eating out vs cooking at home

Eating Out vs Cooking At Home Costs

You’d be surprised at the difference in cost between eating out and cooking freshly made meals at home. The amount of money you could save by cutting out some of your meals would shock you. However, it is always harder than it sounds. We all agree that sitting down and relaxing with a meal prepared for you is great. But, is it really worth breaking the budget if it’s stretching it too far and potentially putting you in debt? Many people struggle to afford things outside of their exact budget, even their everyday food shopping essentials. If your outgoings are higher than your incomings, this scenario could link to you. So, you might be wondering what the cost comparison is between eating out and homemade meals to help guide you with your financial spending.

How Much Does Eating Out Cost?

According to Statista, in 2019-2020, most people spent, on average, £15.26 each week on purchasing food and drink outside of the home. This multiplies for the number of people per household. For example, a family of 4 would spend an average of £61.04 per week. Therefore, this proves that the overall cost soon adds up to more than you may think. Although £15.26 doesn’t seem like much on weekly purchased consumed foods, the price is often higher or lower depending on your income and how you like to spend your money. Purchasing food out of the house is often one of the main problems relating to impulsive spending. If you’re hungry, you may find yourself buying food without even considering whether or not you can afford to eat out at that moment in time. As a result, additional issues, such as debt struggles arise.

Is Eating Out More Expensive?

Almost always, you’ll find that eating out is more expensive than cooking at home. After all, you’re paying for more than just the product but also the service and the convenience. Even though we all enjoy eating out, is it really the best option for our bank accounts? There are many factors that come into play when determining the individual cost of cooking at home or eating out. After all, everybody spends different amounts and purchases different things. Purchasing all of your own food and cooking your own meals can massively save you money. You’re able to control what you’re spending when you’re buying, how long your produce will last, and get exactly what you need whilst planning to stay within your budget.

How Can I Keep My Weekly Shop Cheap?

As we mentioned, your average outgoings with regard to food and consumable items will depend on numerous aspects. One of the biggest key players is where you choose to do your shopping. In order to keep costs low, there are certain supermarkets that you should keep away from. For example, Waitrose and Morrisons were ranked as the UK’s two highest-priced supermarkets for April 2022. On average, consumers spend roughly £35.06 per shopping basket each week at Waitrose. However, shoppers could be purchasing similar items for much cheaper at other supermarkets, like Lidl, for £25.92. Another way to keep the costs down is to plan what you’re purchasing. Walking into a supermarket with no action plan can only result in overspending or not purchasing what you need. Therefore, collecting a list before you leave will prevent you from going off-budget and sticking to exactly what you need.

Overspending and going way over budget happen to all of us at some point. It is so easy to get carried away and lose track of your spending. However, despite being so common, it is actually very dangerous for our finances. If you’re in need of any emergency financial help, perhaps it’s time to consider a payday loan. Payday loans allow you to borrow a small amount of money and repay it over the following month. For more information, click here.