Should You Spend More on Dining Out?

February 9, 2010 |

This is the question that you should ask yourself especially if you belong to the busy professionals in Australia who are fond of eating out most of the time. We all know that because of the busy lifestyle most of these young professionals and business owners have, they just don’t have the time to prepare and cook meals at home. Due to this situation, they resort to dining out most days of the week from breakfast, lunch to dinner. The result? Bigger expenses with less or no opportunity to save.

As an example, new research reveals that an estimated half a million people in Queensland spend $100 every week just to eat out. If we’re to calculate this, the total amount spent each week just for dining out is a whopping $50 million. Further, if this amount is saved in 10 years time, it could already amount to $120.000. And between men and women, it’s the men who are very guilty of this behavior.

According to the survey commissioned by Suncorp Bank, 19 percent of people residing in Brisbane alone spend from $50 to $100 on quick meals or the so-called fast food. Those who belong to this group are obviously the young people (aged 18 to 24) and those in their early 30s to 40s (aged 35 to 44). Men who live alone may be in this category as well although other men can be as guilty. Quite understandable for men to show up in this survey especially those who do not have any interest in cooking at home. Other reasons could be they don’t have enough time to prepare home-cooked meals or they just prefer the social interaction they get when eating out. The usual choice then is to eat out at restaurants either alone or with the company of friends on certain occasions.

But men need not continue on this kind of lifestyle. They can actually save more and settle some of their debts if they spend less on eating out or better yet, stop dining out for good. Financial experts strongly recommend these people should start on a savings program which could be better for their finances. They reason out that the money spent on fast food can be used in paying loans including home and unsecured personal loans such as the cash advance and payday types.

Think about it, instead of incurring huge expenses because of this dining out habit, you are better off using the amount for paying your bills and other outstanding loans. They’re far more important than your own enjoyment. Being a responsible person not only means behaving the right way but developing the right attitude towards managing your money.

Additionally, take the time to learn to prepare quick meals at home and enjoy the experience. If you only increase your interest in cooking, you will eventually discover that you can also create the same delicious food you’re used to eating at restaurants. The only advantage is it’s cheaper to eat at home and no temptation to spend more time there until very late at night especially when there’s work the following day.

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Should You Spend More on Dining Out?

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