Feb 202019

Saving Money By Avoiding Takeout

Posted on February 20, 2019 Uncategorized

Saving Money By Avoiding Takeout

 

We currently live in a world where convenience is the key to everything. Whether it’s through mobile apps or new technology for newly-released devices, we want what we want quickly and without much effort on our end. The need for convenience has expanded to ordering takeout – with Seamless, Postmates, and UberEats, among others, we don’t have to make much of an effort. Just open your takeout app of choice, pick a restaurant and what you want to order, and pay on the app. Convenient, right?

 

However, studies show that 49 percent of millennials spend more on going out to eat and ordering takeout than what they set aside for retirement savings. From a financial standpoint, that can be dire news for your wallet. A smart way to track exactly how much you’re spending per month on takeout would be to save your receipts and add up the total amount spent, so you can see where your hard-earned cash is going. Here are a few other tips on how to avoid the takeout trap:

 

Create grocery lists and start meal planning.  Creating grocery lists can be a breeze – in fact, I’m sure some of you learned how to make a proper list while shopping with your parents as a kid. However, here’s where the convenience factor comes into play. Many people order takeout because they can’t think of what they want to make, or they lack certain ingredients. Thus, ordering takeout can be an easy out. To keep this from happening, create a weekly meal plan (whether if it’s just for you or for your entire family) that will keep you on track and give you a better sense of what you’ll need to add to your grocery list.

 

Set realistic but attainable goals.  This list isn’t just about eliminating dining out or ordering the occasional takeout meal if absolutely needed. It’s best to start with a goal of going one full week without going out to eat or ordering food. From there, stick to that habit as best as possible. However, we understand that you might have friends who enjoying going out to dinner on the odd occasion, and it’s normal to enjoy a meal at a restaurant on special occasions, like birthdays or anniversaries. Budget your money to have something set aside for such occasions.

 

Ultimately, consider your long-term financial goals.  It’s easy to forget about putting money aside when you’re craving pizza or Thai food. However, you can’t neglect your savings and retirement accounts because you feel the need to order takeout. Consider the amount you spend, on average, when you order food, and use that savings to set aside in a secure account. It’s never too early to start saving for retirement, and cutting out eating out or ordering in can help you save even faster.