the house on Black Friday.

Plan Your Online Holiday Shopping

Don’t forget that you need to plan your shopping even if you are doing it online. Chances are that you won’t be able to get everything you want at a single online retailer. You’ll want to do a little comparison shopping to make sure that you get the best deal, and you should make a list of retailers that offer free or discounted shipping. Look at online shopping as something that requires planning, even though you aren’t moving from one brick and mortar store to another. With the right approach, it’s pretty easy to get all of your holiday shopping online, from the comfort of your cash.

Black Thursday, Formerly Known as Thanksgiving

by Jessica Sommerfield · 0 comments

Consumerism is a huge part of the American economy, particularly when it comes to the biggest shopping season of the year: Christmas. Last year, Americans spent an average of $700 per household on Christmas shopping, often as much as $200 per child. And, since the most shopping is done in the weeks between Thanksgiving and Christmas Day, there is plenty of pressure on retailers to take advantage of this window of opportunity. Traditionally, Black Friday (the day after Thanksgiving) has been the biggest shopping day of the year. Small-business Saturday was added to funnel sales into privately-owned businesses as well. Then with the increase in the popularity of Internet shopping, Cyber Monday rounded off the busiest shopping weekend of the year.

Thanksgiving itself remained untouched until the last few years, almost as if there were some code against it. It started subtly with online sales on Thanksgiving Day. Home shoppers not inclined to leave their warm beds early Friday morning were now able to take advantage of some of the great sales after consuming their turkey dinner. Then in 2011 some retailers pushed back their Black Friday sales to 10pm or midnight on Thursday in an attempt to get the jump on other retailers and draw in night owl shoppers in addition to the early birds. Last year major retailers again competed for first sales events, and many opened at 8pm. This year, it is rumored that a handful of major retailers will be starting sales as early as 6pm on Thursday.

It doesn’t take rocket science to guess where this trend is leading: Black Thursday. Of course they would never call it that, but it might as well be. There are a few camps of opinion on the impending overshadowing of Thanksgiving with Christmas shopping sales events. First of all, there is the traditional view that Thanksgiving is sacred and shouldn’t be blended into or trampled over by American consumerism and greed. Thanksgiving is traditionally a day to be spent with your loved ones, usually over a meal, enjoying and appreciating all the simple but priceless blessings in life such as food, shelter, and family.

Others would argue that no one is forced to shop on Thanksgiving Day, just as none of us is forced to eat more Thanksgiving dinner than we should (but it’s there, so we do). However, they fail to consider the large percentage of people who work in retail who have formerly enjoyed being able to stay at home with their families on Thanksgiving Day but are now forced to present, guard, and watch people fight over hot items not one but two days out of the year. Those who work in retail often have to work during peak shopping hours such as nights and weekends anyway, but formerly this didn’t include Thanksgiving Day, when most families are home eating a meal together and not roaming the store aisles.

But before we point our fingers are hyper-competitive retailers, who is really to blame in the subversion of Thanksgiving Day into just another shopping holiday: retailers or their customers?

Retailers plan their sales events based on customer trends and feedback. Obviously the response to last year’s 8 pm sales in many locations was a hit, so retailers are not only going to repeat it, they’re milking it for all its worth. No doubt the next step will be sales events starting Thanksgiving morning, or, since most people (who don’t work retail) have the day off, why not Wednesday night? As long as customers keep showing up in droves to buy huge televisions and cheap toys, the doors will keep opening sooner and sooner.

Meanwhile, you have the choice to either participate and revel in it, or stand back and mourn the loss of yet another over-commercialized holiday. Perhaps in a few years people will get tired of the craziness and force retailers to return to the traditional Thanksgiving and Black Friday, or perhaps this is only another benchmark of an increasingly materialistic society.

Black Friday: Not Always a Deal

by Jessica Sommerfield · 0 comments

The day after Thanksgiving is notoriously the biggest sales day of the year, when retailers are guaranteed to be ‘in the black’ on their profit statements. There’s no question that Black Friday is a great financial opportunity for retailers, but what about shoppers? In the excitement of holiday shopping and the search for the best deals, many shoppers end up spending more than necessary, even on items they planned to buy. The assumption that every item in a Black Friday sales ad is ‘on sale’ or at its best possible value isn’t true. Here are some common categories featured in Black Friday sales and how you can save by not placing them in your cart the day after Thanksgiving.

Electronics
Electronics are a popular item in Black Friday sales ads, ranging from televisions to gaming consuls and tablets. While many televisions will be featured in sales ads, the majority of them will be non-major brands. Some of these brands compare in quality to name-brands, while others don’t. If you want to take advantage of a cheap television, do your research. Check Consumer’s Report and other reviews to guarantee you won’t just be replacing it in 6 months. As for new consuls (Playstation 4, anyone?), market prices are unlikely to go down before Christmas since the demand is so high. If you want a deal, purchase a gaming bundle that includes bonus games or controllers. You won’t be saving on the consul, but you could be saving up to 50% on the accessories and games. So, if you’re going to buy the consul anyway (even though you won’t be saving any money on it), snatch up a Black Friday bundle deal.

