Thanksgiving is a time people gather friends, family, and loved ones for a meal and celebratory afternoon or evening. It’s also a time when people tend to overeat and make promises that they’ll be going on that diet as soon as the holidays are over.
This holiday can also teach seven important financial lessons that are essential to everyone, no matter how old you are.
You need a budget.
Planning a big meal for a large group costs money. To pull it off without spending a fortune, you need a budget. Aim for a per-person budget or a total budget so you can splurge on some things and look for discount options for others.
You need a plan.
Planning is one of the big Thanksgiving finance lessons when it comes to budgeting and buying. Shopping sales, buying in bulk and even buying before the Thanksgiving rush can teach you that a good plan is worth its weight in gold.
You can’t plan for everything.
Last minute guests, store outages and more can ruin your Thanksgiving plan. You’ll have to improvise, but if your budget is prepared right, you’ll see that a good plan ensures you have wiggle room at the end of the day.
You always need reserve resources.
The best plans can fall away quickly, and in a pinch, you may need to spend more. Keep money in reserve as part of your budget.
You should pay yourself first.
Having loved ones for dinner is ideal around this time of year, but you need to take care of yourself first. Pay bills before planning a big feast.
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Be smart with every penny.
Being frugal is essential around Thanksgiving, and even a small savings per-person can go a long way when shopping.
Money doesn’t equal happiness.
Thanksgiving illustrates that the love of friends and family is far more important than the money spent on preparing a meal.
Thanksgiving can be an exciting holiday and also teach you about money. Enjoy the holiday and learn these Thanksgiving finance lessons at the same time.
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