6 Money Management Tips for Thanksgiving

6 Money Management Tips for Thanksgiving

As the leaves change color and the crisp autumn air sets in, we all know that Thanksgiving is just around the corner. This holiday, synonymous with bountiful feasts and family gatherings, can also bring financial stress as expenses pile up, from grocery bills to travel costs. 

But don’t fret! With careful planning and smart strategies, you can enjoy this special time without breaking the bank. 

In these Thanksgiving money management tips, I’ll share practical advice and savvy tips to help you navigate through this festive season with your budget intact. 

Whether you’re hosting a big family dinner or traveling to your relatives’ homes, these tips are designed to ensure that you can focus on what truly matters – giving thanks and making precious memories. 

Let’s embark on this journey towards a financially stress-free Thanksgiving.


1. Embrace Gratitude and Practicality

In the hustle and bustle of our society, practicality often takes a backseat, especially when it comes to managing our finances during holiday seasons like Thanksgiving. This year, let’s shift our focus towards being more mindful of our spending habits, particularly when planning for Thanksgiving dinner.

Consider who is going to be at your Thanksgiving table. If you know someone who will be spending the holiday alone, think about whether you can extend an invitation to them. Not only is this an act of kindness, but it can also be a cost-effective way to celebrate – by sharing the expense of the meal.

Also, when shopping for groceries, be thoughtful about what people really eat. Instead of buying a plethora of different dishes, focus on the family favorites. This approach can help you save both money and time, reducing waste and stress.

This isn’t about ignoring the reality of monthly expenses or concerns over paying bills on time. It’s about making smart decisions that align with your financial goals and values. For instance, if you find yourself making impulse purchases driven by feelings of scarcity, then adopting a more mindful approach might be an effective change strategy.

In short, nurturing appreciation for what you have and making thoughtful decisions can foster better money management skills. This not only contributes significantly towards achieving your long-term financial goals, like making major purchases or handling student loans efficiently but also promotes contentment rather than consumerism. In other words, practicality and gratitude can have real financial benefits!

Related: Holiday Spending Survival Guide: Navigating the Festive Season with Mindful Gift-Giving


Giving Thanks for Financial Wellness Gratitude and Money Management Tips for Thanksgiving

2. Track Your Spending: The First Step to Financial Control

In the journey towards financial success, understanding where your money goes is crucial. It’s easy for spending habits to go unchecked in today’s world of one-click purchases and contactless payments.

To counter this, a money management app can be an invaluable tool. These apps provide detailed insights into monthly expenses, allowing you to easily identify areas of overspending. 

Additionally, you’ll want to consider what spending will be shifting this month. It’s important to create line items for additional costs, such as your Thanksgiving meal, football apps, and extra expenses related to your kids being home from school. 

With this knowledge at hand, staying within your budget becomes more manageable, which means making general savings contributions becomes less daunting.


Detecting Unhealthy Spending Habits

Unhealthy spending habits often go unnoticed until they’ve caused significant financial strain. These can range from frequent online shopping sprees to habitual dining out, and even seemingly insignificant daily purchases that accumulate over time. 

Before checking out at stores this month, ask yourself: “Will I be grateful for this item in January, or will it strain my finances?” Being present in the moment and taking control of your spending decisions can help prevent unnecessary financial stress later on.

By closely monitoring your spending patterns, you can identify these problematic behaviors and take steps to correct them, thus paving the way towards better financial health.

Remember, you’re in the driver’s seat when it comes to your finances. Making thoughtful decisions now can lead to a future where your finances are not just a source of stress, but also a tool for achieving your dreams. Your future self will thank you.


3. Master the Art of Holiday Budget Planning

The holiday season, especially Thanksgiving, can often turn into a financial minefield with additional expenses cropping up left and right. 

Crafting a realistic budget not only helps curb overspending, but also keeps you from generating interest on credit cards due to unplanned purchases.


Funds Allocation for Holiday Shopping: A Must-Have Strategy

Determining a sum that you’re content with spending during the holidays is vital to your financial wellbeing. Similarly, it’s essential that your holiday spending budget doesn’t interfere with your other financial responsibilities or goals, like paying bills or making general savings contributions.

One strategy to consider is to set aside funds specifically for Thanksgiving, Black Friday, and other holiday shopping well ahead of time. This could mean saving some extra cash each month leading up to November so when the time comes, there’s no need to dip into your regular finances or emergency funds. While it might be too late to start months ahead this year, this is the perfect time to set up your holiday savings strategy for next year.


Giving Thanks for Financial Wellness Gratitude and Money Management Tips for Thanksgiving

Related: 9 Ways to Save the Earth and Your Wallet

4. Prioritize On-Time Bill Payments Through the Holidays

The holiday season can be a time of joy and celebration, but it’s also a period when many people find their budgets strained. This can be very stressful for many people, leading toward sleepless nights and worry.

With the added expenses of gifts, travel, and festive meals, it’s easy for regular financial responsibilities like bill payments to slip through the cracks. However, neglecting your bills can lead to late fees, interest charges, and potential damage to your credit score.

To avoid these pitfalls, it’s crucial to prioritize on-time bill payments during the holiday season. 

