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Fast Food, Fast Debt: How Convenience Culture Eats Your Savings

April 29, 2025 By Teri Monroe Leave a Comment

fast food eating away at your savings — Image Source: Pexels

With so many options at our fingertips, fast food is the ultimate convenience. It’s easier than ever to reward ourselves with a treat and pick up our favorite fast food. According to a study by the Journal of Marine Medical Society, The fast-food market is growing at a compounded annual growth rate of 4.6% worldwide. However, with rising prices fast food is no longer an inexpensive food option.

History of Fast Food

Fast food establishments were first born to provide quick, affordable meals for busy individuals. White Castle is often dubbed as the first fast-food chain. Founded in 1921 it offered affordable hamburgers and pioneering assembly-line methods for efficient food preparation. After WWII, car culture led to the rise of fast food chains like McDonalds gaining popularity.

Rising Costs

Between 2014 and 2024, average menu prices at popular fast-food chains increased by 60%, with some chains like McDonald’s experiencing increases exceeding three times the national inflation rate. Rising labor costs have contributed to this rise in prices, with some chains paying workers up to $20 per hour. According to a March 2024 report by the Federal Trade Commission, higher operating costs, supply chain disruptions, and corporate profits have also contributed to high food prices. These additional expenses have been passed down to the consumer making fast food restaurants no longer an affordable option.

Most Americans eat fast food 1-3 times per week. Data from the National Center for Health Statistics from the Center for Disease Control shows that a little over one-third (36.6%) of adults in America eat it on any given day. On average, a US household will spend 10% of their annual income on fast food. This amount of money spent on fast food can be detrimental to your savings. To keep your budget on track, it’s important to resist treat culture and the convenience of fast food. There are still affordable ways to feed yourself and your family, some of which are still easy.

Ways to Adjust Your Spending

According to a 2024 survey conducted by LendingTree, 78% of consumers now consider fast food a “luxury” purchase due to its increasing cost. Many consumers now look for chains that offer meal deals. Recently McDonald’s has launched their $5 meal deals and Taco Bell offers a value box. While these initiatives don’t really increase sales for fast food chains, they do retain customers who are shying away from fast food due to its cost. If you do purchase fast food, look for value items and take advantage of deals, which are usually offered in the chain’s app.

To truly save money, you may have to ditch fast food altogether. Many consumers find the most value in cooking at home and purchasing read-to-heat meals from grocery stores. If you rely on fast food for affordable options, you may have to find new ways to save on food. Consider finding ways to save on groceries like couponing, using services like Flash Foods for discounted items, or using a low-cost meal delivery subscription like EveryPlate.

How often do you eat fast food? How much do you spend per month? Let us know in the comments.

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6 Reasons Baby Boomers Were Never Broke and How You Can Follow Their Lead

April 17, 2025 By Teri Monroe Leave a Comment

6 Reasons Why Boomers Are Not Broke — Image Source: 123rf.com

Does it seem like your Boomer parents were never broke? For many Millennials and Gen Zs, it may seem impossible to get out of debt and grow your wealth. So, what financial secrets do Boomers live by? Here are 6 reasons Baby Boomers were never broke and how you can follow in their footsteps.

1. They Budgeted and Lived Within Their Means

Today, many younger generations give in to impulse spending and FOMO. Baby Boomers are well aware of their finances. In most cases, they don’t exceed their budgets or buy things they can’t afford. For example, if Boomers decide to take a vacation, they are very price-conscience and look for the best deals. When it comes to other purchases, they usually focus on needs over wants.

2. They Prioritized Big Purchases

Baby Boomers meticulously saved for larger purchases like homes and cars. They worked hard to pay off their mortgages and debts. Just because they tend to have a higher disposable income, they are still very value-driven in their spending and are more likely to make big purchases if they get a good deal. In contrast, many younger generations are quick to pay full price for bigger purchases, especially as the housing market has become more competitive.

