Better Ways to Spend Your Lunch and Dinner Money
Do you know how much money you spend on eating out every year? Let’s say that you eat out twice a week for lunch, and each meal is about $10. You would be spending about $1,000 a year on buying lunch. What if you also ate out for dinner twice a week, and each meal was about $15? You would be spending about $1,500 a year for buying dinner, and would be spending a total of $2,500 on eating out annually. And, those $3 cups of coffee each day?! Let’s say just three times a week, which adds another $468 a year for a total of $2,968! And the numbers would definitely be a lot higher if you are paying for your significant other or your family members or if you choose more expensive restaurants every once in a while.
There are many benefits of making lunch and dinner yourself, and one of the most obvious reasons is that you would be saving a lot of money in the long-run. If you are able to cut back on eating out, there are a few different ways you can spend that money so that it benefits you.
- Start an emergency fund — Having an emergency fund can help you in many situations. You can use it when you or your loved ones have health problems, when there is a natural disaster, or when you are faced with car repairs, as a few examples. Having an emergency fund can put your mind at ease when you face unexpected situations.
- Pay your bills — Millions of Americans have outstanding bills or debt to pay. Think about your loans, credit card bills, mortgage, hospital bills, or utility bills. Although the money you save from eating in may not be enough to pay off all your bills and debt, it does help to pay a little bit more every month.
- Put it in your retirement fund — If you have not retired yet, you should be contributing some money in your retirement fund. You can put a few dollars more into your account each month and watch it grow.
- Invest it – There are many ways to invest your money. A child’s education is one alternative investment. Perhaps the money you save from eating out can go towards paying for your child or your grandchild’s education, such as tutoring or summer school.
- Save for a Special Vacation — Perhaps you are doing well on having funds or paying bills. Another option is to save for an extra special vacation.
- Save for Next Holiday Gift Giving – Make next holiday a little easier on the budget by saving now.