This week marks the 13th anniversary of the bite felt around the world. In 1997, Mike Tyson - while doing battle with Evander Holyfield in a heavyweight championship boxing match - apparently decided to do more than punch. He opened his mouth, and bit his opponent’s ear. Ouch.
Now, in honor of taking a big bite out of things in a different, how about taking a big bite out of your expenses?
One great way to do that is to watch what you bite and chew. Really.
Sure, you could get free food at work. But what I’m getting at is the idea of eating homemade meals vs food prepared outside. Buying groceries and cooking at home or taking food to work can save a lot of money over eating a restaurant meal, or lunch from your workplace cafeteria.
Here’s an example:
For breakfast, I had previously eaten on the go while driving to work, or purchased food in my company’s cafeteria. Eating on the go, I would typically get a bagel and cream cheese. I recall this costing somewhere around $1.50 at the time. Or, I would buy oatmeal from the company cafeteria. I recall this being sold for approximately $0.70.
Let’s assume that I got a bagel 3 times per week, and oatmeal at work 2 times per week. That’s $5.90 per work week for breakfast. With the bagel and cream cheese, it’s not the most nutritious either.
Now, let’s assume that I ate oatmeal at home, or filled a bowl with hot water at work. This cost me just $0.09. When multiplied by 5, it results in a weekly cost of $0.45. Now, if I loaded it with extra nutrition by adding a banana, flaxseed, and blueberries, the cost would be $0.74 per day. That’s just $3.70 per work week for a frugal and healthy breakfast.
$5.90 vs. $3.70 – it’s an easy choice, especially when the latter option is a better way to start the day. That’s a $2.20 per week impact – totaling $105.60 assuming 48 working weeks per year.
That’s $105.60 saved by 9:00am, and we haven’t even talked about:
It just takes a few different choices to be made, and the savings add up. There is much power in substitution, especially when it comes to food.
On top of this, we can consider the long-term benefits that a healthy diet will provide by putting you in a position to spend less on medical issues.
All told, you could save your family thousands per year by making smart food choices. Not a bad way to bite into your expenses, and grow that income minus expense gap!
Have you made any changes to your food consumption that have resulted in savings? If not, do you know where you could be saving – but just haven’t done it yet?