Restaurant spending is the biggest source of savings for most couples, according to financial experts and homemade millionaires Ramit Sethi.
“For 90% of the people I talk to (whether it's dining out or ordering) is the biggest category, having money can free up and redirect things more important,” Sethi told CNBC.
The author and Netflix host identified a number of factors that were particularly difficult to control for meal usage. “Food is exciting – buying dinner is not just hunger. It's about convenience, impulse, rewards, etc.” He explained.
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Tracking these fees is especially challenging for couples. Spending often occurs in a variety of payment methods, locations and settings, from lunch in the workplace to family pizza nights, social outings, and children’s meal money sent through payment apps.
“It's a mess, it's easy to get rid of you,” Sisi said.
In his new book, Couples Money, Sisi outlines a 10-step plan for partners to develop different perspectives on money to develop a common financial perspective. He advises couples to merge restaurant spending on a shared credit card to improve tracking and visibility.
Several people who worked with Sethi shared their strategies to reduce their food spending. Mary found a meat delivery service that enables more home cooking on weekends to be eaten on the innocent weekend.
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Lauren is a guy who works with Sethi, who created the themed potluck dinner at a lower cost to capture the atmosphere of the restaurant. Rosana implements the planned leftovers twice a week, using her savings to reduce credit card debt.
“We have to eat at least five to six days a week; the only meal we make at home is breakfast!” another colleague, Rosana, told Sethi. “Now, we cook every Wednesday and Sunday, we have at least one night leftovers, which saves us a lot of money.”
The financial expert said changing food habits requires partners to “benefit and support each other” and noted that “habits surrounding food can be tricky.”
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Sethi advises couples to start with an honest conversation about spending patterns: “You spend too much money? Where can you cut it off?”
