One of the easiest ways to save money is by making fewer trips to restaurants. Depending on the size of your family, this can save thousands of dollars each year. Let’s say that an average meal out costs $15 (a conservative estimate) for one person to dine out, while a meal at home costs $5. Dining out just twice a week (another conservative estimate, since the average family dines out about 4-5 times per week) would cost $30 for one person. That equals $120 per month, or $1440 per year, while cooking at home would cost about $480 per year. That would save an average of $960 per year. And that is simply for one person. For a family of four, that’s a savings of $3840. That saves enough for a pretty decent vacation.
On top of the price of the meal, another added cost is the cost of gasoline needed to drive to the restaurant. It may not seem like much, but can definitely add up if you dine out frequently. And don’t forget: time is money. Consider the other activities that you could be partaking in by eating more meals at home, since dining out typically requires not only the drive, but sometimes waiting for a table, along with time waiting to be served and waiting for the check. Cooking at home also allows for more opportunities to learn new recipes and improve your own skills.
By dining out less, you or your family can easily save thousands each year, which can be put toward paying off debt, investing for the future, or traveling to a new vacation spot.