Eat Out Less, Save More, Travel Sooner
Filed under: Spending
Going out for dinner used to be a special event. And for some folks, it still is. But for others, eating out has become routine-often done without much thought or enjoyment.
The typical American household spends $2,678 in restaurants every year. That might be a few big outings or a lot of small ones, but more likely, it’s a family of four heading out for a meal that costs between $50 and $70, three to four times per month.
Since there’s only so much disposable income in your paycheck, all that eating out cuts into something else that everyone likes to do – go on vacation.
According to the Chase Blueprint(R) Pulse of the Consumer survey, 26 percent of Americans are saving up for a dream vacation over the next five years and that number is growing. By cutting down slightly on the number of times you eat out, or by changing what you eat when you do go out, you’ll be able to afford that vacation a whole lot sooner.
The savings game starts by figuring out why you opt for a restaurant meal. Do you get home from work too late or are you too tired to cook? Do you need a break from the cooking and cleaning routine? Do you want to treat your children or yourselves to a memorable meal with friends or relatives?
All of these are valid reasons for eating out. So while you could simply forego restaurant meals altogether, that might not be practical. The trick is to find ways to spend less when eating out without giving it up completely.
Here are four strategies that will help you enjoy your evenings out, but spend less money:
- Cut down on your restaurant adventures. If you eat out less often, you should be able to put some significant dollars toward your vacation. But instead of foregoing dinner out altogether, try cutting out one restaurant meal each month. For a family of four, that should put between $600 and $1,000 per year into your savings pot.
- Change what you eat. Most restaurant meals are oversized, so consider sharing an appetizer and dessert and ordering your own main course. Or, order two appetizers and split a main course. By eating a little less when you go out, you’ll save more and travel sooner.
- Change what you drink. Some families don’t want to cut back on their restaurant dining frequency. But, they are willing to give up all non-water beverages. Depending on what you order, your alcoholic and non-alcoholic beverage purchases could add up to a third of the bill, plus tax and tip. Cutting them out will help you save without short-changing you on convenience. For example, two alcoholic drinks at a moderately-priced restaurant might cost $8 each. Two non-alcoholic drinks might cost $3 each. And if the parents each have a cup of coffee at the end of the meal, you can add on another $2.50 each. That’s $27 in drinks, plus tax and tip will run you around $32, not including food. If you eat out once a week, that’s $1,677 saved over the course of a year.
- Join for dessert and coffee. Instead of sitting down for a full meal with friends or family, join them at the restaurant after dinner for a cup of coffee and dessert. This will allow you to spend evenings hanging out and enjoying each other’s company without the cost of a full meal out for your entire family.
Consider other tools available to help you save money on dining out whether it’s a restaurant rewards card, or credit card dedicated specifically to your frequent dining adventures. Tools like these will allow you to keep close track of restaurant expenditures and earn rewards or cash back on those purchases.
Chase Blueprint is a free set of features on Chase credit cards that helps customers avoid interest and pay down balances faster.
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Sources
- The Bureau of Labor Statistics Consumer Expenditure survey
- Chase Blueprint Pulse of the Consumer survey from August 2013 https://www.chase.com/online/chase_blueprint/document/How-Consumers-Spend.pdf
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