Eating Out and Thin Wallets
March 08, 2005
Cap -@- StopBuyingCrap.com
There’s a weird direct relationship between eating out and thin wallets.
Or short numbers in bank account statements.
Or lots of numbers in credit card statements.
Most of us know this. Most of us see the accumulated expenses, but for some particular reason a lot of us just keep doing it, even if we can’t afford it.
Eating out could be anything from fast food to dining out at a restaurant. A simple lunch at Jack in the Box everyday while you’re at work adds up significantly in terms of cost. Yes, even if you get the $1 Two Tacos and a $1 Jumbo Jack from the value menu.
Let’s do a quick calculation. Say $2 per day for a 5 day work period. And you work all year long for whatever reason.
$2 * 5 * 4 * 12 = $480 per year
Now let’s say you’re not a cheapo like me, and you pay a cool $5-7 for a MEAL at a Jack in the Box. Mmmm… chocolate shake…
$5 * 5 * 4 * 12 = $1200 (eep!) or $7 * 5 * 4 * 12 = $1680 (faints)
Want to start calculating those expenses at the restaurants?
Let’s say, once a week, you hang out with your buddies and out you guys go for a meal at um… Outback Steakhouse, because we just love the food from Aussie land, even if it isn’t too authentic.
Anyhow, eating out cost you a cool $15-$20, or if you were feeling generous and wanted to treat your buds, a good $50+ depending on party size and dinning location.
$15 * 4 * 12 = $720 per year or $20 * 4 * 12 = $960
Realistically, Outback cost a bit more, tack on the appetizer, the beverage, sales tax, tips, you’re most likely going to spend upwards of $20 or more. Got room for more? Don’t forget the extra $4-5 on desert.
Lets not forget that usually a night out doesn’t just involve eating out, how about that trip to the pool hall or bowling alley? Tack on another $10-20 per week.
If it isn’t clear by now, you can save significantly if you reduce your expenses, and one of the easiest ways is to limit something that can be easily substituted such as eating out.
A lot of us don’t really calculate the expenses on food, and a lot of us don’t realize the cost associated with it till we start moving out from the parent’s house, or start keeping track of our monthly consumption.
If you add up the normal scenario above, you’ll have spent at least $2,100 per year on eating out. This is an amount that can be reduced significantly.
Bagging your own lunch everyday can easily bring lots of saving. You don’t necessarily have to eat sandwiches everyday, there’s lots of options out there if you take ask around. A simple visit to the grocery store can save tons of money if you shop carefully.
Instead of eating out, cook with your buddies. It actually can be sort of fun, as you discover how horrible you can cook, or what a great chicken salad Bob makes. Boy is Bob talented.
It’s understandable though, why we eat out. These days, we’re all living in such a rush world, and it’s a lot easier to just go to the drive-thru, buy that $5 combo, grub it down and get going. And when the long week ends, we just want to relax, let someone else do the cooking for once, and let someone else clean up and do the dishes.
You don’t necessary have to go to the extreme here, its okay in my opinion, to treat yourself to an evening out once in awhile. We work hard for our money; spending it occasionally to enjoy yourself is reasonable. Spending it beyond your means is the problem.
So take a look at your eating out expenses. Do some calculations; compare it to your budget. Find one that works for you. Some of us will be pleasantly surprised at the savings :)