How much to budget for eating out?

[xclonexclonex]

I am looking to set aside a certain amount every month to eat out (including lunch at work). I am not sure how much is the right amount.

This month, I spent up to $94 eating out, and I am not particularly happy about that.

So just to get an idea, how much is considered OK?

Any input will be appreciated.

Thanks.

[disneysteve]

This month, I spent up to $94 eating out, and I am not particularly happy about that.

If $94 is too much, pick an amount less than $94 that you would be okay with.

That's not really a question we can easily answer for you. It depends on your overall budget, expenses, debt, savings, etc.

[xclonexclonex]

If $94 is too much, pick an amount less than $94 that you would be okay with.

That's not really a question we can easily answer for you. It depends on your overall budget, expenses, debt, savings, etc.

I understand that the question is not very specific because I did not give any background information.

Cell Phone - $70.00
Fuel - $60.00
Groceries - $160.00
Insurance (car, medial) - $400
Internet - $55.00
Laundry - $10.00
Phone card - $5.00
Purchases - $60.00
Rent - $640.00
Utilities - $150.00
Debt - $0

Total - $1610 (more or less)

So given this, I am not entirely sure how much I should budget for eating out.

[disneysteve]

Total - $1610 (more or less)

So given this, I am not entirely sure how much I should budget for eating out.

How much do you earn?
What percentage of income are you saving for retirement and for other purposes?

[MonkeyMama]

Agreed with Steve. Depending on your income and savings goals, $0 - $500 might be reasonable. We really have no idea how to answer this question for you.

Why are you not happy with $94? Do you wish to be saving more? Or using that money for something else?

[xclonexclonex]

My net income is $2779 per month.

I am not saving anything for retirement as such. I put all my left over money in my savings account. My strategy is to spend as little as possible because I am not good with money, and investments. I am looking to change that, but for now, the goal is to keep spending to a minimum.

So I am not sure if I should be spending $100 a month on eating out...I mean that's $1200 a year...

Sorry about the open ended question.

[JoeP]

This type of question has come up in the past. It really boils down to how much you value the convenience and variety you are getting for $94 a month.

If you feel you're paying too much, and want to trim that expense category back, you need to find a way to feed yourself for less. This requires some planning in that you need to shop for ingredients, and also need the time and ability and tools to prepare meals yourself.

There is a Coupons, Food & Recipes forum here that offers lots of advice that may be helpful to you.

[disneysteve]

Total - $1610 (more or less)

My net income is $2779 per month.

I am not saving anything for retirement

You have a monthly surplus of almost $1,200 but you aren't saving for retirement. WHY NOT?

Does your employer offer a 401k with a match? If so, sign up immediately and contribute enough to get the full company match. I'm guessing you gross about $48,000. Is that about right? You want to save at least 15% of gross for retirement so that would mean about $7,200 for you.

If contributing to the full 401k match (or you don't have a 401k) doesn't get you to 15%, then open a Roth IRA and fund that for the rest. You can still contribute $5,500 for 2013 until April 15 and can also start funding for 2014 for another $5,500 (or as much as you are able).

Do you have a 6-month emergency fund in place? You also need to do that. If your monthly expenses are $1,600, that means setting aside roughly $10,000 in savings.

If you run the numbers and can fund the retirement accounts and work on building your EF and still have money remaining for eating out, which you should given that $1,200/month surplus, that's how you need to work through what a reasonable amount is.

[llckll]

If your employer doesn't have a 401k plan, the POTUS mentioned "MyRA" coming soon on yesterday's SOTU. You can invest in that along with a ROTH IRA.

Google search for myra: https://www.google.com/search?q=myra...m=122&ie=UTF-8

Personally, $94.00 a month is pretty reasonable to me. You said "including lunch at work" which means you eat out for breakfast and dinner sometimes.

[kyoko]

It sounds like you manage your money pretty well despite what you said. You have almost $1200 surplus, and putting it into the savings. If you have a lot of food in the refrigerator and go out eat and rotten your food, then you should feel unhappy about it, but other than that, 3% of income for eating out doesn't sound too bad. I understand things could add up, but it can be anything. The core issue is how much you value about things, in this case, going out to eat.
If you don't think eating out is not much of your value, then you may want to start packing your lunch. If you go out lunch with your friends and enjoy the time, of even just to refresh your air, or convenient because you come home exhausted, I think it is worth spending $94.

[kyoko]

It sounds like you manage your money pretty well despite what you said.

I have to make a comment on my own comment... this is beside your investments and retirement plans. Theses are definitely areas you can work on more.

[cschin4]

Yes, go to HR and check with your employer. I have found that at some of the places I have worked, there were available optional contribution plans but the employers were not very good about explaining that to new hires. You may have some type of payroll deduction that can happen, etc.
And, you should simply just get into an index fund, S&P fund or something through Van Guard or other fund and you can have $25 a month or more deducted from your bank account.

As for eating out, you can eat out as much or as little as your budget allows. Depends on how important it is to you versus how important to save the cash. But, there are cheaper ways to eat out. For instance, do not order a drink such as tea or soda or coffee. Just order a glass of water. Do not order appetizers or any dessert. If you crave dessert, pick up something sweet at the grocery store on the way home. Also there are cheaper times to eat out like lunch or breakfast instead of supper.