Welcome to our June 2019 check in! One of our main goals right now is to reduce our restaurant (including fast food) costs. Over the course of the past year, we averaged approximately $520 per month on restaurant costs. Insane. Our first food challenge goal (of hopefully many) is to keep our restaurant costs to $350 or less per month.
For the first half of the month, we are at $166.16! Just under half, so not bad! We had some family in town from out-of-state that bought a big meal for us, and we bought some additional food to accommodate them as well. What we have found this first month, is that we’re spending a lot more on expensive groceries. I know we’ll tackle the general grocery costs at some point, because those are exorbitant as well.
Reader, let’s hear about your food goals! Do you have any expenses that you are following closely? Or maybe it’s all of your expenses… drop me a line in the comments and let me know!
Dear Reader, hold on to your pants. You’re about to see some big numbers!
Let’s start this post out with total honesty: We spend too much money on food. I could feel it in my soul. And with financial independence (FI) as an ultimate goal, I decided to dig in to the numbers. Though I have pretty much ignored it for years (problem numero uno), we have always had Mint.com. I logged in and started going through transactions. And our transactions can be summed up like this: Restaurant, restaurant, fast food, amazon, restaurant, restaurant, restaurant, restaurant….
I decided to go to only 2 food categories to try to help me see clearly where money is going in regards to food, and because I know eating out is more expensive than eating at home. Now we have Groceries and Restaurants (which includes fast food). Then, I looked at the bottom line for the Food category.
We spend about $1200/mo on food.
And the restaurant piece of that is ridiculous. Let’s take a look:
The two highest months are months that we traveled extensively, which makes sense to me. But that’s over 250 times in 11 months! That’s an average of over 20 times per month, and over $500/month of spending.
I talked to my husband about this. We’ve always been great about working towards a goal. Some might say that we are a bit too inflexible when we are working towards something, but I think that’s great for this type of thing. So, we’re challenging ourselves to spend no more than $350/month on restaurants. Whether or not we meet this mark, I’ll be documenting this journey on the blog. I will have a mid-month check-in and a post-month report post. Since May is pretty much a bust, I’ll start with my mid-June check-in.
And very soon, I will find out if this number is either painful or attainable. But heck, $150 of savings is a lot of money per month! And since I need to focus on one thing at a time, I’ll be tackling even more aspects of our food costs in the future.
So join me for this challenge by posting updates or links below, and I will follow along. I’d love to see how other people manage their food costs.