NerdWallet’s Smart Money Podcast

Thanksgiving Savings You’ll Actually Notice and Tax Filing Tips for Common Law Couples

Date: November 20, 2025
Hosts: Elizabeth Ayola, Anna Helhoski, Sean Pyles, Bella Avila

Episode Overview

This episode of NerdWallet’s Smart Money Podcast delivers practical, research-driven advice to help listeners make the most of their Thanksgiving grocery budget and demystifies tax filing for couples considering (or entering) a common law marriage, with special emphasis on joint filing and the nuances in tax status. The show features real-world scenarios and detailed, actionable tips, maintaining an upbeat and accessible tone throughout.

Key Discussion Points & Insights

1. Thanksgiving Dinner Costs and Practical Savings (00:46–10:43)

• Thanksgiving Dinner Is More Affordable This Year

  • Anna Helhoski kicks off with news: the American Farm Bureau Federation reports the average Thanksgiving dinner will cost $55.18, down 5% from the prior year. However, costs are still higher than pre-2022 highs.
    • “Overall Thanksgiving dinner is expected to cost consumers about $55.18. Now, that's about 5% less than last year.” (01:50 – Ana Helhoski)

• Why the Drop in Prices?

  • Overall food prices are up by 3% YoY, but Thanksgiving classics (turkey, stuffing, potatoes) are less affected than foods like beef and eggs, which saw higher inflation spikes and aren't key Thanksgiving ingredients.
  • “The big difference is that the food index includes all foods … the ones that have risen most dramatically in costs, like beef and eggs, aren’t typically included in the traditional Thanksgiving menu.” (02:38 – Ana Helhoski)

• Breakdown of Rising and Falling Item Prices

  • Stable: Pumpkin pie mix and pie shells.
  • Cheaper: Cubed stuffing, fresh cranberries, and dinner rolls.
  • More Expensive: Sweet potatoes (due to weather/crop issues) and some green veggies.
    • “Sweet potatoes are also more expensive this year, and that’s largely because hurricanes wiped out crops in North Carolina.” (03:48 – Ana Helhoski)

• Turkey Prices Hit a New Low

  • Despite avian flu-induced spikes in previous years, retailer discounts and lower wholesale prices mean a 16-pound bird averages $21.50—a 16% decrease from 2024.
    • “The Farm Bureau estimates a steep decrease. It found that a 16-pound turkey will cost an average of $21.50 this year, down 16% from 2024.” (04:40 – Ana Helhoski)

• Bundled Thanksgiving Meals: Convenience vs. Cost

  • Budget options: Aldi and Walmart meals for 10 at $40; Target’s $20 meal for four.
  • Splurge: Whole Foods offers $170 (for 8) or $400 (for 12); Harry and David ship a ready-made feast for $270 (8–10 people).
    • “Aldi and Walmart, which are both advertising $40 Thanksgiving meals for 10 people.” (05:43 – Ana Helhoski)

• Dining Out: Still Pricier

  • “CPI shows that eating away from home is up 3.7% from last year.” (06:30 – Elizabeth Ayola)

• Tariff Reductions: What to Expect

  • Recently announced tariff reductions (e.g., on beef, coffee, nuts) won’t yield immediate grocery savings due to contract/inventory lag.
    • “Tariff changes aren't going to instantly make items cheaper at your local grocery store. … More likely that those changes will come in the coming months.” (07:02 – Ana Helhoski)

• Strategies for a Bougie, Budget-Friendly Thanksgiving

  • Map out your menu and stick to it.
  • Opt for value where you can (canned or store-brand goods, compare brands, go potluck).
    • “Remember that store brands are often just as good and can save you money. … Compare, compare, compare.” (08:33 – Ana Helhoski and Elizabeth Ayola)
  • Bundling offers value (if you like all items included), but beware of the premium for convenience.
  • Use leftovers creatively for additional savings.

Memorable Quotes & Moments

• “Leftovers are the best part of Thanksgiving.” (09:33 – Ana Helhoski)
• “Maybe, Ana, the thing that I’m looking forward to is not cooking Thanksgiving because I’m going to someone’s house.” (09:46 – Elizabeth Ayola)
• “There are rumors of a possible lasagna, too.” (10:33 – Anna Helhoski)
  • “Shut the front door.” (10:35 – Elizabeth Ayola)

2. Tax Filing Tips for Common Law Couples (13:19–24:01)

Listener Question

Britt (Denver, CO) asks about common law marriage to add her partner to insurance and whether they should file their taxes jointly, with both partners having very different financial situations.

