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Currently, my wife and I eat out at regular restaurants about 4 times a week. On average we spend about $25 a meal per person, so that would equal about $200 a week for both of us.
After looking at our credit card bill for eating out, we asked each other if it was really worth it. My wife asked how much would each of these $25 meals cost if we cooked them and bought the food at the grocery store. (Equal quality food and ingredients) Is it worth the hassle to eat at home for most of our meals to save money? We eat out so we have more variety in our food, etc.
Let's say having that meal that costs us $50 combined at home costs us $10 from the grocery store. So we would save about $160 a week. If we invested that money saved in the Stock Market over a five year period how much would we have?
The answer to your thread question really depends on several factors:
--Are you saving and investing a decent % of your income now?(i.e. at least 15%).
--Would cutting back get your savings up to that 15% number or higher if you're not already there?
--Are you really getting true enjoyment out of eating out, or is it just an expensive habit that you've fallen into? (I'm guessing it's at least partly just an expensive habit or you wouldn't be questioning it).
--Do you have other financial goals that spending money eating out is getting in the way of? Examples might be paying cash for your next car, or saving / investing more than just 15% for retirement so that you won't be forced to work until your 60s if you don't want to.
--Do you have any non-financial goals that eating out gets in they way of? The primary thing that comes to mind here is preventing health problems before they start as restaurant meals tend to be less healthy and have portions that are way too big. Of course, health problems also have a major financial impact as well.
It sounds like at least eliminating some restaurant spending and saving/investing the difference would be a good idea. Besides saving money, I think you'll get more pleasure out of it if you do it less often. If you eat out all the time, it's just part of your lifestyle and you don't enjoy it as much.
Af fas as investing goes, we can't predict how the stock and bond markets will do in the future, so we have no way of knowing. We can make educated guesses, though. If we assume a below average 7% rate of return on the stock market (10% is the very long term average going back to the 1920s) and you invest $693 a month ($160 a week), you'd have the following amounts:
$49,903 after 5 years.
$120,647 after 10 years.
$220,936 after 15 years.
$363,108 after 20 years.
$564,654 after 25 years.
$850,371 after 30 years.
$1,255,411 after 35 years.
So, that $160 a week is definitely not a trivial amount.
1) Life is short and could end at any moment. So, I believe in the "happy medium concept." I haven't read the whole thread yet, but from the little I have -- you haven't said you're not saving ANY money. And you haven't said you're not making progress on paying off debt. If you are, then could you make more progress on those goals? Sure. But the question remains. Is that work not eating out -- to YOU (and your wife.)
2) If you want COMPARABLE meals, I doubt two people could eat the KINDS of meals you could for $50 a week. Let alone less than that. Shopping fugally you could eat at home for $100 a week. And save $100. But I think you're over estimating how much you'd save. So reasonable calculations should be done -- on exactly how much you'd really save. (And of course how much that could grow into depending on how and where it's saved or invested.)
How much do you enjoy eating out? How much do you want to save more? As was suggested, maybe split the difference.
so in the last 12 months, ive spent 9,522.45 in restaurants/fast food/coffee shops. i dont really go out during the week, just not convenient with work and kids. we go out a 2 or 3 times on the weekend but if i go out with my mom or dad, they pay. if i reduced it, it wouldnt really change my retirement or other spending plans.
What budgeting app is this screenshot from? Just curious. I use Mint but would like something better for generating reports and making comparisons.
I like the idea of landing somewhere in the middle. If you're concerned about it, then that probably tells you an adjustment is needed. While we never lived the high life, we did eat out more and spent more on entertainment early in marriage and while our kids were young. I'm glad we had those experiences; on the other hand, once our first daughter started college in the fall of 2014, we had to make some substantial adjustments. We weren't as ready for college, weddings, and some very unexpected expenses (a surprise granddaughter and associated costs). In hindsight, I wish we had committed at a younger age to dialing back moderately on "money blowers" so that we didn't have to cut back quite as much now. All of this is relative, and we are not suffering by any stretch of the imagination. We still spend about $350 a month on meals out (restaurants and fast food), but we don't do much else entertainment-wise. We haven't taken a long, traditional vacation in over six years. And we have a very good income, but we now have to focus on paying everything off and saving for retirement (we both want to retire at 62, and I'm turning 53 next month).
Currently, my wife and I eat out at regular restaurants about 4 times a week. On average we spend about $25 a meal per person, so that would equal about $200 a week for both of us.
After looking at our credit card bill for eating out, we asked each other if it was really worth it. My wife asked how much would each of these $25 meals cost if we cooked them and bought the food at the grocery store. (Equal quality food and ingredients) Is it worth the hassle to eat at home for most of our meals to save money? We eat out so we have more variety in our food, etc.
Let's say having that meal that costs us $50 combined at home costs us $10 from the grocery store. So we would save about $160 a week. If we invested that money saved in the Stock Market over a five year period how much would we have?
What budgeting app is this screenshot from? Just curious. I use Mint but would like something better for generating reports and making comparisons.
it was mint. it removed a little bit of dead space to make for a better picture but im surprised you didnt recognize it if you use mint. its from the trends section. i think its awesome for running reports on just about every expense/income/etc. the only thing i see it as pretty useless for is the investment section.
it was mint. it removed a little bit of dead space to make for a better picture but im surprised you didnt recognize it if you use mint. its from the trends section. i think its awesome for running reports on just about every expense/income/etc. the only thing i see it as pretty useless for is the investment section.
Okay, thank you. I guess I haven't looked at that section recently. LOL.
we went to the blue hill at stone barn on the Rockefeller estate ... we waited a year for a reservation and had to take a wed at 5pm .
dinner was 550 without wine and 850 with wine paring .. it was fabulous and took 4 hours . it is the kind of thing we would only do once though .
Too steep for me, I might spend $200 on a meal (with drinks) at a special restaurant for a special occasion, but you are more than welcome to have the bragging rights for the $550 meal.
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