How to Save Big: Cutting Down on Alcohol and Dining Out Expenses

Eating out and drinking at bars or restaurants are often seen as ways to unwind, celebrate, or enjoy social occasions. However, if you regularly dine out or drink in excess, these habits can silently drain your finances over time. In this actionable guide, we will explore practical ways to cut down on alcohol and dining out expenses, so you can save big without sacrificing enjoyment.

Understanding the Impact of Dining Out and Alcohol Consumption on Your Budget

Before diving into ways to cut down on these expenses, it's essential to understand how much you're truly spending.

The Cost of Dining Out

Dining out may seem like a small, occasional treat, but the costs can quickly add up. Here are a few points to consider:

• Average Meal Costs: A meal at a mid-range restaurant might cost anywhere from $20 to $40 per person, excluding drinks or desserts.
• Drinks and Add-ons: Adding drinks, appetizers, or desserts can easily increase your bill by another $10 to $20 or more.
• Weekly Impact: If you dine out twice a week, you could spend between $160 and $320 a month, not including the cost of drinks.

The True Price of Alcohol

Alcohol is often a significant part of dining out, whether you're having a glass of wine with dinner or ordering cocktails at a bar. But alcohol is notoriously expensive in restaurants and bars. The cost can vary, but here are a few examples:

• Wine and Cocktails: A glass of wine at a restaurant can cost anywhere from $8 to $15. Cocktails, depending on the venue, can cost upwards of $12 to $20 each.
• Spirits and Beer: A pint of beer or a mixed drink at a bar typically ranges from $5 to $8, with happy hour specials offering discounts.

If you frequently drink alcohol while dining out, your total monthly expenditure can easily exceed $100 or more.

Total Monthly Expenditure

When combined, dining out and drinking out regularly can result in spending hundreds of dollars each month. Over the course of a year, this could amount to thousands of dollars that could be better spent elsewhere or saved for the future.

Plan Your Meals and Reduce Dining Out Frequency

The first and most effective strategy to cut down on dining out expenses is to plan your meals and reduce the frequency of eating out.

Meal Planning and Preparation

• Create a Weekly Menu: By planning your meals for the week, you can make sure you're not tempted to grab takeout or go out for a meal. Choose easy-to-make recipes that you can prepare in bulk. This way, you'll always have something tasty and satisfying to eat, making it easier to resist the urge to dine out.
• Cook in Bulk: Cooking larger portions of meals like soups, stews, or casseroles allows you to have ready-to-eat food on hand for the entire week. Bulk cooking not only saves you money but also time, as you don't have to prepare fresh meals every day.
• Use Leftovers: Repurpose leftovers into new dishes. For example, leftover roast chicken can be turned into chicken tacos or sandwiches. This ensures you're not wasting food while keeping your dining costs low.

Reduce Dining Out Frequency

• Set Limits: If you currently eat out several times a week, try cutting it down to once a week or once every two weeks. This can be your "treat" or social meal, making it feel special rather than a regular occurrence.
• Substitute with Social Home Gatherings: Invite friends over for dinner or drinks rather than going out. Cooking together can be a fun and cost-effective alternative to dining out. Potluck-style gatherings are especially affordable, as everyone brings something.
• Use Technology to Find Deals: Many restaurants offer discounts or special promotions through their apps or websites. If you plan on dining out, check for any available coupons or happy hour deals. Apps like Yelp or OpenTable can help you find places offering discounts and promotions.

Cut Back on Alcohol Consumption and Save

Alcohol can be a major contributor to high dining out costs. By reducing alcohol consumption or changing how you drink, you can significantly lower your dining and drinking expenses.

Drink Less Alcohol While Dining Out

• Order Water or Non-Alcoholic Drinks: One of the simplest ways to save on alcohol costs is to drink water or opt for non-alcoholic beverages like iced tea or sparkling water. Not only is this better for your health, but it also reduces your bill.
• Limit the Number of Drinks: If you enjoy having a drink with dinner, consider limiting yourself to one drink instead of ordering multiple rounds. You could even set a monthly budget for alcohol spending to keep yourself in check.
• Share Bottles of Wine or Beer: When dining out with others, consider ordering a bottle of wine or beer and sharing it rather than ordering individual glasses. Bottles are often more cost-effective, and sharing helps reduce your per-person alcohol expenses.

Enjoy Alcohol at Home

Instead of going to a bar or restaurant, try enjoying alcohol at home or at social gatherings with friends. Alcoholic drinks are much cheaper when purchased for home consumption, and you'll have more control over portions.

• Buy Alcohol in Bulk: Purchase wine, beer, or spirits in larger quantities to save money. Stores often offer discounts when you buy in bulk, and you'll have drinks on hand when hosting at home, reducing the need for expensive restaurant purchases.
• Mix Your Own Cocktails: If you like cocktails, try making them at home. Buying the ingredients for a cocktail can be significantly cheaper than ordering one at a bar. Invest in a few basic cocktail-making supplies (such as a shaker, glasses, and mixers) to start mixing your own drinks.
• Limit Alcohol-Only Visits: If you tend to go out just for drinks, try to limit these occasions. Instead, enjoy drinks at home or at gatherings, where you can control the quality, quantity, and cost of your drinks.

Budget for Dining and Drinking

Setting a budget is crucial to managing both your dining and drinking expenses. A well-defined budget can keep you accountable and help you avoid overspending.

Set Clear Dining and Drinking Budgets

• Track Your Spending: Use a budgeting app like Mint, YNAB (You Need a Budget), or even a simple spreadsheet to track how much you spend on dining out and alcohol. Keeping a clear record will help you understand where your money is going and highlight areas where you can cut back.
• Allocate a Specific Amount: Once you know your average monthly spending on dining out and alcohol, set a reasonable budget that works for your financial goals. For example, if you're spending $300 a month on dining out and alcohol, consider reducing that to $150 or $200.

Stick to Your Budget

• Cash or Prepaid Cards: Use cash or a prepaid card for dining out or buying alcohol. This method limits your spending to the amount you have available, helping you stay within your set budget.
• Avoid Impulse Dining: If you're out and get the sudden urge to dine out or buy drinks, pause for a moment to reconsider. Ask yourself if it's worth the expense or if there are cheaper alternatives, like going home and preparing a meal.

Find Alternative Ways to Socialize

Eating out and drinking are often part of social gatherings, but there are alternative ways to enjoy time with friends without blowing your budget.

Explore Free or Low-Cost Activities

• Potlucks and Picnics: Instead of going to an expensive restaurant or bar, host a potluck or picnic. Everyone brings something, and you can enjoy a relaxed atmosphere without spending much money.
• Outdoor Activities: Take advantage of free outdoor activities such as hiking, biking, or having a beach day. These activities can be just as enjoyable as going to a bar or restaurant but at a fraction of the cost.
• Home Entertainment: Host movie nights, game nights, or DIY cocktail parties at home. With the right atmosphere, these gatherings can be just as fun and memorable as going out, without the hefty price tag.

Conclusion: Saving Big Without Sacrificing Fun

Cutting down on alcohol and dining out expenses doesn't mean you have to give up enjoying good food, drink, or socializing. By being mindful of your habits, planning meals, and making smarter choices when it comes to alcohol, you can significantly reduce your spending. The key is to strike a balance between enjoying life and being financially responsible.

With the strategies outlined in this guide, you'll be well on your way to saving big while still enjoying the things you love. By making small changes today, you'll have more money in your pocket tomorrow, which you can invest in your financial future or use to fund experiences that truly matter.

View Product