Start by making a list of all your monthly obligations, including their due dates. This will give you a clear overview of your financial responsibilities and help ensure nothing gets overlooked.

Next, consider setting up automatic payments for your bills. This can be done through your bank or directly with your service providers. Automatic payments can help eliminate the risk of forgetting to make a payment and can save you time and stress. On the other hand, you can also create calendar reminders to make sure you always pay your bills on time.

Additionally, like we discussed in tip #3, try to plan your holiday spending in advance. Make sure your budget includes not only your holiday expenses but also your regular monthly bills. This way, you won’t be caught off guard by an unexpected bill in the midst of your holiday shopping.

Remember, while the holiday season is a time for giving and celebrating, it’s also important to maintain your financial health. 

By prioritizing on-time bill payments, you can enjoy the festivities without worrying about the financial consequences in the new year.

5. Plan Big Purchases Wisely

In the flurry of Thanksgiving festivities, it can be tempting to make big purchases on a whim. Whether you’re eyeing a new dining set for the holiday meal or considering upgrading your kitchen appliances, planning these large expenses wisely is crucial to maintain sound financial health.

Here are 3 ways to plan your big purchases wisely during this festive season:

1. Determine the Necessity

The first step is to determine whether the purchase is truly necessary. Is your current dining set or appliance functioning well? Could it last another year? If the answer is yes, it might be best to delay the purchase and save money instead. In this case, if you were to say yes to this, what are you saying no to? Your future home or new car?

It’s also beneficial to consider the cost-per-use of the item. If it’s something you’ll use frequently, it might be worth the investment. However, if it’s likely to sit unused most of the time, holding off on the purchase could be a wise decision. 

Thanksgiving is about gratitude and contentment, not unnecessary extravagance. By focusing on what you already have and truly need, you can avoid overspending and better appreciate the holiday spirit.


2. Research and Compare Prices

Don’t rush into buying the first item you see. Take time to research different brands, read customer reviews, and compare prices from various retailers. 

Also, consider the timing of your purchase. Retailers often offer significant discounts on Black Friday and Cyber Monday, which could be a great opportunity to save some money.


3. Think About Long-Term Costs

Lastly, factor in the long-term costs associated with your purchase, such as maintenance, repairs, and energy consumption. An appliance with a lower price tag might end up costing more in the long run if it’s not energy-efficient or if it requires frequent repairs.

Remember, the goal of Thanksgiving and the rest of the holiday season is to enjoy time with loved ones, not to add financial stress. 

By planning big purchases wisely, you can celebrate the holiday without breaking the bank.


Giving Thanks for Financial Wellness Gratitude and Money Management Tips for Thanksgiving


6. Get Help From an Expert

Navigating the financial waters during the holiday season can be tricky. It’s easy to get swept up in the spirit of giving and celebration, but it’s equally important to maintain a sound financial footing. That’s why getting help from an expert can make a significant difference.

As Your Financial Therapist, I, Erika Wasserman, am here to guide you through the complexities of money management during Thanksgiving and beyond. 

I offer personalized advice tailored to your unique financial situation and goals. When we work together, we’ll create a plan that allows you to enjoy the holidays without compromising your financial well-being.

However, I don’t just offer financial advice. Instead, I provide a therapeutic approach to finances, helping you understand your relationship with money, identifying any financial anxieties or fears, and providing strategies to overcome them. This holistic approach ensures not only your financial health but also your overall well-being.

If you’re ready to take control of your financial future, I invite you to book a free exploratory call with me

Together, we’ll discuss your current financial situation, your goals, and how I can assist you in achieving them. 

Don’t let financial stress overshadow the joy of the holiday season. 

Book your free call now!


Related: Fall in Love with Your Money: Creating a Healthy Financial Bond


FAQs Regarding Money Management Tips


What is the best way to manage money?

The best way to manage money is by identifying what is most important to you and why. Put those items at the top of the list and weed out the ones that aren’t important.

What are the best money management tips?

Key tips include visualizing it, saying it out loud, and sharing your goals with people you trust.

What are the four principles of money management?

The four principles include understanding what’s important to you, getting buy in from your partner or family, setting attainable goals, and staying accountable to meet your goals.

What are the three main components of successful money management?

The three pillars of successful money management involve being motivated to work on your relationship with money, consistency, and communication to yourself or your team when you hit milestones or when you’re feeling a shift is needed.



Navigating your financial journey doesn’t have to be daunting, especially during the festive season. With the right guidance and tools, you can enjoy the holidays and make smart money decisions that enhance your financial well-being. 

This holiday season, use these money management tips to create a plan that’s right for you and aligns with your financial goals. Remember, you’re not alone on this journey. 

As Your Financial Therapist, I’m here to provide a therapeutic approach to your finances, helping you understand and overcome any financial challenges. 

If you’re ready to take the reins of your financial future this holiday season and beyond, let’s connect. 

Book your free exploratory call with me, Erika Wasserman, and together, let’s carve a path towards financial serenity. 

Don’t let financial worries dampen your holiday cheer. 

Take the first step towards a stress-free financial future today.