November 17, 2023

5 Tips To Save on Thanksgiving Costs and for a Prosperous Retirement

Written By: Daniel Gleich

Key Points 

  • With the rising cost of food and inflation, many Americans are seeking ways to save on Thanksgiving costs and for a prosperous retirement.
  • Preparation is important for hosting a successful Thanksgiving dinner and for saving towards your retirement.
  • Madison Trust Specialists can answer all your questions about self-directed investing to boost your retirement savings.
Full Thanksgiving wooden table with flowers, pumpkin pie, pumpkins, apples, dinnerware, and turkey with “Happy Thanksgiving” written in the middle.

Thanksgiving is just around the corner! You can almost taste the roasted turkey, smell the warm pumpkin pie, and hear football on the television. While many of us eagerly anticipate the holiday season, we must learn to manage the expenses this time of year brings. Rising food prices and inflation may cause many Americans to stretch their wallets to host their Thanksgiving celebration.  

Stack of coins with blocks on top with images of a dollar sign, oil tank, dollar bill, shopping cart, and a red arrow to show increasing inflation.

According to the Farm Bureau, a Thanksgiving meal for ten in 2022 cost about $64.05, a 20% increase from 2021’s average. This amount is just for dinner, excluding drinks, decorations, entertainment, and other hosting expenses.

It’s important to be savvy savers to prepare for their Thanksgiving feast. Similarly, it’s important to be savvy investors and savers to achieve a prosperous retirement. Here are some tips to help you save on Thanksgiving costs and for retirement.

1. Start Shopping Early / Start Saving Early

Getting an early start with your Thanksgiving shopping not only ensures you obtain all the delicious ingredients before they run out, but it’s also cost-effective. Grocery stores often have sales or rewards programs a few weeks before the holiday. Keeping an eye on various stores’ weekly flyers and comparing prices can help you find a great sale.

Just as shopping early can help you cut costs, proactively saving for retirement can increase your overall savings. Although retirement may seem far away, when you start saving and investing early, your funds have more time to grow.

Increasing stacks of coins with miniature trees on top with an investor pointing at the tallest stack to indicate that you can grow your retirement savings with a Self-Directed IRA.

2. Stick to a List / Create Retirement Savings Goals

Self-Directed IRA investor looking at documents with different data on it and calculating how much savings they will need in retirement.

You may have heard that you should avoid going to the grocery store hungry because you may be tempted to buy more than you need. Fueling up while creating a Thanksgiving shopping list and a budget can result in substantial savings.

Similarly, when you develop financial goals, you’re more likely to hold yourself accountable to achieve them. Start by determining the amount you will need to live your desired lifestyle in retirement. Then, calculate the amount you should save each month to achieve this goal.

3. Make a Family Recipe / Invest in What You Believe In

Maybe it’s the way your grandma bastes the turkey or your uncle’s scrumptious apple pie recipe. Many families have recipes passed down for generations that they look forward to every year.

Comparably, many investors tend to buy assets they know and believe in. You may have gained knowledge of a particular investment by learning from a family member or conducting research. Investing in assets you are familiar with can boost your retirement savings since you have more knowledge to make informed investment decisions. With a Self-Directed IRA, you can invest in almost any alternative asset including real estate, precious metals, private businesses, and promissory notes.

A Well-Diversified Investment Portfolio Infographic showing the importance of investing in a variety of assets such as real estate, standard assets (stocks, bonds, and mutual funds), private businesses and start-ups, precious metals (gold, silver, platinum, and palladium), and more.

4. Make Use of Turkey's Versatility / Choose From the Variety of Retirement Accounts Available

Aerial view of a Thanksgiving table filled with turkey, dinnerware, pie, pumpkins, mashed potatoes, and more.

Turkey is often the star of most Americans’ Thanksgiving dinners. There are many ways to cook a turkey – braised, roasted, grilled, fried, boiled, or barbequed. There are also several ways to eat your leftovers – try making a turkey sandwich or soup.

Just like there are a variety of turkey dishes, there are many retirement accounts available to fit your financial preferences. If you solely want to invest in standard stock market products (stocks, bonds, and mutual funds), a brokerage account will do. If you are looking for more flexibility, investment control, and to invest in alternative assets, consider a Self-Directed IRA.

5. Plan for the Unexpected

Any large celebration with many moving parts can have unexpected situations arise. A surprise guest may attend, or your favorite ingredient may sell out. If you are prepared with an extra table setting or substitute ingredient, you won’t have to fret. 

In the same way, being prepared for unexpected financial events or emergencies is important. Consistently saving for retirement can help you build a financial safety net. Also, it’s important to designate a beneficiary to ensure your assets are passed on as you wish.  

Investor sitting on his phone and laptop, planning for his retirement.

6. Have Guests Pitch In / Speak with a Financial Professional

Although you may want to, try not to leave all the Thanksgiving prep in your hands. Consider asking your guests to bring their favorite sides or desserts. This spreads the cost among everyone and saves you time in the kitchen. 

Likewise, when planning for retirement, it’s recommended to seek assistance from a financial professional. These experts can include tax, legal, or investment advisors. Madison Trust’s Self-Directed IRA Specialists are here to answer your questions about the self-directed investing process.

Conclusion: Let's Tie It All Up

Investors shake hands with a Self-Directed IRA Specialist who answered all their questions about self-directed investing.

Preparation is important to host a successful Thanksgiving dinner and to meet your retirement goals. While it’s easy to get caught up in the hustle and bustle of the holiday season, it is paramount to be thankful for all we have and express gratitude.  

Have Questions? We Have Answers!

Madison Trust strives to provide unparalleled customer service. See the difference live guidance can make on your retirement investing journey when you schedule a free discovery call today.

Disclaimer: All of the information contained on our website is a general discussion for informational purposes only. Madison Trust Company does not provide legal, tax or investment advice. Nothing of the foregoing, or of any other written, electronic, or oral statement or communication by Madison Trust Company or its representatives, is intended to be, or may be relayed as, legal, tax, investment advice, statements, opinions, or predictions. Prior to making any investment decisions, please consult with the appropriate legal, tax, and investment professionals for advice.

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