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Sometimes you have to ask yourself if the savings outweigh the benefits. Who will take on the burden to shop, cook and prepare for those additional meals? Will it impact the quality time spent as a family? Only you can answer that. $125 for 9 food portions a week isn’t bad at all if it gives you some relief, rest, freedom and allows for quality time, good deal.
Thank you! I needed to hear this.
That’s what we do. It’s more out of necessity and we try to go for healthy/bang for your buck type of places that last 1.5 meals each
You’re not spending a lot for a family of 3 — just be mindful so it doesn’t keep going up
Coach
Just do simple meals for some days. Pasta, salad, frozen pizza, steamed vegetables.
Rice cookers are very easy once you learn to use them
These things do not take long.
Also leftovers.
I mean that seems pretty reasonable and I’m generally of the camp that people should balance enjoying life now and saving. Do you have saving goals set and are you hitting them or are you just trying to pinch every penny?
PWC2, I look at it a bit differently.
Our retirement accounts are over $1 million with 30 years to grow still. We won’t be touching this and don’t need to fund any longer if we choose not to. On top of that, we’ll have pensions coming (not much but still like $20k a year).
We have investment properties that generate about $80k in revenue a year. Depending on the year, I would see profits of anywhere between $10-30k (not counting principal contributions). They’re all more than 50% paid off.
The FIRE nest egg is in lieu of the savings I would bring post tax. Aiming to generate a $100-130k a year ($1 million nest egg). Like I mentioned, my husband is still working so he’ll pay anything day to day and have health insurance for the family. I just want to make sure our savings are still growing so this isn’t FIRE but more of a FI nest egg. I’ll work when I want to if I’m bored/find a passion project but ideally want to just take care of my family.
We already have 529 accounts and brokerage accounts with savings (but planning to use on a forever home now) so I’m starting the FIRE nest egg from scratch. Ideally, I want the forever home paid off so my husband doesn’t have any mortgage to pay (unless we don’t have tenants temporarily).
My household cooks multiple big meals on Sunday’s that carry’s through most or the week - e.g. huge casserole of enchiladas, 3-4lb salmon with asparagus and sweet potato’s, etc. Maybe try to find easy recipes you can do in big batches?
Coach
Meal prep...
This is a great idea! I’ll start to do it
Subject Expert
One option is to decide that $542 a month is fine for your dining out budget.
I have a three part test I like to use:
1) Is it a reasonable deal? No obvious way to get the same thing for a lot less?
2) Is it what you want? Nothing else you could get that you value more for the same money that you aren't getting now for budget reasons?
3) Is your savings level right? You're saving enough to meet your financial objectives?
If so what's the problem? Just enjoy.
I agree with others that your eating out spending is very reasonable.
One other tip though is to keep something like a bunch of Costco pizzas in the freezer. When you get home and everything it too crazy you at least have pizza which saves you from eating out.
We also love Costco Detroit style pizza
That’s 🥜
My kids like Costco pizza, hot dogs, and chicken bake on a regular weeknight. It makes things easy for me when it’s my turn to deal with dinner for them.
$125 for a family of three? Are you getting Taco Bell?
Subject Expert
The OP didn't say sit down.
Where are you dining out that you only spend 125 for three meals? Corner bodega?
Coach
Oh yah you need to up your freezer meal game. You can easily batch make and freeze Mexican chicken, crock pot some carnitas, freeze rice and beans. Throw on some lettuce and salsa and you’re good to go.
If you were enjoying nice meals out as a family it would be different.