Welcome to this financial challenge edition of my credit and finance journal. Part One: Eat out Challenge! My name is Joshua. I am just a regular awesome person like you. Although, I do know quite a few tips and tricks that can be very helpful. One thing I learned recently I really wish I had known long ago. So, as I have discussed finances and how to plug various holes in our financial boat, one question always comes to mind fast. It’s a question that I usually ask all of my financial coaching clients. Eat Out Challenge! How often do you eat out? While this may seem like a silly question, I invite you to please read on. It is actually quite relevant to our finances.
How Often Do You Eat Out?
Now, let’s begin my Eat Out Challenge! This is one of the first questions I ask for a great reason. It may be the single easiest route to paying down debt and saving money! For most, the answer seems to be weekly. But some people eat out every day. Or even multiple times a day! Imagine how much money that adds up to! If you were wondering why you were broke, this may be your answer. When I first examined even I had the common answer. It was about weekly. Now, this may not seem like a problem at first. For some, it may not be. But those are the exceptions and not the rules. For the majority of us, weekly is far too often! So, I challenged myself to only eat out once a month to see if there was a big difference in our budget.
More People. More Problems.
Personally, like most, I truly did not realize how vast this hole was. They seem like trivial amounts. It starts at $5 for lunch one day and then $10 for dinner later on in the week. So, let’s say the average person spends around $30 per month eating out. After I started a family, this innocent-seeming $30 rapidly turned into $150. This means when I cut this expense down to once monthly, we save $125 every month! That’s an extra $75 off our debt and $50 extra into savings every month! While these numbers seem small, they rapidly add up. You can build comfortable savings that can be a life saver. So imagine having the money in savings to cover your emergency expenses. If my car engine blows up, I know I have enough money to instantly repair my vehicle. Do you? Take my Eat Out Challenge!
How does this affect me?
Finally, you will save money each month and you can put that into debt and savings as we do. That is typically on a per person basis. I have gone on vacations twice a year using this method. Little to no other money required, I just went on vacation instead of eating out. Watch your budget closely, and look for other holes, but I highly suggest you try my Eat Out Challenge! Try to limit eating out to a monthly maximum. Track your results. I think you will find yourself in a far, better place. I know we sure did! Lastly, we can win this battle together. It starts with small changes and constant progress. Be sure to get your free credit score and read bills and debts. Thanks for reading and I hope you have a wonderful day. Wishing you all the best from our family to yours!