Virtually every personal finance article that you read about saving money will point out the cost benefits of bringing your lunch to work. Packing your lunch is one of the quickest and simplest ways to save money, and is the reason it shows up on many of these published lists. A person spending $5 to $10 per day on lunch can quickly realize they are blowing over a hundred dollars every month just from eating lunch.
It doesn’t take a genius to realize that the annual savings just from cutting this expense can run in the thousands of dollars. Add in a spouse who may eat out for lunch from time to time and there is the potential for a family to save several thousand dollars every year just from cutting back on this expense.
Even if you already brown bag it, there may be other ways to save money on expenses while at work or in commute. How much does that morning coffee run you on the way to work? Even if it only costs $1, it is still much cheaper to brew your own. How about that afternoon snack or soft drink from the vending machine? Again, even spending a $1 every day can really add up overtime.
Why I Bring My Lunch to Work
I have always recognized the cost savings and health benefits of bringing my own lunch to work. In the past, I would occasionally go out to eat with my colleagues and witness just how much money a person typically spends on lunch. I would estimate my coworkers spend $8 to $12 per day on lunch.
Using a conservative calculation, I figure I could easily spend $1,600 per year if I joined them every day. While there are several benefits of going out to eat with your colleagues, the cost savings to me are more significant. This is just one of the ways that my family can live comfortably on a single income.
Saving Money at the Vending Machine
Even though I have always been diligent about not spending money going out to eat for lunch, there was always one expense I could never seem to shake while at work. For many years I had a bad habit of visiting the vending machine each afternoon for a small snack or soft drink. For some reason I felt that spending a dollar or two everyday on snacks seemed okay, as long as I wasn’t spending $10 on lunch.
It wasn’t until I started revisiting our family budget a few weeks ago that I truly realized how much I was spending each month at the vending machine. On average, I spent about $40 to $50 a month on afternoon snacks and beverages so I could get through the rest of the day at work. That is around $500 per year in wasted expenses that were helping to hold us back from becoming financially independent.
Final Thoughts
I have been snack free at work now for two months and am going strong. At first it was a little difficult fighting off the afternoon cravings for a diet soft drink from the vending machines, but after awhile I got use to not having one. As I look back, I think it was more of a behavioral issue than anything. As each day went by, I became less and less tempted to head down the hallway to pick up a snack.
Estimated Monthly Savings – $40 (conservative)
Cutting out expenses like eating out for lunch, morning coffee, and vending machine trips takes a little self sacrifice, but is not very difficult. As my wife and I try to save 10% of our income, I welcome that we could immediately save at least $40 per month just from cutting out snacks from the budget. This expense was quick and mostly painless and will help our overall goals of saving more of our income.
What examples can you provide as ways to save money that are quick and painless?
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Those are two very big tips that I give people. At my old company, and then again at my new one, occasionally I would get a snarky comment about how I bring lunch every day.
After about 5 years at my old company, the lunchroom (with 8 chairs for a company of 30), became almost standing room only.
At my new company (four chairs for 60 people), it’s much of the same. At first, only I brought a lunch. But now, a good third of the people bring lunch daily. It’s for financial AND health reasons.
One day I pointed out that I’ve done the math. $8 a day savings x 5 days a week x 47 weeks a year x 2 people x 5 years = a new car. I made this point right after my car got totaled and we were able to pay cash for a new one.
At my previous job, the vending machine was a serious issue. Mostly for weight, but also money. I would blow $1.25 for a soda, often two. Then I would also get candy or chips. When I was losing 50 lbs, I literally had to come to work with an empty wallet. No cash, no change in my car. Luckily the new job has no vending machine, and has free tea.
Since eating out is expensive, my other tips would fall along this vein.
If you don’t feel like cooking, spend a little extra on a nice prepared meal from the grocery store, it will be cheaper than eating out.
If you still want to eat out, get takeout (easier to split a meal)
If you want to eat at the restaurant, order water instead of soda, beer, juice.
If you are in the mood for a particular restaurant, look on line for coupons before you go.
When you do eat out, make it special. Don’t go get something that you could easily make at home.
@Marcia – Nice list of tips. So many of the people I use to work with and currently work with love to go out to eat for lunch. It is what they look forward to in their day, so I am not sure I could convince too many about the potential savings. I like that you broke down the numbers to equal a new car!