Key Explanations & Advice

• What Is Common Law Marriage? (14:06–14:55)

  • No ceremony or license, but legally recognized in some states (including CO)
  • Offers the same legal and financial benefits as traditional marriage (insurance, tax filing)
  • "Common law marriage ... is recognized by law, but you don't have to pay for a marriage license or have a ceremony." (14:06 – Sean)

• Tax Filing Statuses—Overview (14:55–15:51)

  • Five statuses: Single, married filing jointly, married filing separately, surviving spouse, head of household. Each with specific requirements and advantages.

• IRS Treatment of Common Law Marriages (15:51–16:18)

  • IRS treats common law and traditional marriage identically—as long as the state recognizes it.
  • Relocating can affect recognition and hence tax status.
    • “If you were to move states for any reason, your marriage might not be valid in the eyes of the IRS.” (15:59 – Bella Avila)

• Filing Jointly vs. Separately: Which to Choose? (16:33–18:05)

  • Joint filing is usually most beneficial, especially with disparate incomes—doubles standard deduction, lower tax rates.
  • Example: One high earner, one no income—a joint return keeps the higher earner in a lower tax bracket.
  • “Where the benefit really comes in, I think is for filers with really different incomes.” (16:50 – Bella Avila)

• Drawbacks to Filing Separately (18:21–19:08)

  • Loss of certain credits (child, education), stricter deduction rules (both must choose standard or itemized).
  • Designed to prevent couples from exploiting deductions.

• When Separate Filing Makes Sense (19:08–20:07)

  • Income-driven student loan repayment (could lower payments by reporting one income).
  • Major unreimbursed medical expenses (deductions easier to reach with single income).
  • If one spouse has tax debt or if there are trust issues/divorce in the mix.

• Practical Steps Before/After Common Law Marriage (20:15–21:35)

  • Plan for any name change with the tax timeline in mind.
  • Update W4 forms with your employer within 10 days of marriage.
  • “Processing a name change request can take quite a while ... so you might even think about holding off on a name change until after the deadline if it's pretty close.” (20:15 – Bella Avila)
  • Review income limits for tax-benefited accounts, and consider a cohabitation agreement.

• Prenups and Cohabitation Agreements(21:35–24:01)

  • Strongly recommended for couples with separate assets or nontraditional arrangements.
  • Not just for those anticipating separation—can prevent future conflicts and clarify expectations.
  • Insight into the cost/complexity (around $2,500, about a month to draft, much simpler than a divorce).
    • “The logistics were maybe the biggest hurdle ... it took about a month.” (23:03 – Sean)
  • “Really not that burdensome and a heck of a lot easier and cheaper than many divorces.” (23:54 – Sean)

Notable Quotes

• “All marriages are somewhat transactional, and also all marriages will come to an end eventually. So you might as well … make sure that you’re looking out for each other while you still love each other …” (21:52 – Sean)
• “These conversations are even more important as our norms for how couples think about finances and relationships shift.” (22:27 – Bella Avila)

Timestamps for Key Segments

• Thanksgiving Price News & Breakdown: 00:46–06:00
• Ways to Save & Meal Planning Tips: 07:38–09:33
• Personal Thanksgiving Traditions: 09:46–10:43
• Listener Question on Common Law Marriage: 13:19–14:55
• Tax Filing Statuses Explained: 14:55–15:51
• Joint vs. Separate Filing Deep Dive: 16:33–18:05
• Cohabitation Agreements & Prenups: 21:35–24:01

Tone and Language

The hosts maintain a conversational, friendly, and practical tone, using real anecdotes to ground advice (such as Sean’s own prenuptial experience). Explanations are straightforward, clear, and peppered with memorable, sometimes humorous, asides and banter.

Summary

This episode covers how to effectively stretch your Thanksgiving food budget amid still-high grocery prices—with actionable shopping strategies and alternative meal options—before providing a comprehensive, accessible breakdown of tax filing choices for couples in common law marriages. The episode champions proactive planning—whether at the grocery store, in your relationship, or with your taxes—and encourages listeners to seek out both savings and smart legal protections as they build their financial future.