How Preparing Thanksgiving Dinner Relates to Financial Planning

Are you hosting Thanksgiving dinner this year? It's a cherished time to gather with family and friends over an unforgettable feast. From planning the grocery list and cooking the meal to decorating the table and cleaning it all up, there are some parallels to financial planning you'll learn along the way. Consider the following financial lessons you will likely encounter while making your Thanksgiving meal.

How to Host Thanksgiving Dinner

1. Creating a budget

To properly prepare, it's important to determine the number of people you'll be hosting to get a better sense of how much you'll need to spend to get what you need. This task alone is a perfect lesson on building a budget. By knowing how much you need to spend ahead of time, you'll give yourself more time to save for the expensive meal.

2. Developing a plan

With any event or gathering, there is always some type of planning involved. For Thanksgiving, you'll need to assess the ingredients you already have, create a grocery list for items you need to purchase, and make sure you have enough seating room for your guests. Similar to finance, are you saving enough money to do the things you want to do? Are you still able to save money and pay your bills? These questions all require you to plan.

3. Improvising when necessary

We all know that things don't always go according to plan. While it's important to have a plan, it's equally important to have a nest egg so you can improvise when plans fall through. This lesson holds true when preparing a Thanksgiving dinner and when managing your finances. Learning to utilize your resources will prove to be essential—whether you're cooking Thanksgiving dinner on the grill because the power went out or needing to tap into your savings to get new brakes for your car.

4. Preparing for extras

What happens when your uncle decides to have three helpings of mashed potatoes or your dog helps himself to the rolls? Budgeting for more than you need will help the dinner run smoothly. Take the same approach when you're planning for retirement. Start saving as early as possible when you're younger so the amount can grow and earn interest, giving you less to worry about when you're closer to retirement.

5. Protecting yourself and your belongings

Just like you would put a trivet on your dining room table to protect it from heat damage from your warm apple pie, learn how to protect your bank account. Also, take time to better understand the importance of identity theft protection. Becoming familiar with how to protect your finances will prevent you from running into a potential issue down the road.

When you're planning for your Thanksgiving feast, take a moment to recognize the financial lessons you're learning throughout the process. Check out the financial advice and resources available to you at North Country Savings Bank to ensure you're following along a financial path that best fits with your lifestyle.

 

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