How Small Things (Like Coffee) Are Hurting Your Budget
Did you know that according to a recent CBC article, Canadians drink 2.1 billion servings of coffee a year?
When you wake up, early morning, snowy weather outside, the first thing you think about to start off your day is a warm cup of coffee. Do you make it at home? Sure you do. Sometimes. But the other 90% of the time, you purchase coffee from your favorite quick stop on the way to the office. It’s a hard-hitting habit, but it’s one many people don’t believe they can kick.
Do you know how much you spend each month on coffee? Do me a favor and go into your bank account. Total up all of the Tim Horton’s, Starbucks, McDonald’s purchases you have made in the mornings.
I’ll give you some time. I promise.
Okay, now that you’re back…are you surprised? I’m not.
The truth is, no matter where you stop for your morning beverage, you’re averaging around $10-20 a week on something you can buy at the grocery store for under $5.00 per 25+ cups.
Mathematically, it makes more sense to spend .20 cents on one cup of coffee, over $5, doesn’t it?
That small change could leave you an extra $100 for savings or debt repayments each month!
Small spending is in part, reason for all of our large purchases becoming overwhelming. When you give yourself little wiggle room for going over budget on something important, such as groceries, you are leaving yourself at risk for living outside of your means.
Habits like these are often what become the reason for lopsided budgets and uneven spending abilities. Reviewing your budget is the best way to understand where your main expenses are, but it doesn’t always show us what we want to see, and most of the time, we choose to ignore the reality. The possibilities to save and stay on budget are endless. The key? Finding what works best for you by trying as many options as you can.
What are some ways we can change the way we spend money each week on wants?
Try these 3 alternatives to your morning latte:
- Make your coffee at home
- Drink water with lemon instead
- Take advantage of work beverages
What are some other ways you save money to avoid the costly coffee budget? Let us know.