The first installment of Ball Out on a Budget- the series where we teach you how to enjoy the finer things in life without breaking the bank—- & then use these savings to further your financial freedom journey- help pay off a credit card, put it towards paying back a school loan, buy a stock on Robinhood, or put the cash into your real estate investment savings!
First up, an intimidating topic for many: wine. How to order it, how to taste it, how to avoid falling into the trap of pretty labels and high price points.
On average, restaurants markup wine 200 – 300% from retail price. The biggest money saving tip? Call the restaurant and ask what the corkage fee is (aka how much will it cost to bring in your own bottle of wine and just pay for them to open it). Typically, corkage fees will be around $15 – $35, and the legality varies state by state. Could be a much cheaper option to bring your own wine, rather than buying theirs!
Next tip, don’t go big, or you will be going home with a hole in your wallet and sipping on a wine that could be comparable to one that is half the price. Certain wine regions are going to be pricier than others. Cabernet Sauvignon from Napa Valley, Pinot Noir from Burgundy, Chardonnay from Champagne, will cost more than a pretty penny. Are they incredibly delicious and the purest expression of the grape varietal? Yes. But can you find other delicious wines for a fraction of the price? Also yes, at least for the average palate. Don’t get caught up in the flashy wines, otherwise your wallet will feel it.
Next time you are in the market for wine, try these regions/countries! Again, we repeat, average palate. All you master sommeliers out there, we know there is no real replacement for a Blanc de Blanc Brut from Champagne or Pinot Noir from Burgundy. Don’t come for us!
- Pinot Noir from Willamette Valley, OR
- Characteristics: bright cherry, raspberry, juicy plum, earthy, leather, light to medium body
- Cabernet Sauvignon from Paso Robles, CA
- Characteristics: red currant, plum, blackberry, fig, peppercorn, big and bold
- Sauvignon Blanc from New Zealand
- Characteristics: passion fruit, pink grapefruit, herbaceous, gooseberry, lemongrass
- Malbec from Argentina
- Characteristics: plum, cocoa, bright black fruit, black currant, violet-like floral, spice
- Prosecco from Italy instead of Champagne
- Characteristics: green apple, white peach, honeydew, zingy citrus, honeysuckle, medium to high acidity
- Chardonnay from Napa Valley, CA/other CA regions (Paso Robles, Monterey, Central Coast)
- Characteristics: green apple, fig, citrus, vanilla, toast, buttery (if from Sonoma County/Napa Valley), medium to full body
Moral of the story- you can ball out with your cork out while staying on budget! Don’t be fooled by the cutest label or the highest price point. You can still enjoy an incredible bottle that retails for what restaurants would sell a glass for.
After your evening out, figure out what you saved, and take that money and invest it or use it to help pay off debt.
- Got a high interest credit card? Throw this extra money at the principal payment to pay it down faster.
- Saving up to buy a rental property? Put this savings into that account- adding a little $$ here and there (every weekend if you are a wine lover!) will add up over time! Check out these tips here on saving to buy a rental.
- Looking to invest? Download Robinhood, research a company you are interested in, and use the wine savings to buy stock in that company- your money will grow 7-10% year after year this way!
Money Athletes know how to ball out on a budget. Improve your stats and check in soon for another budget tip on our next Ball Out on a Budget series. Every penny adds up- put your money to work FOR you, on your way to financial freedom.