3. They Stretched Every Dollar

Boomers are experts when it comes to money-saving hacks and cutting costs. They understand that you may need to buy things that are quality over quantity. For example, they don’t buy fast fashion the way younger generations do. They are more likely to cook at home than young people, and they often carry cash for purchases instead of using credit cards.

4. They Valued Their Money

Baby Boomers value things like how much money they have saved, and their self-sufficiency. They can be very prideful and don’t accept help or handouts. By having this mindset, they make sure that every dollar they earn is working for them by investing or growing their savings. For example, Baby Boomers have the largest percentage of their wealth in stocks and mutual funds. According to Federal Reserve data, about 28% of their wealth is in this category.

5. They Stayed in Their Jobs

Boomers are known for staying in their jobs. According to Fortune, a new poll says more than 40% of America’s baby boomers stayed with their employer for more than 20 years. This loyalty has paid off for many Boomers. Unsurprisingly, the driving factors are often tenures and traditional pensions. While many younger generations aren’t offered this opportunity for their retirement, Millennials and Gen Z can take a page out of Boomer’s book when it comes to job loyalty.

6. They Didn’t Spend More as Their Income Increased

Lifestyle creep is often a huge problem for younger generations. As their income increases over time, they usually continue to spend more and increase their budgets. One of the many reasons that Boomers are not broke is because they are traditionally more conservative with their money and frugal.

What financial tips will you adopt from Boomers? Let us know your thoughts in the comments.

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The Hustle Is Real: What No One Tells You About Working a Second Job to Get Out of Debt

April 8, 2025 By Teri Monroe Leave a Comment

things you need to know about having a second job — Image Source: Pexels

Working a second job to pay off your debt is no easy feat. For many, this is the only way to comfortably pay off their debt, especially since wages haven’t increased with inflation. NBC News reported that inflation outpaced wage growth for most workers in late 2021 and early 2022. According to the Bureau of Labor Statistics, in February 2025, 9 million Americans, or 5.5% of the civilian workforce, were working multiple jobs, marking the highest level since 2009.

The rising cost of household essentials has taken a toll on many families, pushing them further into debt. If this sounds similar to your situation, you may be considering working a second job. Before you start your search for an additional job, here are things that people won’t tell you about working a second job to get out of debt.

You Might Get Burnt Out

No one will tell you how fast you will get burnt out managing more than one job. Demanding schedules may leave you with less sleep and more stress daily. Make sure that you have an outlet to unwind and relax when you have downtime, or you may find yourself stressed and irritable more often. Self-care becomes even more important when you have a second job.

You Won’t Have Balance

You may struggle to find any work-life balance. You also might miss out on many important events with your friends and family because you don’t have adequate time off. This may also strain your relationships over time. At some point, this might not be sustainable for you.

You Still May Struggle to Pay Off Debt

You’ll have to be cognizant of lifestyle creep if you’re earning more. Managing your expenses and budgeting is very important when trying to pay down debt. Make sure that you have a plan as to how you’ll pay down your debt with your additional income, otherwise, you may not spend that additional money wisely.

Decline in Performance

If you’re stretched too thin, your work performance may decline. This could put both of your jobs at risk. Make sure that you are able to devote enough time to both of your jobs before taking on additional commitments. You’ll also have to consider if having a second job is a conflict of interest. Make sure to contact your HR Department if you are unsure, especially if you have a non-compete clause in your employment contract.

Opportunity Cost

The time that you spend on a second job could be used to increase your knowledge and skills, helping you grow in your primary job. You may be limiting your long-term career growth if you choose to have more than one job.

You’ll Pay More in Taxes

If you enter a different tax bracket because of your increased income, you’ll probably pay more in taxes. Make sure that you are filing your taxes appropriately if you have more than one job.

What are some reasons that you feel like you need a second job? How do you handle more than one job? Let us know your experience in the comments.

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