Editor’s note: Some of your clients on fixed incomes may be complaining about how much it’s now costing them to go out to dinner, and even your wealthiest clients may think twice before dining as frequently at their favorite establishments. They’re likely to appreciate these tips from this industry insider.
Remember the good old pre-COVID, pre-inflation days when you could say to a friend, “Let’s go out for dinner,” and you could enjoy good food, good service and, most important, affordable prices?
A few years ago, you might have had a cocktail, appetizers, an entrée, a glass of wine and even splurge for dessert, and that dinner might have cost you $50 per person with tip! Today, that same experience will cost you $80 or more per person — and probably won’t include the tip, credit card fee or other service charges restaurants have implemented. Before you know it, that evening out adds up to several hundred dollars — likely too big a bill for many of your retired clients to foot on a regular basis.
Restaurants want you come in and enjoy the experience rather than losing you all together. But how can you continue to dine out on a regular basis without breaking the bank?
Strategy, that’s how. Here are some tips you can pass on to your clients.
Set a Budget
Decide how much you want to spend before you leave the house. Let’s say that, all in, you want to spend $45 per person for dinner, including tip. That means you will spend about $34 on food and beverage.
So before setting out, look at menus online and make some early choices about where — and what — to eat.
Skip It or Share It
To enjoy the most food (an appetizer and entrée), you may have to skip the pre-dinner cocktail or glass of wine. If you’re with a friend, you could still get that cocktail or glass of wine, then split an appetizer and have an entrée that costs around $15 to $20.
If your friend has similar tastes, another way to stay within budget is to have that adult beverage, then share an appetizer and split the entrée. You might have enough left in the budget to share a dessert as well.
Finally, if you’re someone who would normally have a soft drink with a meal, don’t pay $3 or $4 for a glass of soda or iced tea. Even if refills are free (and that’s not a given these days), ask for “water, please, with lemon.”
Talk to Your Friends
It’s OK to strategize with your dining companions on how to keep the tab reasonable.
Example: Four people are dining together. Two want wine, which costs $14 a glass, and two would like cocktails. A bottle of wine, however, is $45, and you’d get four generous pours of about six to seven ounces each.
You could all decide to skip the cocktails and purchase the bottle, which brings the cost per glass closer to $10 each, saving everyone significant money.
Let’s Do Lunch!
Steakhouses are becoming hard to afford when the entrée is $85 a la carte. That means that the bill for four people can be upward of $500.
You can still enjoy the ambiance, great service and food quality of those restaurants by having lunch. Lunch at a great steakhouse — which might include tenderloin steak salads, soup and sandwich combos, and smaller portions, could run you as little as $35 to $40 per person — if you skip the alcohol.
It’s not being cheap to watch your costs nowadays. But if you’re feeling a twinge of guilt, do your restaurant friends a favor and eat at the bar rather than taking up a table on a busy night. They’ll be happy you’re there, no matter what your budget is.
