How much can you save on restaurants and what to spend this money

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According to the American Farm Bureau, in 2015, the average American spent $ 50,11 on cooking dinner for the 10 person for Thanksgiving Day.

This amount includes all the traditional dishes of this holiday, although it does not take into account alcohol, which, of course, can significantly increase the festive expenses. If you spend more on preparing a festive dinner, then perhaps it makes sense to revise your style of food and spending on food, not only on holidays, but also on ordinary days.

Edition Time calculated how much you can save by rejecting restaurant food, and also brought out a few tips on how to spend the money saved.

How many Americans overpay for food in restaurants

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It's no secret that restaurants take 300% of the real value of the food they serve or deliver. This means that cooking the cost of $ 12 in the restaurant menu will actually cost you $ 4. In other words, for a Thanksgiving dinner in a restaurant, you pay a triple price.

And if many people prefer to cook food at home on Thanksgiving Day, on other days no one wants to stand at the stove. On average, the average American family spent $2015 on dining out in 3008—that's $1000 more than it spent on food to cook at home.

Of this $3 thousand, the actual cost of the food was only $1 thousand, the remaining $2 thousand was paid for not wanting to cook. $2 a year is certainly a small fortune, but there are much better ways to spend that amount.

The best ways to spend money

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$ 2 thousands can be a great start to an emergency cash pool if you don’t have one yet. Each person should have a stock of savings covering the amount of his standard expenses for the period from 3 to 6 months, but most do not have the opportunity to set aside this money. According to surveys, half of Americans do not even have $ 400 for unexpected expenses.

Another great way to use $ 2 thousand per year can be retirement savings. With current retirement plans in the US and 6% annual return, postponing this amount for 30 years can add $ 158 thousand to your retirement account.

You can also use the thousands of $ 2 saved to pay your credit card bill. For example, if your debt is $ 2 thousand under 15% per annum, you will overpay 330% for the year. But if you spend the money saved in restaurants, or at least some of them, the amount spent on a loan will be significantly reduced.

Read also on ForumDaily:

10 ways to save on holidays

9 secret menus that save you money

10 ways to save $ 5 every day

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