Note: I work for ReadyForZero, a startup company trying to help people get out of debt.
I'm doing a personal New Year's Challenge to pay off my credit card debt, and I'm in Week 2 right now, with the focus on cutting down meal costs. I don't usually splurge on eating out for dinner, but when it comes to lunch I've had a tough time being disciplined to make my lunch the night before (so I end up buying lunch at a restaurant or fast food place near my work).
I wanted to find out what tips you use to save money on meal costs?
I've tried using debit cards instead of credit cards, to make it psychologically more painful to spend money, and now I'm trying to use cash instead of debit cards, but it has been pretty hard to change those behaviors.
The BLS estimates that 12.5% of the average family's spending goes toward food. That seems a little low, and that number obviously changes quite a bit depending on where you live. However, even 12.5% can but a significant strain on your budget.
With the costs of food rising nationwide, and with millions of people trying to pay off credit cards, I know there are a lot of people who are in the same boat as me. This will be something that many of us are working on for some time. I'm lucky in that I don't have any remaining student loans, and I can only imagine how hard it must be for those who have to add that to their monthly bills, or for those who are unemployed and trying to find a job in this economy.
Here's the link to my own challenge: Ben's Get Out of Debt Challenge
I look forward to hearing any tips you have!
--Ben
Update: Here are some great ideas from comments:
Catte Nappe:
An "office pantry" - it provides a bit more motivation to find time to pack that lunch if you know that otherwise your lunch is going to be an energy bar, a cup of ramen noodles, and a small pop top can of peaches.
anastasia p:
A. cut out meat, period. This cuts your food budget in half. I did it 40 years ago and never went back.
B. cut out all junk food and empty calories – no sodas, no nachos, none of those little cylindrical cheese things that look like orange styrofoam packing material. I also never went back to this, have no taste for them. My vice now is a little bit of dark chocolate every day.
C. fresh vegetables and fruits in season comprise most of diet. Grocery stores often put produce on sale to lure you into the store to buy overpriced boxes of cereal. Buy what's on sale, and never go in the middle aisles.
karmsy:
No sit-down cloth-napkin meals out (unless I'm treated :) Also, very seldom buy drinks out, to accompany a meal or at any other time. To quench my thirst, I make due with chilled water and occasionally unsweetened tea. If I were a coffee drinker, I reckon I'd have my own grinder and get my own beans, and carry it in my own thermos, for economy's sake.
boston to salem:
Make sure you are planning meals, using leftovers and scraps (soups are a wonderful way to use the smallest amounts of food)
Update 2: Too many great suggestions to post here, but do take a look through comments for some insightful, creative tips. Thanks very much everyone!