How I Changed my Budget after Quitting my 9-5: The Food Edition
I’m a millennial living in New York City so going to restaurants is part of my social life and a way to explore the city. Without hopping on a plane, I can be dining in Mexico, Nepal or Italy within a walk or bus ride. Unfortunately, similar to everything else, prices for food and drinks at restaurants are increasing in 2023 and it’s hard not to notice.
I answered some of the questions I posed to you in my last article about how spending money on restaurants makes me feel:
Spending money at restaurants makes me feel like I’m supporting local businesses across New York
Going to restaurants gives me a chance to unwind and reward myself after a day of hard work
Visiting restaurants is an opportunity to meet up with friends
What changes did I make?
While restaurant spending is valuable to me, I needed to think about my food budget differently when moving from a steady income to running my own business, especially during the startup phase. Below are some of the changes I made:
I decreased my restaurant budget by half
Since I’m not going to an office I easily cut out fast-casual restaurants and try to go to restaurants only two times a week. If I plan to eat at restaurants more often I’ll look for happy hour deals or less expensive establishments. I don’t want to restrict myself completely, since I’m working on long-term habitual changes rather than a few months of depriving myself. Deprivation is never fun!
I don’t order delivery anymore
I keep a small budget for delivery in case I’m sick, but try to avoid it since it doesn’t add extra value for me and makes excess spending too easy.
I shop for groceries at Trader Joe’s as often as possible
Trader Joe’s is a great store for keeping grocery costs low. I can usually purchase one week of groceries for about $55. I purchase produce at a local shop that keeps prices low for about $10 a week.
I look for food related apps that save me money
My friend recommended using Too Good to Go where you can “rescue unsold food at your favorite spots from an untimely fate.” I made my first purchase last week and got a dozen bagels for $4.99 when the bagel shop closed around 3pm. They were still fresh and now saved from a landfill. The app feels like a win-win-win for the business, environment & me!
I cook at home a lot more.
While I enjoy cooking, it’s not always fun to cook at home as a single person. I’ve looked up many food blogs to get creative with recipes like Budget Bytes & Pinch of Yum. Recently, I shared my favorite recipes on a Google sheet with a few friends across the country. Now, we are all contributing our favorite recipes to stay creative and connected.
What can you do?
Are you looking to decrease your food spending? I recommend considering one or a mix of the following options:
Break down your food budget to categories that allow you to gain insight into your spending.
For example, I use restaurants, groceries, delivery & coffee shops as four sub-categories so I can better understand which categories are the most problematic.
What brings you the most value?
Sure, everyone has to eat and groceries are a non-negotiable, but do you love a cozy night in with your favorite food delivered? Or does going out to your favorite restaurant once a week bring you more value? Maybe you can skip one and keep the other.
Can you find a better deal?
You can stretch your dollar further with coupons, monitoring grocery sales and more. If you don’t want to give something up, try to find a better deal.
Phew - that’s a lot to break down. I look forward to sharing my budget changes focused on working out next week!
Also, I would love to hear how you manage your food spending. Send me a direct message or a comment @pointsforchange on Instagram.
P.S. This is not sponsored by any brands mentioned above and all opinions are my own.
Disclaimer: I am not a financial advisor. My suggestions are simply suggestions and not financial advice. You should always consider your personal financial situation and what works best for you prior to making financial decisions because personal finance is… well… personal.
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