This is a good idea overall. Whether it would actually work as dramatically as he says it would is another question, but saving money in all areas of your life is always a good idea. Whether it's coffee or eating out or clothes, all of us spend more than we need to survive. If you were to take something that you did to treat yourself and did it in a less expensive way, you could use that money to save money for your children's college. In the example he used, instead of buying coffee out, they could used a coffee maker, buy coffee in bulk, and still be saving 90% of the cost.
According to Living On A Dime.com, eating out is a big area where money is wasted. The site discusses several reasons why we eat out, from ignoring the costs to saying we don't have time to cook. I've personally felt that last one quite a bit since entering college. It's very helpful in the later part of the article, where it discusses ways you can avoid spending extra money on food:"Take one week and write down how much you spend eating out. That includes all those coffees, soft drinks, things from the vending machines and snacks you buy throughout the day. Be sure to write down the amount of anything that goes into you and your family’s mouths for an average week. I’m afraid you may be unpleasantly surprised. Multiply it by 4 to get a monthly estimate and I think you would be just plain shocked."
Source: http://www.livingonadime.com/stop-eating-debt/
I recently figured that i am spending about $35 a week eating out between going to school and working, for the past two weeks i have bought my food at the grocery store and been packing my lunch and snacks whenever i can. I hope in the long run i have more money for essentials like gas and quit spending so much at Starbucks and other fast food chains
ReplyDeleteThis is exactly the type of thing that my Frugal vs. Cheap article was talking about. Getting nice things, in this example a coffee maker, helps incredibly in the long run. I think more people should really start doing this, especially when it comes to food.
ReplyDeleteThis is helpful advice as I enjoy being lazy and eating out more than necessary. I think I will have to try the plan, writing out how much I spend eating out for a week. The coffee machine example reminded me that being frugal is also essential when you're an adult and making a big-boy salary, as your needs are not changing and spending more is not necessary.
ReplyDeleteI think this can be used for any sort of eating out. The beer article, coffee, fast food/sit down restaurants; they all kill my wallet. The money I could save from cooking my own meals is alarming. But sadly, no matter what logic I install upon myself now, when a pizza or coffee calls my name, there is no willpower left to refuse.
ReplyDeleteI have noticed that I have been spending a lot more money than I thought on fast food and especially on Starbucks. most people only think about what their spending in a shirt term way but dont always understand how much the little things can add up. MMM showed a really good point on this.
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