Paying for Convenience is Financially Inconvenient

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Rarely do Fred and I eat out anymore. And very rarely do we indulge in takeout food. We decided it’s almost always disappointing and never really what we want. Besides, we’re low-carbing it these days. So why add stress when we can make perfectly good food at home? As a result, I don’t really care about the price of my fancy organic groceries because, in the end, it’s still less expensive for our household than eating out. 

A few weeks ago, I was engrossed in work and Fred was heading back from a client meeting.  He offered to pick up lettuce wrapped Five Guys burgers, and I said yes. (Sigh. No french fries for us, alas.)   

A Five Guys burger, lettuce-wrapped or not, is a double. (Technically, it should be two meals for me. So don’t tell anyone I ate the whole thing.) Fred said it cost $27. That’s $27 for three meals if I had behaved. 

At Kroger in Ohio and Market 32 in New York, I purchase Schweid & Sons burgers in four-packs for the grill. If you haven’t tasted them, you must. They’re delish. And a four-pack costs $12.99. Again, that’s three meals for us.   

If you do the math, this means we can have six meals for the cost of one Five Guys takeout. Wow. I will not be that lazy again, even if Fred is that gracious.  

Farewell, Five Guys. I’m replacing you with expensive cheese! 

Just because you can afford to pay for convenience, doesn’t mean it’s financially wise. It’s one thing to outsource stuff you’re no good at or for which you don’t keep the equipment to do the job right, like clearing snow or exterminating squirrels in the attic. It’s quite another to pay for things you can and should be doing yourself, like making a meal.  

When I do cash flow work with clients, I’m surprised by how much some of them pay to eat out or grab takeout with their families and friends. Given the availability of personal chefs in most areas, their cost of food—plus delivery plus service fees—rivals the cost of having someone create a custom menu for several meals per week. At least if they used a private chef or fresh food delivery service they’d get exactly what they want, prepared the way they want it.  

And that’s what I suggest first. It’s more important to be intentional with money than to pinch pennies. If you need the convenience factor, purchase a few meals a week from a personal chef. (I tried it, and it was great! Saved me lots of time.)  

I also suggest they only eat out at establishments where they know the owner and the owner treats them like the regulars they are. At least they’ll know that their money is supporting the local economy. (Running a restaurant is not easy.) 

Last, I suggest meal prepping. While I handle the stove and oven, Fred does a weekly griddle and grill that would make the Coneheads jealous. (Mass quantities, indeed.) And it requires nothing more during the week than me preparing fresh vegetables. 

When it comes to paying for convenience, food delivery, takeout, and restaurant alcohol are foolish places to put your money if you’re trying to accelerate achieving your financial goals. Maybe you think I should add the phrase, “in my opinion” to that sentence. But trust me, I’ve seen people give up a year’s worth of Roth IRA contributions to GrubHub and DoorDash. What are you getting for it? How is food delivery making the experience more memorable?  It’s not. And it’s making you more cash strapped.   

I’m reminded of a solution I devised for a posse of young women who had just graduated from the engineering program at RPI. They all had excellent first jobs, apartments, and a hunk of student loan debt. They loved spending time together. But, one by one, as I worked with them on cash flow, it was clear they spent too much money on alcohol in restaurants and takeout, especially for work lunches.  

I suggested they split the cost of a case of wide-mouth mason jars and corresponding wide-mouth funnels. Each Sunday, they could gather for a potluck and bring in their own wine. Before they did anything else, they’d fill five mason jars each with lunch for the week from the various dishes. (This also solved a food boredom problem for several of them.) Then, they could eat and drink the rest as they spent time with their besties. 

It worked like a charm and got them through the economic shock of their first year out of college, managing a budget and trying to make everything fit.  

There’s no one-size-fits-all advice. And there are plenty of people who would sacrifice elsewhere to support their bar- and restaurant-hopping lifestyles. I won’t make them wrong. As I said, being intentional with your money can help you achieve your financial goals, even if you are not frugal. However, not knowing where your money goes and winging it is a recipe for stress.   

Stress is bad. We don’t do stress. Stress is what makes me want to eat the second burger … with fries. 

#WeRescueOurselves #NotYoungNotDone 

Copyright © Madrina Molly, LLC 2024. All rights reserved.

The information contained herein and shared by Madrina Molly™ constitutes financial education and not investment or financial advice

Sherry Finkel Murphy, CFP®, RICP®, ChFC®, is the Founder and CEO of Madrina Molly, LLC.

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