Why Eating Out is Ruining Your Finances

Why Eating Out is Ruining Your Finances

According to a recent financial study, 72% of Canadians dine out and 71 % order takeout more than a few times a month – making restaurants spending the number one indulgence for Canadians.

Regular eating out can cause you to live beyond your means, having to put these expenses on your credit card. If you ever go over your limit or get near it, or can’t pay your bills on time; your credit will suffer.

Luckily, there are some ways to lower restaurant costs and keep finances on track.

  1. Every Saturday or Sunday, sit down and create a menu for the upcoming week. Select easier meals for the busier nights. Plan to make enough at dinner each night for you to have leftovers for lunch.

  2. Next, make your grocery list based on what you need for each of the planned meals, along with any snacks and household items.

  3. Go grocery shopping and stick to this list — no impulse purchases! You will learn produce is actually quite cheap.

  4. Come home and prepare some of the food to save time during the week.

BONUS: Pay yourself first

If you’re still having a tough time keeping your restaurant spending under control, focus on what you can do with that money instead. For example, the $200 you may plan to spend on restaurants, you can allocate it to paying off a $5,000 credit card bill faster. By accelerating payments, debts can be paid off faster.

If you’re looking for a credit counsellor in Toronto, get a quick assessment with us today or call us at 416.900.2324. We will help you develop a plan, reduce your interest costs and get out of debt over time.