How Eating Out Keeps You Poor!

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Restaurants are getting more and more expensive, yet Americans are eating out more often. How much damage is this doing to your long-term financial goals?

Two Cents on Twitter: @twocentspbs

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Two Cents was created by Katie Graham, Andrew Matthews, Philip Olson CFP® and Julia Lorenz-Olson and is brought to you by PBS Digital Studios. We love dropping some knowledge on all things personal finance and helping you make better money decisions.

Two Cents is hosted by Philip Olson, CFP® and Julia Lorenz-Olson
Directors: Katie Graham & Andrew Matthews
Written by: Andrew Matthews
Executive Producer: Amanda Fox
Produced by: Katie Graham
Edited & Animated by: Andrew Matthews
Images by: Shutterstock
Music by: APM

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I went all cheap for 4 whole years. I never went out and didn't buy anything I didn't need. I saved up a lot. Enough for a house down payment. But I figured out that you only live once and enjoy your money while you can. You may not wake up tomorrow and all that money you saved up means nothing. Be smart with your money, everything in moderation is the key. Enjoy yourself but have a budget. That's my two cents 😁

yaboijuan
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I'm a waiter at a upscale steakhouse that charges you $42.95 for a ribeye steak with baked potato and some steamed vegetables. After finishing my work I went down the supermarket 2 blocks down and bought the same ribeye for $8.99 on sale, potatoes were 89 cents a lb, and other vegetables also at insane cheap prices. The Merlot we sell for $40 is also $7 here.

Yeah, you guys should stay home and cook. Throwing a baked potato in the oven and cooking a steak is brainless and is barely any work. But then I'd be out of a job so continue to spend away your money!

ryanxwonbin
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Honestly working in a kitchen in the restaurant industry has overall saved me a lot of money not just the free food but probably more importantly it ruined the experience just enough that I really don't eat at restaurants anymore 😂😅🙃

CNDCarManiac
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I'd love to see an updated version of this video taking into consideration how much inflation has affected grocery prices.

JeffP
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Im 24 now i came out of prison a year ago and like the first week i was out i started watching your videos and you guys taught me a lot. When i got out i didn’t have nothing.. not even my own clothes had to wear some of my brothers clothes. As soon as i got a job i took notes on all your videos and here im a year later doing better than a lot of people i know! Thank you guys I wouldn’t know where I’ll be without you guys ♥️

Innerprize_
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Best financial advice my Mom gave me "There's food at home" lol

tyler
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I think there is a big difference between eating out every lunch and a dinner or two and eating out once as a fast casual or middle of line sit down restaurant as a date night if you are married. One is paying a ton for wanting something quick, another is investing in a relationship.

kingbonezai
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When I was a teen, my older brother in his mid-20s gave me this financial advice: live with mom and dad as long as you can.

aarondavid
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Order water when you eat out! Drinks and alcohol will wreck your bill.

jeffleonard
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My daughter and her boyfriend love cooking meals together while they attended college. She often sent me pics and their meals looked like top dollar plates but not with the high dollar price to eat at restaurants. Her father and I taught her that cooking at home is always tastier, healthier and financially smarter!

lucylara
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This video completely changed my life. Ever since it was uploaded I stopped eating.
Now I am a millionaire ghost

sayancse
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Example: " So glad our $10, 000 kitchen remodel is finished. Well let's celebrate and go out to dinner."

michaellittlewood
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Heres to you guys calling me on my bad habits again like a true friend should 🍻

mradult
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Heard a guy complain today at the senior center how eating out all the time was just killing him financially. I tasked him why he didn't cook his own meals and he said he never learned how, his mother never taught him. I said my mother really didn't teach me a whole lot and she definitely did not teach me how to make a lot of the things I like to make because we didn't eat that kind of food growing up. What I did was teach myself, first starting out with simple quick things and then getting more complex as my skill level increased. I rarely go out to eat now and when I do, I often find myself thinking, I can do a much better job of making this at home!

theresemalmberg
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This is spot on. Until COVID, I didn't realize how much I was spending eating out. No second thoughts about stopping for a burger or wings, a couple beers after work. Picking up breakfast. Out for lunch for work, etc. COVID changed my habits that stuck after lockdown and getting closer to normal. Had saved thousands a year or so later. Suddenly found myself in the market to buy a house. Could not have pulled together the meager down payment on FHA mortgage had I not head that huge head start.

WillieMcX
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"A bottle of Our Daughter's College Tuition"

Dead.🤣

tjykhr
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I have so many friends who eat out all the time. These are the same friends who always complain about being broke.

TheBskids
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Most people working a minimum wage job already know not to eat out 3-5 times a week. I wish there was more focus on WHY so many people cant afford to do things that are an "important social and professional aspect of your life" (as they say). I wish there was more content that talked about how we could solve issues like that as a community instead of putting responsibility on broke individuals

bigfrogzgame
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I’m 36 and single and spent a majority of my early 30s justifying eating out because “it’s too hard to cook for just one person.” But once lockdown came upon us, I started cooking for myself and now I only eat out for special occasions. I’ve saved about $10, 000 in 3 years.

thelonelyghosts
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PRO TIP: Don’t eat, use the sun. Photosynthesis is a good way to save a lot of money.

josehosev