Back to the monthly budget tips we go.  It goes without saying that one of the high cost monthly items in your budget is the restaurant bill.  I love eating out, and so does my wife.  It has been a difficult area to try to control costs since we do enjoy it so much.  As the average cost of going out to eat has increased dramatically over the recent months, we’ve been more thoughtful about how often we go out to eat.  The problem with eating out in our case is that we tend to gravitate towards more expensive restaurants.  It’s not that we don’t ever eat fast food or go to chain restaurants, it’s just that we do so less often.  Thus, it behooves us to make some adjustments in this area in order to decrease the outflow of cash on consumption.  I can’t stress the obvious too much.  Less money towards consumption and more towards savings/investing means that your wealth grows.

So, I thought I would discuss some tips about lowering your monthly restaurant budget costs.  We’ve found that planning dinners on a weekly basis has been one of the biggest keys to managing our frequency of eating out.  It does require some extra organization, but it is worth the savings.  Again, I’m assuming that we are talking about savings from higher cost restaurants versus fast food scenarios.  Certainly decreasing the frequency of eating out at fast food places is helpful, but it won’t have nearly the same impact.  The other benefit about such meal planning is that you can also work to decrease your monthly grocery bill at the same time.  You see it all comes together nicely when you plan.

When you do venture out to your favorite eating establishment, some of these tips may be helpful.  One of the ways we’ve decreased costs has been to decrease the quantity of alcoholic beverages.  For example, holding off on predinner cocktails and simply drinking wine with dinner is an idea to try out.  Looking at the menu online prior to going out to dinner is an option that we have nowadays, and this can certainly lead to some savings.  It’s not something I do regularly, however I have found that when I have taken a quick glimpse at the menu, it has really made a difference.  Ordering the special may also be a bit of savings.  Investigating  Restaurant.com is also an idea.  It’s a great site to check out and see if any of your favorite local restaurants have any decent deals.

Managing your monthly budget is not the sexiest thing in the world.  I would imagine most physicians would rather not think about it.  But, some of the simplest changes in monetary habits can lead to some very nice savings over time, and these savings can be turned into further gains.  That’s where we’re headed.  Until next time here’s to your wealth.

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