Disclaimer: I am not a financial advisor. For financial advice, please seek out the help of licensed professional, like George Acheampong.
Income does not indicate wealth. I am learning that more and more every day. Some of the people I know with the highest incomes are the worst with money. New cars every year, new homes every five, eating out for lunch every day. And I don’t know what kind of deal someone gets on a home or a car so I won’t speak on those. Instead, I will touch on how much money you save by bringing your lunch to work and you can see why, on any level, spending unnecessary money is unwise.
Let’s say I go out for lunch four days a week. One day, I go to Panera Bread. Another, Chick-fil-a. Then a local pizza spot. And last, I hit the food bar at the local grocery store. If I get an entrée, side, and drink at all of these places, I could quickly spend $8. But we’ll be optimistic and say I got the lunch special at all of these locations and I only spend, on average $6.50/day. Then add in tax at 7.25% and I’m spending an average of about $6.98 on lunch every day. That’s $27.89 weekly. And, assuming you get four weeks off per year (observed holidays, vacation time, sick days), that’s $1,338.48 per year spent on lunch.
On the opposite end of the spectrum (because I do believe in working and enjoying what you work for), what if I went out for lunch once every other week, spending $2 more per meal? Likely a higher quality lunch from nicer places, just less frequently. That’s about $9.14 per meal and $204 annually.
Life doesn’t have to be bland to be great. You can still go out, enjoy yourself, and keep money in your pocket. I’d rather save that money than to say “Well, I was so lazy that I wasted $1,100 this year.” Over a lifetime of working for 40 years, that’s $45,379.20.
Just some perspective on how much you could be saving.
People who either want to look rich or are undisciplined spend uncontrollably. People who want to be wealthy find better uses for their money, whether that use is savings or making memories or investing in their happiness. It’s a process. I still waste money but I waste a lot less than I used to. It’s all about making a decision that you’re going to do better. Take that and apply it not only to food but to how often you buy a car or a home.
Make financial discipline a priority.