With all electronics, beware of purchasing items that out-date or upgrade frequently, because new models typically come out in January. If you care about having the most current technology, you might as well wait until the new year. If this year’s models suit your needs just fine, you’ll still want to take advantage of the best prices, which will show up later in December when stores are clearing their inventory for the new merchandise and manufacturers are purging their old stock. Newest generation tablet and e-readers aren’t likely to dip that much in price this winter since they’re so new, but keep your eye out for deals on equally impressive older releases.

Seasonal Gifts
Retailers don’t make a lot of money on their door-busters, many of which are being sold at or below cost; they make it on all the other stuff customers throw in their carts on impulse while they’re in line for the door-buster. Don’t be gullible and fall into this category on Black Friday. Items such as Christmas decorations, home decor, bedding, towels, apparel and gift sets are not always at their lowest price the day after Thanksgiving. If you can wait, these items go on sale in late December or January, when you can buy last-minute gifts or stock up for next year.

Jewelry
Jewelry is a very popular Christmas gift category, but not because of the deals. You won’t find many good deals on jewelry during Christmas because it’s the category’s #1 holiday. With a high demand for jewelry regardless of the cost (jewelry is harder to comparison shop, too, since it’s more unique), there’s little motivation for retailers to offer good deals. If you need to purchase jewelry, focus on clearance merchandise or shop online, where’s it’s easier to compare jewelry items and prices.

Toys? Yes, Toys
Toys represent a significant portion of most families’ Christmas shopping. Naturally, you’ll want to find most of your savings here. One little-known secret is that toys, even hot-item toys, are at their absolute rock-bottom prices the few weeks before Christmas (and of course, January clearance). So be careful what you purchase on Black Friday, or you’ll be regretting it when you see the same items significantly discounted a few weeks later.

When you shop this Black Friday, keep in mind that not everything is a good deal, and let this guide your decisions so you can save the most money on your holiday gifts.

How to Be Frugal with Your Money and Time at Thanksgiving

by Gina Blitstein · 0 comments

It’s no question that hosting a Thanksgiving celebration is a huge undertaking. It requires time, effort, organization, coordination – and money. There’s very specific food, decor, seating and serving ware to procure to host a houseful of people for this holiday. You can control the costs and time-commitment associated with hosting Thanksgiving while ensuring everyone has a memorable celebration of togetherness and thankfulness. Here how:

You don’t have to do it all yourself

Chances are, your hands are full on any given day, and the fourth Thursday of November is no exception. By leveraging your own organizational skills and the willingness of your guests to contribute, however, you can host a phenomenal – and affordable – celebration.

Guests rarely expect to receive without giving. It’s actually a compliment to ask each of your guests to contribute to the celebration, so don’t hesitate to get everyone involved to some degree!

Ask for favorite dish contributions from guests – Find out if your guests have a Thanksgiving specialty they’d like to bring. If they do, tell them the number of guests so they can prepare an appropriate quantity.

Borrow equipment – If you don’t plan to make entertaining on a big scale a regular thing and you don’t already own all the chairs, tables, serving ware and cooking equipment you need to pull off Thanksgiving, borrow what you need from those you’ve invited. It’s a great way for those who don’t cook to contribute to the cause.

Delegate responsibilities – It’s amazing how much can be accomplished by an organized crew of willing helpers. Before the big day, ask those guests who haven’t committed to bringing a dish or equipment to pitch in with specific tasks like:

Making a centerpiece / decor
Setting the table
Setting out appetizers
Pouring wine/serving beverages
Bringing dishes to the table
Clearing dishes from the table
Serving dessert
Washing dishes
Cleaning up

By assigning tasks beforehand, no one works the day away without a chance to socialize, no one gets away without contributing and everything gets done.

Copious planning saves time and money

Plan every detail – The best celebrations come together as a result of detailed planning. When it comes to being frugal with your money and time, planning is key to avoid last minute inconvenience or unnecessary expense. Take the time to compile comprehensive lists to keep track of what’s needed. Ideally, you can start several weeks before Turkey Day to:

Compile your guest list
Make a complete menu based upon number of guests. Here’s a helpful guide to assist you with proper quantities.
Determine what’s being provided by guests and what you’re responsible for making / buying. In lieu of a prepared dish, ask guests to bring a bottle of wine or spirits for cocktails.
Take inventory of what you need (to ensure you have all you need and don’t waste money buying yet another unnecessary container of pumpkin pie spice) and make a shopping list.
Schedule your shopping trip.
Break down individual tasks into doable pieces and schedule time to perform them in time for Thanksgiving.

Shop wisely – Your carefully planned meal and shopping list will help you avoid impulse purchases so stick to your list. Most of what you’ll need for a traditional Thanksgiving meal will be on sale throughout the weeks before the day. Adapt your menu and shop according to those sales to maximize your savings.

The key to being frugal with your money and your time at Thanksgiving is planning. A well-planned celebration can go off without breaking the bank or an emotional breakdown.

How are you frugal with your money and time at Thanksgiving?

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