Thursday Trim the Trash: April 20, 2017
Restaurants Waste Your Money
Today is April 20th and you know what that means, it’s the 80th birthday of George Takei. That guy is freaking awesome! Today is also “Trim the Trash Thursday,” my weekly post about what you can eliminate from your life. My post today is about restaurants, cafes, bars, etc. and how they eat away at your disposable income. I have worked in the restaurant industry for the past 13 years so I feel I have a good handle on this topic. Spending money daily at these establishments can really chew up your bank account. Let’s give a quick example to illustrate my point.
Mary spends 5 dollars every morning on her Latte from Starbucks. She also spends 10 dollars for lunch at the nearby diner. $15 dollars a day adds up to $300 a month. That $300 a month adds up to $3600 dollars a year. That’s a lot of money, more than my hydro and cable bill combined.
Now I am not saying you should never eat out or go to the bar. What I am saying is two things:
1) If you are Dining out consistently, you have to work in into your budget
2) If you are spending a good amount of money dining out, you better be saving the same if not more
I enjoy spending time with friends and going out as much of the next guy. I do make sure I have all my obligations covered including my savings. I am aware of the markup when it comes to the restaurant industry. Buying a chicken breast for $1 and then charging $15 for it once it’s cooked doesn’t overly appeal to me. Spending time with my friends’ does and I do make sure I am prepared for it. If you cannot say the same it might be time to evaluate your spending. Thanks for reading my post today and don’t forget to tune in tomorrow for my final reflection for the week.
“I’m like a menu at an expensive restaurant; you can look at me, but you can’t afford me.” – Anna Kournikova
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Joseph James Francis is a Financial Advisor. You can find him on various social media platforms and at budgetboss.ca.