Do you feel like your dining out spending is spiralling out of control? Eating out at restaurants multiple times a week can easily overspend hundreds or even thousands of dollars each year.
It's easy to develop an expensive habit when eating out. However, the convenience of grabbing a takeaway or a drink with friends after a long day is undeniable.
However, too much of a good thing can derail other financial goals if spending increases unchecked. Things like vacations, car repairs and debt repayments are postponed.
The good news is that with proper planning, smart choices, and a little discipline, you can limit your spending without sacrificing the joy of food.
This blog post explores six great strategies for saving $200 a month. Learn practical ways to save $200 or more every month.
When eating out becomes a habit, costs can rise before you know it.
A person spends an average of $15 to eat at a restaurant, and even a casual restaurant, like a fast-food restaurant, can cost more than $10 per person. But three meals a week for just $15 each add up to $180 a month.
We often underestimate the smaller personal costs when we see the bigger picture. The monthly amount will only increase if you eat out frequently. Before you know it, your food bill will become a burden rather than a pleasure.
Spending unnecessary money on restaurants can undermine other financial goals. Few people have extra money. So if you spend less money in different areas, you'll have less money in different areas.
When food funds grow uncontrollably, tuition, retirement savings, debt payments, and other financial obligations suffer. Health can also be affected. Restaurant meals are higher in fat, sodium, and calories than home cooking.
This out-of-control part of your budget is critical to your financial and physical health.
With some innovative strategies, you can still enjoy going out while leaving more money in your pocket. Want to save $200 a month on food costs without feeling deprived?
Here are six clever dining tips you can start using right away:
First, add up the money you spent eating out last month. Shocking, right? Set monthly goals now, ideally reducing the old amount by 50-75%.
Keeping your goals in mind will keep your spending at the forefront of your mind. Check your progress every week. Research shows that people who actively track their spending save more than those who don't.
Research also shows that people spend far less when they use cash instead of swiping a card. So go to the ATM each week and withdraw your allotted food.
If money is low, prepare meals or pack groceries at home until the money is replenished. Using only cash creates a sense of responsibility because you can only spend your money.
Make a reservation at a restaurant for a weekend lunch or early dinner instead of during the evening rush hour. Many restaurants offer deep discounts before 5 or 6 pm.
The Early Bird Special for Senior Guests offers more deals. A reduced menu is available starting at 4 pm, so you can enjoy quality meals at affordable prices while avoiding the late-night crowds.
Wine, cocktails and beer can enhance the restaurant dining experience. So bring a few bottles of wine or a six-pack of craft beer, as many restaurants allow drinking outdoors without corkage fees. Just call ahead for directions.
With BYOB, you can continue to enjoy delicious drinks with dinner while saving an additional 20% or more on your bill.
Who says you have to order multiple courses separately? Share family-style appetizers and desserts and try more menu items while reducing portion sizes.
Do you go out with a group of people? Let everyone order their dish and pass the plate around so everyone can try it. Unlike outdated rules of etiquette, sharing plates is now standard and significantly reduces costs.
Coordinate regular cooking swaps so every taste can take a break from home cooking. Some nights, one person hosts dinner at home while others contribute a home-cooked meal to share potluck style.
It ensures social gatherings and brings variety to everyone's eating habits - virtually for free. Let's cook creatively with ethnic cuisine as the theme.
Even modest adjustments to your eating habits can lead to significant savings. Going out to three fewer restaurants monthly can save you nearly $100. Lowering the average cost of food by a few dollars can further increase costs.
With them and a reasonable compromise, you can save $200 monthly from your compromised bill.
Imagine what investing those thousands of dollars every year would do in the long run instead of losing them to blind overspending. With the proper focus and commitment, it's entirely possible.
Start making targeted changes for yourself this week!
