A few years back, I noticed a frequent expenditure in my bank statements: dining out. Yes, countless receipts of meals eaten outside the home overpowered my financial chart! Have you tried losing this habit of dining out? I won’t dive into how I fell into this habit, but what I do know is I made a conscious decision to cut it down. Dining out was undoubtedly a substantial financial drain for me, and my aim is to streamline this expense to align better with my broader financial objectives.
THE EXPENSE OF DINING OUT
The Bureau of Labor Statistics reported a significant rise in food costs. In just the first half of 2021, restaurant prices increased by 5.8%, the largest annual increase since 1982. Grocery shopping is now costlier with an overall increase of 6.4% – the highest annual leap since 2008. Predictably, beef costs rose the most, with a shock of 20.9%. Broadly speaking, consumer price inflation for all goods rose by 6.8%.
Eating out is always a convenient option, but it’s also a pricier one. To help end this habit, here are some suggestions:
MAKE SMALL ADJUSTMENTS
Any successful lifestyle modification is achieved through gradual changes. Begin by reducing the number of times you lunch out or skip the coffee pit stop on your way to work. You could start by bringing a packed lunch four days a week and add more home-prepared meals each week. Soon, dining out will become the exception, not the norm.
Defining limits also helps keep your motivation strong, especially if you’re doing it for financial benefits. Determine a rational monthly budget for dining out and figure out how many meals this allows you.
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PLAN YOUR MEALS
Meal planning is an effective way to save money on food. A detailed meal plan not only saves you from the last-minute stress but also reduces the temptation to dine out.
Being unprepared for workweek lunches can be a costly error, but one easily avoidable. It was my first step towards reducing my dining out habits. The noticeable savings motivated me to cook more meals at home.
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MAINTAIN A BUDGET
If you’re aiming to lower your dining out expenses, begin by budgeting your food expenditure.
A budget is a useful tool that enables smarter spending. It allows you to have control over your expenses, which includes your spendings on dining out and your savings.
INVOLVE THE FAMILY
Families often struggle with overeating outside. Reasons like busy schedules, fussy eaters, and sheer tiredness contribute. But, when everyone participates in meal planning, not only can you reduce the frequency of dining out, but it can also be quite enjoyable!
A collective agreement on the plan would make it easier for everyone to contribute in kitchen chores.
SHOP FOR GROCERIES MORE FREQUENTLY
Always have sufficient ingredients at home for meal preparations. If perishables like milk and produce go to waste, consider shopping more frequently in smaller quantities. More trips to the store could result in less waste and savings in the long run.
MASTER QUICK RECIPES
Have a few quick recipes at hand for those nights when you’re too tired to cook and the urge to order food kicks in. Keep them simple, avoiding complex ingredients and instructions.
Decide on meals that take only 15-20 minutes to prepare.
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ALLOW OCCASIONAL TREATS
One effective strategy to stop dining out is to allow it within defined limits. Decreasing it gradually may prove more effective than stopping abruptly.
If you’ve been dining out or getting delivery six nights a week, quitting completely might seem daunting. Therefore, in the first month, commit to reducing your dining out frequency by half and stick to it.
BOTTOM LINE
Dining out is a costly habit, and like all expensive habits, it can be challenging to break. Are you up for it? The steps outlined here – meal planning, cooking at home, and family participation – offer a good place to start.
What are your tactics to overcome this habit?
