Tipping Point – Could Restaurants Be Your Budget Solution?

One of the “hot button” issues in my personal budget is dining out.  If there’s one area where I overspend occasionally, it’s this area.  I live a pretty nice lifestyle and am fairly frugal but I do like the experience of going out to eat periodically.  I know I’m not alone because in my consultations with people, this is quite often brought up as an area where they can shave expenses and get a bit more fiscally responsible with their funds. 

Dining out can be very expensive and here’s an interesting article on how that cost can be reduced a bit.  According to an article, former pro football player Warren Sapp went to a restaurant and left a $0 tip with a note about the poor service he received. This tip created a buzz on social media as well as some conversation with my kids.

In the spirit of full disclosure, I worked as a bartender and waiter during my college years so I have understand what it’s like to work in that type of setting.and have a tendency to over-tip now. The work is hard and exhausting and there are always a few tables that challenge your patience.   It’s not an easy job and when working, you always have to be “on.”  That’s why it is so incredibly deflating to the wait staff if you get stiffed or left with a very small tip.

That’s why when my son (12 years old) suggested that we go out to dinner but not leave a tip so that we can cut costs, I explained a bit about the restaurant business and why that would be the wrong thing to do.  Having him read this article helped him see the bigger picture.  Thanks Warren for giving me a teachable moment!

Going back to some of my consultations recently, it’s funny how many times the restaurant business enters the conversation.  In a budget, there are two sides – expenses and revenue.  The expense side is often talked in my meetings because it’s the area most cited by people as their biggest weakness and area where they can save budget dollars.

Less frequently but fairly often, after expenses have been reduced in many areas, we talk about the revenue side of the equation.  It’s funny but very often the restaurant business is seen as a great way to add revenue/income to a budget.  It seems like everyone knows someone who owns a restaurant or bar where they could be a bartender or waiter/server to earn additional income.  A part time job or taking on a roommate is often a way to reach a short term financial goal like paying off credit card debt or saving enough for the down payment on a home, and working in the food service business seems to be the number 1 choice of people wanting to increase their income for a short period.  From the conversations I’ve had with people who are doing this now, on a weeknight shift they earn between $50 – $75 and if they work on a weekend, it can be $150-$200 per shift in additional income.

Food is important to all of us.  If you don’t believe that, try to go without it for a few days!   While it is important, it can be part of the solution to some of your budget issues.

If your expenses need to be reduced, take a look at how much you are spending on restaurants, coffee shops, groceries, etc. and see if there is a way to cut back on those expenses.  If your income needs to be increased, think about working in the food service industry; it seems like there is always a demand for responsible and professional staff in a business with a relatively high turnover rate.  Could food be a part of the solution to your budget questions???

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