I’m going to put a link below, because I couldn’t believe it, until I saw it. Now a lot of this is “averages” so a family of 2 spends less than a family of 5, etc, but the basic idea holds true.
Millionaires spend an average of 25% less… on food. This is combined groceries and going out to eat.
Now I’ve always been interested in what do millionaires do. Is there things I could do to be like them. This started way back when I was in college when I read the Millionaire Next Door. (This is a link to the most recent version, it’s been updated a few times since I first read it.)
A lot of people wish they were them, but few know how to be like them. There are a lot of interesting insights into Millionaires, but this one was interesting. It actually came out of research for a similar book, Everyday Millionaires by Chris Hogan.
The idea is simple, a lot of money tends to “slip through fingers” because people don’t know what they are spending. It’s easy to go out to eat because “there’s nothing in the fridge”, but eating out is always more expensive. It’s also easy to go to the grocery store and grab a little of this and a little of that.
But when you “grab a little of this and a little of that” you probably aren’t buying what’s on sale, unless that’s why you grabbed it, and you may not need it. Food goes bad, and in America, we throw out an estimated 30% of our food. That’s not only bad for our environment, but it’s bad for our wallet.
Since food generally is our second biggest expense (only after housing), we should be mindful of controlling that spending so we can be as efficient as possible with it.
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