As Americans set their tables to feed a multitude of friends and family for Thanksgiving, they may confront a stiff reality: A Thanksgiving meal this year may cost them a pretty penny.
Families are estimated to spend over $1.05 billion on turkey alone this year, according to Finder.com, a personal financial website. That's an average cost of $23.44 per 16 pound turkey. Because a traditional Thanksgiving feast consists of more than just the bird, it may leave many hosts wondering where to spend and where to save.
"Invest in the main attraction and in this case it's the turkey," Dawn Perry, food director of Real Simple Magazine told CNBC's "On the Money" in an interview. She added there are ways to save on the bird by shopping locally.
"Hook up with a local farmer, sometimes there are great deals right in your area," Perry said.
When it comes to deciding how much turkey to buy, Perry advises buying enough for 1.5 times as many guests as you are serving, so there is enough leftovers for people to take home. She advised that a 12-14 pound turkey should feed between 8-10 people.