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Are You Eating Away Your Financial Future?

  • 2013 9 Sep
  • COMMENTS
Are You Eating Away Your Financial Future?

finicity

Are You Eating Away Your Financial Future?

American households spend 5.7% of their annual income on restaurants – not counting regular grocery items. That’s $2850 a year, or $237.50 per month, based on the $50,000 annual income.

Now, let’s compare this to a whopping 2.6% savings rate (for the first quarter of 2013) among average American households – that’s $1300 annually or $108 per month!

Bottom line, we prefer to invest more of our resources in restaurant food alone (not counting money spent on pets and other entertainment items like concert tickets, etc.)  than in our personal financial well-being.

So what if we simply reversed those two categories and decided to save what we consume at our local restaurants and consume what we currently save?  Can you imagine how this one small change could help our families eliminate debt and build the financial foundation needed to weather life’s unexpected turns

Planning your budget out before you spend your money each month with budgeting software or budgeting tools can help as you try to change your spending habits.

Today's tip brought to you by Mvelopes and Monday4Life Coaching.