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Are you eating your retirement?
By Deb |
In Smart Women Finish Rich: 9 Steps to Achieving Financial Security and Funding Your Dreams by David Bach, he talks about the money myths that get people in trouble. One of those myths is that more money will make you rich. To the contrary, it’s not how much money you make but what you do with the money you have that makes a difference.
Bach says that most Americans will earn between $1 million and $3 million dollars during their lives. If we’re earning this kind of money, why are so many of us retiring in the poor house?
One reason is because we’re eating our retirement.
Today’s woman is busy. We’re wearing many hats, and sometimes it’s just easier to take advantage of the drive-through on our way to work or after the kids’ soccer practice. We live in an on-the-go world, and fast-food has become part of our cuisine.
But how much is fast food really costing you? According to Money Management International, most America families eat out an average of four meals a week. That’s up 23% over the past few years. Another study by the Halifax bank in the United Kingdom says that the cost of fast food has risen 100% in the past 15 years.
If your schedule makes it impossible to go cold-turkey on fast food, there is a solution. When you make your food budget, dedicate a reasonable amount for food and stick to it. Put that amount in an envelope and carry it with you. This will also curb impulse-buying.
Save money by going to discount grocery stores. I actually buy most of my food from a store where I have to bag my own groceries. I save an average of $30 per week. This store sells generic and name brand foods. But, don’t be fooled by generic labels. A lot of name brand companies sell great-tasting generic equivalents.
You’ll be surprised at how much extra money you’ll save for your retirement when you’re not eating it.
Topics: Cash, Retirement, Thrift |
January 1st, 2008 at 4:00 pm
Great point. When I was trying to come up with a monthly budget I took a hard look at all items we had been spending on for a year. I was stunned to learn we were spending $400-500 on eating out each month. That was on top of our grocery money. We cut way back and now we are not tossing out spoiled groceries and actually are eating much healthier since I know less oil is in the cooking process and the veggies are fresh.