We all love to treat ourselves to a good meal. However, for many Americans, going out to dinner or ordering takeout is a weekly or bi-weekly event. And while there’s nothing wrong with treating yourself, the reality is that approximately 60% of Americans report having $1,000 or less in their savings accounts.1 That’s very little savings and lots of restaurant meals.
So. why are Americans choosing the expense of takeout. delivery and restaurant meals over cooking at home?
It’s Fun
With a push to value experiences over things, many individuals and families are spending their dollars to maximize enjoyment and that includes multiple dining experiences during the week. Going out-whether it’s with friends, family, or on a date-is a fun thing to do to break up the week.
We’re Swamped
Many Americans work full-time, and add to those hours the pressures of school, activities for kids and other commitments and it’s clear many of us have a lot going on. Often, the stress that comes with a lot of obligations means a tendency to overeat. And there’s no industry better at indulging your craving for fat. salt and sugar like the restaurant industry, which is why we might find ourselves turning to takeout when we’re feeling stressed.
We Have Serious FOMO
If you’re not familiar with FOMO—“fear of missing out”—it’s probably good to acquaint yourself with the term. Most of us feel at one point or another like everyone but us is out there having fun and we want to join the party. So when a friend calls and says, “Hey, you should come out.” we’re left feeling like our options are to sit home and feel left out. or join them even if it’s not in our budget.
We Didn’t Plan
It takes a little forward-thinking to successfully beat the urge to go out. Whether you’re cooking for yourself, your family, or a group, taking the time to plan out your meals for the week and shop for the ingredients takes time. And many of us feel we lack the skills to be good cooks, making this whole arrangement seem more challenging.
So What Can You Do About It?
You probably know why you’re reticent to cook meals at home every week, but changing set behaviors is not an easy task. What can you do to save
yourself the cost of frequent meals out?
While the siren song of takeout can be hard to ignore, there are things you can do to stay in control of your eating habits and your budget. With some careful planning and a change in attitude, you can be on the way to saving more every month. Remember, even a little goes a long way when it comes to saving! If you’re looking to create a budget to save for your priorities, let Jemma Financial help you. Our experienced Financial Advisors can work with you to develop a customized savings and investment plan that works for you.
1 “Americans’ Savings Drop to Lowest Point in Years.” gobankingrates.com. 2/13/21. 2 “Consumer Expenditures-2019.” U.S. Bureau of Labor Statistics.
Need assistance? Call 855.662.2121 or email info@jemmafinancial.com
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IMPORTANT NOTICE
You are now leaving the Jemma Investment Advisors, LLC Website and will be entering the Charles Schwab & Co., Inc. ("Schwab") Website. Schwab is a registered broker-dealer, and is not affiliated with Jemma Investment Advisors, LLC, or any advisor(s) whose name(s) appears on this Website. Jemma Investment Advisors, LLC is independently owned and operated. Schwab neither endorses nor recommends Jemma Investment Advisors, LLC. Regardless of any referral or recommendation, Schwab does not endorse or recommend the investment strategy of any advisor. Schwab has agreements with Jemma Investment Advisors, LLC under which Schwab provides Jemma Investment Advisors, LLC with services related to your account. Schwab does not review the Jemma Investment Advisors, LLC Website, and makes no representation regarding the content of the Website. The information contained in the Jemma Investment Advisors, LLC Website should not be considered to be either a recommendation by Schwab or a solicitation of any offer to purchase or sell any securities.
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