A classic budget-wrecker is the ubiquitous restaurant. This is so much the case that most tip lists for reducing cost-of-living expenses argue for drastically reducing and/or eliminating dining out. For someone debt-laden, this is excellent advice. However, even when minimizing trips, the occassional restaurant will be tough to avoid, in part because eating out is such a cornerstone of our social culture. When working to pay down debt, consider these strategies to limit the amount spent.
- Look up the dining establishments’ menus on the Internet. If Googling the restaurant and location doesn’t produce results, check it out on a site like Yelp, which may have links to more information. To reduce the chance of getting hit with surprising charges and to identify budget-conscious items on the menu, this a no-stress way to reduce expenses before the split second that passes between seating and placing the order.
- Skip appetizers, drinks, dessert, and coffee. If drinking, dessert, and/or coffee are important parts of your eating ritual, swing by a bar, ice cream stand, or coffeeshop afterwards. The prices will likely be cheaper than at the restaurant. Better yet, if you’re out with friends or significant others, take the party home. There you can laugh, play games, and consume things bought from the market.
- Consider eating at a restaurant that serves larger entree portions and split a plate with someone else.
- Decide before arriving at the restaurant on a personal spending limit for the trip. This will help you to keep tabs when ordering.
- Simply dine out less. Each time you hit up a restaurant, it will feel more special.
- Student spots. Eating at restaurants that cater to students typically have more options for those on a budget.
- No small plates! Eateries that define their experience as “small plates” will cost too much for too little. This is because you typically need 2-3 “small plates” to become satisfied, and each plate may run from 40-120% of the cost of a typical entree elsewhere. Even at the lower end of the small plates universe, a regular or large plates restaurant may come out more budget-friendly when considering total dining satisfaction.
In short, it is possible to enjoy time out eating and still fulfill a budget. Regina Lewis provides additional tips on dining, including links to sites where, if you reserve a table ahead of time, you can reap significant savings on the total bill.
Raj Patel writes for DebtGoal.com, a do-it-yourself system for getting out of debt and lowering your interest costs. DebtGoal.com incorporates all of the techniques discussed in this post and can help users understand and get visibility to and manage their debt finances.
