Here are five lessons:
1. Use what you have
We are not exactly sure what was on the menu during the first Thanksgiving. Still, it likely consisted of foods that were readily available in the limited local area of the Plimoth Plantation in early November. It was a celebration of what the colonists had, not what they pined for.
This is, perhaps, the most significant rule of frugal living. Instead of looking to what could be, make yourself happy with what you have. Then, as some have pointed out, we can try to "use it up. Wear it out. Make it do, or do without."
2. Work with your neighbors
We don't know if the English at Plimoth Plantation made a regular habit of working with their Wampanoag neighbors but the limited evidence we have indicates that the first Thanksgiving was indeed a joint celebration.
Instead of "competing with the Jones'," it is clearly better to share and work with them. Whether its a cup of sugar, an afternoon of labor, or a shared dinner, working together allows us to live more simply and frugally.
3. Learn new skills
It is likely that, in preparation for the celebration, the English of Plimoth Plantation learned some new skills from the Wampanoag, such as catching eel and growing corn. Most of this education, if it happened, would have come from Squanto, a former slave who learned English while in bondage in Europe.
Regardless of its authenticity, this element of the Thanksgiving story remains a strong lesson for frugal living today. Learning to repair your home, maintain your car, or cook saves significant money over time, making education one of the most valuable investments available.
4. Prepare for lean times
Before the famous first Thanksgiving, it is thought that both the English and Wampanoag held harvest festivals. Traditionally, the goal of these festivals was twofold: to collect the food reserves necessary to survive the winter and to restore everyone's health before entering these lean times.
Those looking to live frugally should take note of this philosophy. Windfalls, be it a holiday bonus, tax return, or small inheritance, can buy some excellent gifts. However, this unplanned income can also be used to build an emergency fund, save for planned health expenses, or as a contribution to a retirement fund.
5. Celebrate accomplishments
Of course, the first Thanksgiving was a celebration. The English of Plimoth Plantation had survived disease and drought and saw easier times ahead. It is thought that the festivities lasted three days and featured entertainment as well as eating.
If you have been working hard, saving money, and cutting expenses, don't forget to occasionally give yourself small rewards. Otherwise, the tunnel ahead becomes very dark with burnout looming ahead. Instead, set goals and reward yourself responsibly when you achieve them.