Eating Out Too Much? Save More Money Weekly | Wicked Retirement (2024)

FAQs

How much money do you save when you stop eating out? ›

This extra money could be a big jump in your savings for long-term or short-term goals. Even if you only skip one restaurant meal a week in favor of cooking or leftovers, that's about a $500 annual savings. Another bonus: home-prepared food tends to be healthier than the typical restaurant meal.

If you're the kind of person who only eats out once or twice a month, your savings might be smaller, think like $50 – $150 for a family (that's still significant!). Whereas if you eat out 4-5x per week, you'll likely see huge savings in just the first week of the challenge.

A recent US Foods survey of 1,000 Americans found that the average American spends $166 monthly per person on dining out. Nearly half of Americans (42%) spend between $11 and $20 per person per meal, and 24% spend between $21 and $30.

How much does the average American spend on eating out per year? The average American spends approximately $3,000 per year on eating out.

What's a reasonable food budget? Many financial advisors and gurus recommend spending no more than 10%-15% of take-home pay on food, a figure that includes restaurant dining and takeout.

For those who want a quick and easy answer: It's generally cheaper to cook food at home than eat out. The reason so many people can get stuck on the question is the human psychology variable. People don't always spend wisely, and it isn't as if prices are always the same at a supermarket or a fast food restaurant.

The diet involves eating 30g of protein during the first 30 minutes of your day before completing 30 minutes of low intensity exercise. Experts say exercising and increasing your protein intake in the morning may contribute to a calorie deficit and help you make healthier choices throughout the day.

The 30-30-30 rule is a weight loss method that involves eating 30 grams of protein within 30 minutes of waking up, followed by 30 minutes of low-intensity exercise. Beyond these steps, the method doesn't involve any other rules, restrictions or counting calories.

The 50% rule for eating healthy is a general guideline that suggests filling half of your plate with fruits and vegetables during meals. This means that at least half of your meal should consist of fruits and vegetables, while the other half can include lean protein, whole grains, and healthy fats.

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings.

How often does the average American eat out? ›

On average, Americans are deciding to order takeout or delivery 4.5 times a month, compared to eating at a restaurant an average of 3 times a month.

According to the USDA guidelines, you might spend $979 a month on a thrifty plan, $1,028 on a low-cost plan, $1,252 on a moderate-cost plan and $1,604 on a liberal plan.

Millennials, aged 18-34, tend to eat out more frequently compared to other age groups. What percentage of food spending is allocated to eating out? On average, American households spend about 44% of their total food budget on eating out.

Each month the average millennial eats at a restaurant four times but has street food, orders delivery and has food to go 11 times. It is not to say that taste isn't important to millennials but eating out is much more than an activity reserved for the weekend: it is a time saver.

Not only do millennials — that is, people born between 1980 and 2000 — eat out more than non-millennials, but they also spend more money eating out: Millennials spend about $174 per month dining out in restaurants, on average, according to a new infographic from the marketing agency Restaurant Marketing Labs, whereas ...

Budget $100 a month per person:

While this is a good starting point, there are two exceptions to this rule in general. First, for a single-person household, consider budgeting $200 per month. Second, for a two-person household, consider $300 per month.

Determining how much your time is worth and how much money you save can be difficult. It's also important to note that some meals at home are much quicker to prepare than the time you'd spend waiting in line at a restaurant. So according to the data, it's pretty clear you will save money cooking your own grub.

However, as a general rule of thumb, cooking your own food is usually less expensive than eating out. According to a study conducted by Forbes in 2018, Americans on average spend around $20 per person per meal when eating out, while the cost of cooking a meal at home is estimated to be around $4 per serving.