Thanksgiving teaches us some financial lessons that can apply all year round

As you feast and celebrate, here are a few timeless financial lessons Thanksgiving time can teach us, and that apply to the rest of this year, too.

Lesson 1: Your bounty should be shared

Have you had a good year so far? Celebrate and share what you can. Not all Canadians, including your family and friends, are back on their feet as we emerge from the pandemic. So, be generous with your time, money and your feast. Generosity feels great and is directly correlated to wealth creation; so that’s what’s in it for you.

Lesson 2: Everything costs more now, including that turkey, so prioritize what’s most important

Putting on the feast itself is more expensive this year than ever, and so is the gas you’re filling up with as you safely travel. The escalation in prices for groceries, gas and other essentials is due to surging inflation. If you’re feeling the squeeze, prioritize your household spending to quality essentials and seek the best value for your hard-earned money. Psst — couponing and price comparing are trends now.

A great way to help curb costs is to meal and trip plan. With meal planning you’ll waste less and probably make healthier meals. Meal planners typically spend 20 per cent less than non-meal-planners. And by using the car less, and mapping out your routes, you’ll save money on fuel while reducing your carbon footprint.

Lesson 3: Make money matters a family affair

So maybe you don’t tell everyone about how much you have in your RRSP while pouring gravy on your potatoes … that would be awkward.

But, look around your table (Zoom tables included).

These people are your true wealth. They are your financial ‘why’, the reason for you to save more and your motivation to get better with your money. They are also who you’re protecting through having proper life, disability and critical illness insurance, and who you’re potentially building up a legacy for.

And the younger-ish-ones, well, they’re who you’ll teach basic money lessons to like budgeting and how to take advantage of their youth by investing early. You’ll also warn them of the perils of too much debt. They may even inspire you to set a better financial example at home.

Lesson 4: Add the turkey trot as a part of your regular routine

Maybe you’ve eaten a lot throughout the pandemic and over Thanksgiving? It’s the perfect time to get moving and get in shape.

Fitting fitness into your schedule and budget is a very good thing — yes, that means I’m legit advising you to spend money on your physical wellness — of course, be financially prudent here and work it into your budget, but don’t cheap out on fitness!

In fact, fitness teaches a lot about finances. You always start with proper body alignment, and the application to money matters is making sure the way you spend, save and invest is aligned with your core values.

Then, once you’re aligned, you can start doing movements like lifting and running the RIGHT way, rather than doing the moves the wrong way and almost always in higher frequency, causing potential pain and injury. With money, learning how to budget and invest the RIGHT way helps get you the results you want — more money — with fewer financial mistakes. Another way to put it is it is, better to do fewer money moves the right way, rather than many money moves the wrong way.

Lesson 5: A little gratitude goes a long way

The practice of financial gratitude is linked to a stronger money mindset and better financial decision making. Be thankful all year round for what you do have, hopeful for even greater prosperity going forward and be willing to put the work in to make your finances stronger.

This article was originally published in The Star. Lesley-Anne Scorgie is a Toronto-based personal finance columnist and a freelance contributing columnist for the Star.