Don’t Make This Mistake!
I will be the first person to tell you that I love going out to eat. For as long as I can remember, my instinctual response to the question “Want to go out with us?” has always been “Are y’all eating somewhere?”. And I’m not the only one… from 2015 to 2016 Americans spent more money on restaurants and takeout than they did on groceries. While there is nothing wrong with indulging in your favorite eateries from time to time, moderation is key. Not only can overindulgence take a toll on your waistline, it can affect your wallet as well.
Food is one of the largest expenses in your budget. After your house payment, it is more than likely your largest monthly expenditure. However, it is often times neglected whenever we start thinking of ways to buckle down on our finances. This is a big mistake. Not only are there several ways to save some dough while eating out, statistics show that staying at home is by far the more economical option. In fact, eating at home costs about half as much as eating out. When you take into account that the average American spends just under $8,000 annually on food costs, we’re talking about a decision that could save you literally thousands of dollars.
Like most of our advice here at the Money Dojo, it won’t always be easy to break old patterns of behavior. They were easy, that’s why they became habits. But, much like all other facets of life, the harder you work for something, the more rewarding it is whenever you achieve it. In a time where most Americans don’t have the cash set aside to be able to pay for an unforeseen emergency, can we really justify spending twice as much on our diets?
This transition from eating out (mostly) to eating at home (mostly) will not only benefit your pocketbook, it will likely make you healthier as well. Our main focus is obviously finance, but we’re also big proponents of health and fitness, and the positive effects they have on our quality of life. Having all the money in the world doesn’t do you much good if you’re not healthy enough to enjoy it.
Instead of paying for a 300% markup at your favorite restaurant, try creating that meal at home for a third of the price. If you have a habit of eating out 5 or 6 times a week, cut it down to 3 or 4. You don’t have to go cold turkey, small changes can make a big difference. Whenever you multiply these small changes over a month or even a years time, they will save you thousands of dollars. I don’t know about you, but I can think of a few things I could do with an extra thousand dollars.
Put away the takeout menu, and pick up the spatula. You’re cooking dinner tonight! You get to pick the meal, the ingredients, and the portion sizes. Now if we can just figure out how to get the dishes to clean themselves….
Be sure to subscribe to our greenbelts newsletter, and thank you for joining us here at The Money Dojo!