Tuesday, November 08, 2005

Everyday Idea: Save Holiday Money

Here is an idea:

If your house is the designated family meeting spot for the holiday's, here is an idea. Go out to eat. Unless you are a gourmet chef by trade, the labor of cooking all day to please a family and friends that have the craziest taste buds, is a daunting task. Why not take a trip down to the local quasi upscale diner for holiday dinner. Such as Cheesecake Factory or Red Lobster.

I would venture to say on a cost vs cost comparison analysis, you would come out better in the long run eating out, but if you add the value of time savings, you would almost have to come out on top. For a family of 10 adults a grocery bill could easily top $250, after stopping at Costco or BJ's, then a stop at Whole Foods or Wild Oats for your vegan cousin not to mention the trip to the local Kroger or Safeway for the last minutes fixings.

If your time is worth $20 an hour, or you make about $36K at the job then here is what your holiday is going to look like.

Eating at Home:
Total cost to cook at home for 10 adults:
Food: $250
Cooking Labor: $20/hr X 8 hours: $160
Pre and Post Clean Up: $20/hr X 3 hours: $60

Total: $470.

Eating Out
Take the same family to the local restaurant, where a T-Bone dinner is $18 per, with tax and tip, no more than $25.

$25 X 10 = $250. A great savings. No dish washing and everyone eats what they want.

And you still have time to make it home to let the ladies watch TiVo's Desperate Housewives and the fellas catch the big football game.