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Finding money to save for retirement can be tough. Cutting down on dining out can free up cash for your savings plan.
The difference between the coffee shop and home could help you save thousands over 30 years.
Choosing home cooking over restaurant meals makes a big difference over 30 years.
You could have $391,754* more for retirement if you bought just two restaurant meals and three coffee shop lattes per week.
You could have $409,295* for retirement if you choose home-cooked meals and home-brewed coffee every day.
The average American eats out
4.9 times per week…
Source: 2018 Dining Trends Survey, Zagat.
…and spends 10% of their
disposable income on food…
Source: USDA, 2018
…with the average household spending
$3,365 dining out each year.
Source: U.S. Bureau of Labor Statistics, September 2018
You can save money by eating meals or drinking coffee at home. Need to be convinced? Track how much you're actually spending at your favorite eatery or coffee shop. Then you can begin to make changes that could potentially impact your future.
How ready you are for retirement may depend on how you handle finances today.
* All calculations assume 6% investment return for 30 years.
Source: Future Value Calculator. Financial Calculators from Dinkytown.net. ©2019 KJE Computer Solutions, LLC. Hypothetical calculations are not based on a specific portfolio, assume a 6% return and reinvestment of all realized gains, dividends and interest receipts. They do not account for the effects of any added fees, expenses, or incurred taxes. If all taxes, fees and expenses were reflected, the reported investment values would be lower.
This material has been prepared for educational purposes only. It is not intended to provide, and should not be relied upon for, investment, accounting, legal or tax advice.