Feed Eight on Thanksgiving for $16

Shop With Neighbors

Another savings tip from Jones: combine shopping trips with family or neighbors. This allows you to take advantage of buying certain items in bulk. It also makes it easier to hit the $25 or $50 spending threshold some stores have to get the best deals. And despite gas being less than $2 a gallon now, it helps you save there too.

Susanne Myers runs the Web site HillbillyHousewife.com and says that Thanksgiving is the perfect frugal holiday.

"Pound for pound, whole turkey is one of the cheapest meats around these days and stores are doing their best to get you in the door with great deals on most of the things you need for the holiday meal," Myers said. "Take advantage of this by looking through the store ads ahead of time and finding the store with the best deals for you."

But don't get too caught up in the deal hunt, she warns. It's not worth driving all over town to save 10 cents on a can of green beans.

What you should shop around for is the best deal on your turkey because it will most likely be the biggest expense. You can often get them free or for 40 to 50 cents a pound if you spend a certain dollar amount at the store.

"Since this will be about the best deal on meat you can get throughout the year, consider buying an extra turkey and storing it in your freezer. Cook it a few weeks or months from now," Myers said.

Myers offers a host of frugal holiday recipes on her site.

Her final tip: buy goods in bulk and use them throughout the holiday season.

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