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Hypothetically, $160 a week at 7% grows to almost $50k after 5 years.
Why not split the difference? Eat out once or twice a week (it's a social thing too, not just a meal) or get take out sometimes from your favorite restaurants.
I agree with this approach. It's important to save money and reduce expenses that don't fulfill you, but all the same, don't let life pass you by as you build wealth.
I have lunch out 1-2 times per week, and keep the cost low. My husband and I have 2-3 meals out per week (1 breakfast, 1 dinner, and 1 other meal with friends), and try to aim for restaurants that cook things that we cannot do (or do well) at home. For us, good food is a priority. We don't buy lots of clothes, accessories, furnishings, electronics, appliances, and such, so we focus more on the stuff that really matters to us.
Perhaps an interesting perspective is that of a couple of retirees (10+-years) ... who literally eat-out 1-2 times a day.
We never ate-out like this while we were working. But, in retirement, we already KNOW how much we have and can afford to spend; plus neither of us particularly likes to cook --- and, of course, the kids are raised and gone.
Of course, a big difference with working folks is they are still uncertain about how much they will need/have for retirement -- and thus, doing whatever they can to save now! That (living within one's means) is certainly a worthy ambition and how we achieved a comfortable, un-budgeted retirement.
No I wouldn’t consider eliminating or cutting eating out to save money
I also wouldn't eliminate eating out to save money. However I have eliminated eating out because I absolutely despise eating out. The saving money part is just an extra bonus. I can cook much better and healthier food at home!
I also wouldn't eliminate eating out to save money. However I have eliminated eating out because I absolutely despise eating out. The saving money part is just an extra bonus. I can cook much better and healthier food at home!
eating out isnt a necessity, its a luxury. of course you would save money if you didnt do it. its a quality of life issue and you have to decide if you need to reduce expenses or not. if not, then go nuts and eat out. go 7 times a week instead of 4!!!!
I mainly eat out when on long bicycle rides >50 miles and occasionally with coworkers or family. That comes to a few times a month and those are cheap or fast food restaurants. Otherwise I cook, brown bag, and throw everything else at vital expenses, or investing or prepay the mortgage down. I take more pleasure in knowing I am getting more and more financially secure than eating out or buying material items.
If you are on track for retirement I would probably not change.
But take a look at cutting down the cost of each meal. Do you buy expensive drinks? Try water. The point is maybe a little savings on each meal or maybe cutting back one or two meals a week is the way to gg.
Go out two nights a week. But if you just stay at home and don't enjoy yourself, what exactly is the point of life?
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