Your Thanksgiving Turkey Could Cost a Lot More This Year

Shoppers should expect to pay more for holiday turkeys this year.

Now that Halloween has come and gone, it's time to consider the upcoming holiday season. If you don't yet have a plan for your holiday feast, you may want to start thinking. Food costs have continued to rise throughout the year, significantly impacting all of our grocery budgets.

As you think about how you will celebrate the holidays, don't forget to prepare for higher food costs. You should expect to pay more for your holiday meal essentials, including a Thanksgiving turkey. Being aware of this before you head to the store can eliminate some disappointment.

Planning ahead for increased costs will allow you to get everything you need and give you extra time to find the best budget-friendly places to do your holiday essentials shopping.

Turkey prices are up 27.8% compared to last year

While most of us are used to higher prices at the grocery store, shoppers may be shocked when they head to their local grocery store to pick up a turkey for Thanksgiving dinner.

According to the USDA, this week's average price per pound for a frozen turkey is $1.47. Last year, the average per-pound price for a frozen whole bird was $1.15.

That's a 27.8% increase -- which is likely to be noticeable to shoppers on a tight budget.

Start shopping now to save money

In addition to higher prices, there may not be enough turkeys to meet consumer demand. If you plan to cook a turkey this year, consider buying one sooner rather than waiting.

If you're already beginning to do your Thanksgiving dinner shopping, pay attention to the sales fliers provided by your local grocery stores. You may be able to score a better deal on a turkey and other necessary ingredients for your holiday meal.

If you have several stores nearby, it may be a good idea to shop at multiple stores to save money -- as long as you won't be wasting gas driving to and from each store.

Another way you can keep more money in your bank account is by using coupons. Many grocery stores offer clippable virtual coupons through their free mobile apps.

Get creative to spend less

With the holidays quickly approaching, you may feel stressed about increased food costs.

Many Americans feel the same way and have continuously adjusted their grocery budgets and shopping habits.

While you may feel tempted to stick to tradition, remember there's no right or wrong way to celebrate the upcoming holidays. If you're open to creating new traditions or want to do things differently this year, you can get creative to keep your holiday meal bill low.

Serving a different entree and side dishes could result in a lower grocery bill. Plus, it'll make for a more memorable Thanksgiving dinner.

Another option is to host a potluck dinner. By asking each guest to bring something to contribute, it'll help everyone, including you, keep their holiday food spending to a minimum. Plus, no one will be stuck cooking all day.

Are you looking for ways to improve your financial situation? Check out these personal finance resources for additional tips.