A survey by Brandtrust revealed that eating out was the number one reason for breaking a budget for all ages. This makes sense because meals are: times for social and family gatherings, a reward, an entertainment, and a source of enjoyment for foodies and non-foodies alike. However, adding a few alcoholic beverages can double the bill, or more. (This is confirmed that those between age 20-39 in this study were most likely to overspend on alcohol). Regardless of the attractiveness of dining out, budget discipline cannot be ignored.
From assisting others with financial difficulties, I can anecdotally confirm that those who eat out the most also have the most financial struggles. Unfortunately, these people are also the least able to change their spendthrift ways of frequenting restaurants and bars. (I can understand the attraction of dining out: the first time I could read a menu I ordered the Surf & Turf dinner. After the waitress left, my mother reacted, “When the menu item says Market Price, that means you have to ask your father before you order.” Meanwhile, our usual dinner at home could be navy beans on a piece of bread, or tomato soup and crackers. So eating out was like hitting the lottery!)
Any weakness can create a financial calamity and many people associate overspending with a big ticket item. For example, buying a boat that you cannot afford (besides paying for all of the operating and maintenance costs), leaving your credit in bad shape and your savings accounts underfunded. However, it is just as financially damaging to have an unaffordable habit over time – even if it is just one meal out a week that is beyond your budget.
Financial stability is built upon a foundation of realistic budgets and the discipline to maintain them. In order to maintain my budget, I’ve eaten many lame sandwiches and soups to make up for an unexpected expense. It is highly recommended that you do not follow the average herd to financial struggle by repeatedly blowing your budget on dining out.