One of the most common reasons people are broke is because they are eating out. On average Americans are spending between $200 to $300 a month on eating out. That is on top of them buying groceries for an average of $300 to $500 a month.
During the pandemic of 2020, we have actually increased eating out with takeout and drive-thru food. That is because everyone is tired of being at home and it is an excuse to get out of the house. In my state, restaurants were shut down for a while and some people actually found themselves saving extra money each month. That is until the restaurants opened back up then there was a mad rush for take out food.
We can’t fold into those temptations though. If we do we will kill our financial stability. On average you will spend $13 to eat out per person for one meal. If you eat at home you will spend $4 per person per meal. You could be saving an average of $9 per person per meal if you can control your cravings and cook at home.
If you are serious about saving money to build wealth, you will stop eating out. This means not only eating dinner at home but also packing your meals for work. My husband used to spend about $7 per meal at McDonald’s when he was at work. That was $28 per week or $126 per month just for the food he needed at work.
If he had packed his meals we would have spent about $16 a week or $72 a month for his work meals. Meaning he would have saved $12 a week or $54 per month. After a year, it would have saved us $648 just because he packed his meals for work instead of eating out. That is just for one person. So if there are two of you eating out for work meals you could save $1,296 a year.
I am a strong believer in cutting costs in your budget wherever you can. If you cut down even a few areas of your budget you can save money, stop living paycheck to paycheck, grow your wealth, and achieve your dreams. The best way to start cutting costs is to stop eating out.
If you want to learn how to cut your grocery bill in half be sure to watch this YouTube video:
