Don’t Eat Away Your Savings
Most people trying to cut down their debt and fill their savings accounts may be unintentionally eating their profits. Literally.
By: Nick Massie / 2017 / PayYourRent.com
Most people trying to cut down their debt and fill their savings accounts may be unintentionally eating their profits. Literally.
After a long day at work or a lazy Sunday in, there can be a lot of temptation to order a pizza or grab some Chinese food. The fun of dressing up for a nice sit-down dinner out can also be alluring. While these meals are fun and easy, they certainly aren’t cost-effective.
If you follow the 50-30-20 rule of budgeting, 30% of your income should go to food, fun, and household items like toiletries, decorations and linens. Most of that 30% likely goes towards food, but how much of it is spent on trips to the grocery store, and how much goes into the hands of restaurant owners?
The Real Cost of a Meal Out
Most Americans eat out four or five times a week with an average meal cost of $12.75. The cost in your region likely varies a bit, but that’s the average. That means $50-64 a week on food, plus the cost of all your groceries. That number climbs even higher if you factor in tipping. Altogether, it works out to $232 per month spent at restaurants. Alone, that’s quite a lot, but think about it for a family of four of five.
The cost of homemade meals depends largely on what is made and for how many people, but the general consensus is that preparing all meals at home would save the average American $35-40 each week. For a family, that could almost be your rent!
Knowing that is great, but implementing it may take a bit of practice, especially if you don’t consider yourself a good cook. Luckily there are great sites that list dozens of easy, low-cost recipes and detail step-by-step instructions on serving them up to your family. Start with easy recipes and remind yourself that practice may not lead to perfection, but it will lead to proficiency.
Home Cooking
Those living on their own are often hesitant to cook, thinking anything they make will just lead to wasted left-overs. Rather, think of meals that can be frozen and pulled out for company or on nights you don’t feel like whipping something up. You can also find ways to share ingredients between recipes/meals. For example, if you make chicken for dinner one night, shred some to top a salad for lunch the next day, or dice a bit for a stir-fry the next night. Making more than one recipe or meal at a time is a growing trend, thanks to the rising popularity of meal prep.
Meal prep, a growing trend among the health conscious and money conscious, is exactly what it sounds like: making meals in large quantities, then doling it out throughout the week. Think of it like intentional leftovers. There are also health benefits to meal prep; if your meals are portioned out and stored beforehand, you can keep a closer eye on how much you’re eating.
Devoting a single afternoon to preparing all your lunches for the week can help you avoid the food truck parked outside your office or the deli down the block. Each morning you’ll just have to grab a ready-to-go meal from the fridge or cupboard and you’re off! You can even meal prep dinners and breakfasts, too, if you know you’re prone to grabbing your meals on the drive to and from work.
Eating at home can be a great way to spend quality time with your family, save money, and brush up on your chef skills. So, leave restaurants for special occasions and instead take your food —and budget — into your own hands.
What’s Next?
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