Believe it or not, Thanksgiving is just two weeks away, which means a lot of people have probably already made their holiday plans, and for many people that means shelling out some money. According to a new survey, the average American will spend about $165.14 on Thanksgiving this year, with $67.59 of that going towards travel expenses and $97.55 going towards other expenses.

Now while that number may seem low, it’s just an average, with folks hosting the holiday admitting they will be spending a great deal more, thanks to the costs of food, drinks and more. Overall, $2.98 billion will be spent in the U.S. on Thanksgiving dinner, with 52 million turkeys expected to be consumed, at an average cost of $1.20 per pound.

Of course there are some ways folks can save money on their Thanksgiving meal. They include:

  • If you’re hosting a party, make it a potluck so all the expenses don’t fall on you.
  • Create a budget and stick to things that are most important to you. Also don’t go overboard. Pick just one dessert instead of three so you don’t wind up throwing out wasted food.
  • Shop around and compare prices of food to get the best deals.
  • Look for turkey promotions that could get you a free or discounted turkey if you spend a certain amount on other things.
  • Go to discount retailers, like Trader Joe’s for wine, or buy in bulk to get bottles for a discounted price.
  • Save money on decorations by making your own, and going to dollar stores for supplies. You can also use things from nature that are free, like leaves or pinecones.

Source: LendEDU