Recent reports show that the average baby boomer spends less eating out than millennials. On average baby boomers spend $2,386 per year eating out, while the average millennial spends $2,639. For baby boomers, 37% of every dollar spent on food is spent outside their home, while the figure for millennials is closer to 43%.
This got me thinking…
If millennials, reduced their out-of-home food expenditure to what baby boomers spent eating out ($253) and instead invested that money in the market at 9% per year, they would have close to $35,000 when they retired.
This simple step of saving less than $5 a week can really add up over time.
