Yahoo Finance 3 Things To Do About Rising Fast-Food Costs, According to Rachel Cruze
You’re not alone if you think fast-food prices have gotten outrageously high. According to a recent LendingTree survey, 65% of respondents say they’ve been “shocked by the high price of a fast-food bill” in the past six months, and 78% consider fast food to be a luxury right now.
Money expert Rachel Cruze agrees with you, too. In a recent YouTube video, she explained why you’re paying more for your nuggets and fries these days and outlined three things you can do about these rising fast-food costs.
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Why Fast Food Is So Expensive Right Now
Cruze recognized inflation’s general role in the higher food prices but saidthe following factors have also contributed to the increase in fast-food costs since the onset of the COVID-19 pandemic.
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Labor Costs
A minimum wage increase went into effect on the first day of the year in 22 states, with three more states increasing their minimum wages during the year. Many businesses have passed this cost onto consumers, according to Cruze, so fast-food prices are likely to be higher in states with a higher minimum wage.
Tipping
According to the Pew Research Center, about 72% of Americans think tipping is expected in more places than five years ago, and only about a third of people feel confident about when and how much to tip these days. Cruze believes there’s now pressure to tip even in some fast-food establishments, a cost to keep in mind if you frequently purchase fast food and choose to tip.
Better Health Education
Because health information is so accessible online, Cruze said people are becoming more health-conscious about their food choices. To compete with grocery stores and sit-down dining establishments, fast-food restaurants have upgraded their menus, adding a wider variety of higher-quality ingredients — and higher price tags alongside them.
Combating Rising Fast-Food Costs
Cruze offered three suggestions to protect your budget from these higher fast-food prices. The third tip can help protect your finances against almost any cost increase.
Use Restaurant Rewards Apps
Cruze is a big fan of saving money with restaurant rewards apps, and almost every fast-food chain has one. Whether you prefer Wendy’s, Taco Bell, Chick-fil-A — a Cruze favorite — or some other fast-food place, these apps reward customers with regular discounts, allowing you to get your fast-food fix for less.
Stop Eating at Restaurants (Temporarily)
If your budget is really tight, Cruze suggested you “just say no” to fast food for a while. You can go back to visiting your favorite fast-food joints once your budget is in better shape.
Create a Budget
When you use a budget to track and manage your money, it’s easier to adjust to budgetary fluctuations, whether they’re from higher fast-food prices or some other cost increase that’s out of your control. If one budget category goes up, you can focus on finding ways to trim another category to stay within your overall budget.
A Few More Fast-Food Money-Saving Tips
The following recommendations aren’t from Cruze, but they can help you save when you need a meal on the go or are simply craving a fast-food favorite:
Pick up your order rather than paying for delivery.
Order from the value menu.
If there’s a fast-food chain you frequent, consider buying discounted gift cards for the establishment from warehouse stores like Sam’s Club or gift card exchanges like GCX (formerly Raise).
See what fast-food coupons are hiding within the junk mail in your mailbox. You may also find fast-food coupons through apps such as Groupon or RetailMeNot.
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