314: My #1 Hack to Save 20% to 30% at Your Favorite Restaurants

Learn a hack to save 20% to 30% at some of your favorite restaurants.

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I have a great money saving idea for you today.

Many people want to eat out, but it's a huge money drain, right? Is there a way to get a deal on fine dining? How about chain restaurants?

Normally, I'd be discouraging you from eating out too much because it can be a real drain on your bank account. Remember the podcast I did about the couple who lived in NYC and each made $100k but couldn't afford to buy a home? It turned out they spent too much money on eating out every night.

Everyone needs a date night or a break from cooking at home, but is it possible to get a deal? YES! I'm going to show you how.

Let me ask you a question.

If you gave me $80 and I gave you $100 back, how often would you do it?

Literally, you give me $80, I give you $100…or what if you give me $70 and I give you $100?

Now think about some of your favorite fine dining restaurants - Roy's, Flemings, Maggiano's, McCormick & Schmick's, plus chains like Outback Steakhouse, Chili's, Macaroni Grill, Baja Fresh, PF Chang's, Rockbottom Brewery, and many others!

Gift cards are something, if you're like me, you just walk by in the store because you might think it's give a dollar get a dollar.

It's not!

It's pay a dollar get $1.20 or $1.30!

Let me explain and I'll come back to this.

A gift card is a piece of plastic that has a dollar value to it. Like a pre-paid debit card.

You can use them for only the store that is on the card.

Retailers know that gift cards often aren't used. The statistics are astounding. Fully 6 to 10% of gift cards are never redeemed!

Retailers have a huge incentive to sell them because it's free money they get that adds to their bottom line! No products or services are delivered, it's like a free donation of money if a card is not redeemed!

From their perspective, they want to issue them all day long and even incent people to buy them!

So they give people a healthy 20 to 30% discount to buy them.

That's where YOU and I benefit!

Because we are going to take advantage of the discount and USE the card!

When you see the gift cards, realize you are paying $80 and getting $100 of value.

That means you take the cards you paid $80 for, but when you are in the restaurant, you get $100 of value!

It's not a coupon. It's not a discount in the restaurant. The discount occurs when you buy the card at Costco. When you go to the restaurant, it's full value. They give you $100 of food and drink, just like if you paid $100 for the card, except you didn't! You only paid $80!

***PLEASE NOTE: THIS IS ONLY AVAILABLE AT COSTCO.***

I love going to Roy's restaurant. It's a high-end seafood and asian cuisine restaurant.

They self-describe as "Roy's Pacific Rim features upscale Hawaiian-influenced cuisine including the finest seafood, steaks and sushi." The chain was founded by James Beard Foundation Award Winner Roy Yamaguchi in 1988 in Honolulu, Hawaii.

There's one near me in the Palm Springs area of Rancho Mirage, one in Newport Beach where I was this summer, one in San Diego, etc.

Recently I was explaining gift cards to a friend, who I don't think understood it. He thought it was a coupon and turned his nose up. It's not a coupon! You're not taking away from your favorite waiter. They won't see the discount you get! It's invisible to the restaurant!

It's between you and the store you bought the card at.

It's free money to the tune of 20 to 30%!

Is there a downside to buying a gift card?

Well, I guess if you lose the card or forget to use it within 5 years, you will waste the money.

Regulation passed in 2010 mandates that cards are valid for at least five years after issuance.

So…you have 5 years to spend it before it becomes worthless.

Even though eating out is one of my "5 sinkholes" for money, everyone needs a break sometimes. This is a way to stretch your restaurant dollars 20 to 30%!

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