Your backyard barbecues are about to get more expensive than ever before, as beef—a longtime summer staple—is now considered a luxury.
Thanks to years of drought conditions that reduced pasture quality and the screwworm outbreak that disrupted cattle in Mexico and the U.S. earlier this year, beef is a whopping $6.75 per pound, according to the latest data from the Federal Reserve Bank of St. Louis.
And if President Donald Trump doesn’t renew the United States–Mexico–Canada (USMCA) trade agreement, which governs cross-border cattle trade by July 1, supply chain issues could push beef prices even higher, just before July Fourth.
This all comes at a time when having a backyard is getting more expensive by the day.
How high beef prices affect homeowner finances
At first glance, the high cost of beef might not seem like a huge deal for your finances as a homeowner—but beef isn’t the only expensive thing this summer.
Gas prices are still up, electricity bills are at an all-time high, and the warmer weather requires homeowners to shell out for more outdoor maintenance than during the rest of the year.
“Summer is the time of high expenses on homeownership, associated with increasing utility bills, landscaping work, yard improvements, and maintenance,” says Clay Cary, senior trends analyst at CouponFollow in Yorktown Heights, NY.
So, when beef and other food prices go up, homeowners are faced with tough choices: go without or cut back the budget elsewhere, like postponing home improvement maintenance and repair tasks.
John Donikian, vice president at Best Interest Financial in West Bloomfield, MI, agrees.
“An expensive barbecue means homeowners have to pay more at the grocery store, and more money is taken from the monthly budget that is set aside for lawn care, HVAC, summer upgrades, maintenance, and mortgage payments,” adds Donikian.
But the hard truth is, if you skip a $250 repair this summer, it can easily turn into a $2,500 repair by the fall or next winter.
“With mortgage rates around 6.47%, your budget may already be stretched thin. That’s why it’s important to protect your maintenance budget so you can protect one of your largest assets—your home,” adds Cody Schuiteboer at Best Interest Financial.
Budget-friendly ways to host summer gatherings
Fortunately, you can still host summer barbecues without being forced to put off other essential expenses, such as your mortgage payments, home repairs, and maintenance.
Here are some money-saving tips to consider:
Shop your pantry and fridge
Before you even step foot into the grocery store, take a look at your fridge and pantry.
Be creative and figure out what you can do with what you already have.
“Turn leftover vegetables into kabobs or pasta salads. Use extra hamburger or hotdog buns to make garlic bread,” says Kiki Jacobson, licensed mental health therapist and financial therapist at YourMoneyCounselor in Raleigh, NC.
Ditch the meat
You don’t need meat to make a summer gathering enjoyable.
“Pasta salad, various types of grilled vegetables, baked beans, corn on the cob, and watermelon turn out to be inexpensive, feed lots of people, and expand the budget for dinner,” explains Cary.
Use beef as an accent
If you want to incorporate beef into your meal, make it the accent rather than the focal point.
“Sliders, tacos, and kabobs use much smaller beef portions than big burgers and a steak,” says Donikian.
Go the potluck route
Just because you’re the host doesn’t mean you have to provide everything.
“Instead of asking for money to help cover costs, a potluck asking for sides or desserts is a great way to socialize while spreading the cost of food,” Donikian explains.
At the end of the day, the company and atmosphere are what your guests will remember—not the food you serve them.
