Today’s tip is to have people over to your house instead of meeting at a bar or a restaurant.
What Would An Indian Do?
This is one of the most cost-effective things you can do this month — even if you only do it once or twice. Let’s assume you spent $50 each time you go out, including gas, drinks, food, tips, tax, misc (valet / lending money you’ll forget to get back / buying gum). Changing your spending pattern for just one of those can save you hundreds per year.
When you go out, the point is to hang out with your friends. Think back to just a few years ago, when you would drink out of a decomposing milk bottle and live in a 75-square-foot box with another human being. I’m sure you can suck it up and sit on a folding chair. But we have a bunch of excuses in our head as to why we can’t invite people over, so I thought I’d highlight something I read that opened my eyes.
Here’s an excerpt on hosting people at your house from Never Eat Alone (the best book on building relationships and staying in touch with friends and business contacts):
It can be a potluck. It can be a dinner party. It can be ordering pizza. But by staying home, you’ll avoid the ravages of tips, taxes, cabs, and marked-up drinks.
One last thing to make your life easy: If you’re supplying the food, don’t try to be Mario Batali. Just buy some pre-packaged foods and take it one step at a time. On your fourth or fifth event, you can try cooking. Also, if you have a Trader Joe’s near your house and want see what kind of stuff you can make with their ingredients, go here: http://www.traderjoesfan.com/Trader_Joes/recipes/
Reader tips on saving money on eating out with friends:
“Pre-eat. Before going to out to dinner with friends, I eat from what I already have at home. Then, when I go out with friends for dinner, I order soup or an appetizer. This way I’m still being social, and I get my fill, but I’m not blowing my budget. Or, instead of making dinner plans w/friends, make dessert plans. You’re still going out and being social, but again, not spending $14 + on dinner.”
–Natalie Bradley, Washington DC
“As an office, we decided that we were all spending too much on eating out, so we have been taking turns making things like casseroles and soups, and crock pot dishes to share. We have been doing this one to two times per week, which keeps us from eating out on those days, as well as this being an awesome opportunity to get new recipes and sample all different foods. There are 6 of us in the office, so we rotate, and it works out well. We even have recipes now that people look forward to because they are so delicious.”
–Ashley Witmyer, Toledo, OH
Total savings: $50 to $200 per month
Links of interest
Official USDA Food Plans: Cost of Food at Home at Four Levels
Last thing to do
1. See other tips in the Save $1,000 in 30 Days Challenge
2. Leave a comment on this post describing how much you’re saving with this tip and any unusual techniques you use to make this tip work.
If you found this post helpful you’ll probably like my new Ultimate Guide to Personal Finance. This is an excellent place to learn more simple ways to improve your personal finance and money management.