Have you ever analysed “How often do you eat outside ?”. Do you know the implications of eating outside regularly? Have you made a personal budget for the same?
The best part of living in any city is “Usually You will get food anytime“. But let me share with you details of why many of us (including me) like to eat outside be it a restaurant or a roadside vendor.
Why Do we eat outside?
There might be several reasons people opt to eat outside in a restaurant. It’s a personal opinion of each and everyone. Some of the reason I can think of include –
- You are a foodie and likes to try out every now and then.
- Talking about India, there is a huge young workforce who are staying away from family in big cities.
- People hate to cook and clean the mess afterwards.
- We are living in the age of Internet. On Click of a Button, food is delivered to the place you want. Some of the options I can think of in Bangalore is Swiggy. I am truly delighted with the service they have provided. And I have seen a couple of delivery people who work in bad weather as well. Good Job Swiggy
- People are attracted to World of “FREE” goodies and offers. I have seen many food startups who are giving first order for free and I have seen people misusing the same.
- One of my known colleagues is a hacker and he had cracked app of a very famous food startup and was getting his food delivered for free.
- Many of us get BORED eating the same thing daily. I always want to free up the cook maker in my home. So occasionally I think of ordering from outside.
What are the effects of eating outside?
Being a part time blogger and having a full-time job to support my family and living in a big city, I find very little time to do anything apart from my work.
This is the story of many of us. We end up eating outside in a restaurant. If it is a very regular habit, I believe every one of us knows that it will affect our health. I would recommend you to read “10 Reasons to stop Eating Outside “
Financial Costs of eating Outside:
How much are you paying to eat outside? Have you made a budget and analysed How much are you spending on eating outside every month? When I say eating outside, it also includes your all other expenses like travelling cost from your home to restaurant, expenses you incurred on planning the same, giving tips to servers.
I did a self-analysis of my expenses of eating outside every month. I figured that I was spending a lot which could have been easily saved, invested and could have created a value for itself.
Let us see it in numbers:
I was having a monthly income of roughly 1,00,000 INR. One of the best things I have done is I have allocated 50% of my income towards “investment“.
Out of the remaining 50% – My expense allocation includes-
- 15% for House Rent.
- Out of remaining 35%, 5% allocation for Groceries, vegetables and other household expenses.
- Out of 30%, 5% more for all Utility payments.
- And another 5% for all other misc expenses.
- Rest 20% was to save for emergency expenses.
So, 5% allocation of my money was towards miscellaneous expenses. THIS IS THE PART WHERE MY EXPENSES OF EATING OUTSIDE was being covered.
What was my Real Expense towards Dining Outside?
It was a staggering 15% of my monthly income. My weekdays used to work fine for me but when it comes to weekends, my expenses increased.
15% of Income is a very high figure that I spent on dining outside.
Action plan to reduce expense towards Dining Outside:
Left with no option other than to reduce my expense, I had to chalk out a plan to do the same:
- I started paying in cash whenever I went to have dinner / lunch outside. So I was actually aware of how much I was spending. This exercise of paying in cash will always work.
- I started spending more time in my home. This drastically reduced my chances of eating out.
- I uninstalled all the food ordering apps. But there will be times when we need it for sure. So I started to install it only whenever it is required. After I ordered in the app, I used to Uninstall the app. This way I reduced my chances of getting accustomed to the app.
- I reduced fund allocation by 5% towards the expenses part. So my expense allocation is 45% and remaining 55% is invested towards others. You can find a preview of my investments here: My Investments.
Please do share so that everyone gets aware of How they can improve their financial lives. Also, let me know in comments if you have made any such decisions to reduce your habit so that all of us can benefit and enjoy our life.