LendingTree's 2018 Thanksgiving Survey Measures the Financial and Emotional Costs of Hosting Thanksgiving Dinner
Although hosting Thanksgiving dinner means extra responsibilities, the survey found only 18 percent of hosts are very stressed about it; meanwhile, nearly half of respondents (46%) showed no signs of being stressed at all. And despite the stress and financial strain, 76 percent say they love to host Thanksgiving dinner.
- With an average of 11 dinner guests, Americans will spend on average of
$334to host Thanksgiving, or about $31per guest.
- More than one in four hosts (28%) say this Thanksgiving will be a financial strain.
- 42% will take time off of work to prepare; of those taking time off, 56% will give up an average of
$588in pay to do so.
- 28% will charge credit cards or borrow money to pay for Thanksgiving, and over one third don't expect to pay it off right away.
- One in four hosts wish they had more help around the holiday, while one in ten wishes someone else was hosting the dinner altogether. Over one-half say they have stress around the holiday.
- Despite the stress and financial strain, 76% say they love to host Thanksgiving dinner.
Trimming Thanksgiving costs
- Make it a potluck dinner. Asking guests to bring a dish could reduce costs and effort for hosts. Or, you can ask your guests to bring beverages, like their favorite wine and spirits, a significant portion of overall dinner expenses.
- Create a realistic budget. It's important to know how much money you can spend before spending any, especially with additional holiday expenses in the weeks ahead.
LendingTree'sThanksgiving survey showed that most Americans aren't budgeting properly this holiday season:
- only 24% have a strict budget for holiday spending
- 55% have a general idea of their budget
- 21% had no budget in mind at all
- Stick to your grocery list. It can be tempting to buy all the treats you see displayed on the shelves, but if you have a clear list of what you need and adhere to it, you can avoid the unnecessary and unbudgeted expenses.
- Buy generic and use coupons. Chances are, no one will notice you opted for generic-brand cranberry sauce at the store. Even fewer will fault you for using coupons or modifying the menu to take advantage of sales.
- Pay your bills early. Many Thanksgiving hosts (around 28%) plan to use a credit card to pay for dinner-related expenses, with 64 percent planning to pay it off in about a month and another 20 percent within two months. If you can pay your bills before you start your holiday shopping (or put something toward the bills early on), it can help to not only alleviate stress, but also help you avoid paying unnecessary interest fees.
- Consolidate your debt after the holidays. While its better to avoid going deep into debt in the first place, it's not uncommon to overspend during the holidays. Depending on your financial situation, it may make sense to explore debt consolidation options. This can help you pay off debt sooner by potentially cutting the interest you pay over time.
LendingTree'spersonal loan tool can help your explore loan options.
View original content to download multimedia:http://www.prnewswire.com/news-releases/lendingtrees-2018-thanksgiving-survey-measures-the-financial-and-emotional-costs-of-hosting-thanksgiving-dinner-300750358.html