People who become financially successful think about how and why they spend their money. I’ve experimented with one simple habit that can help you save any where from $50-$150 a month.
Every morning millions of people spend money on coffee. I’m no exception. There have been times when I’ve stopped to buy my coffee on the way to work every morning. Make it a fancy drink and you might be spending $5 a day. Add a little food and you can easily spend $10 a day. That’s $300 a month. You could use that money toward something productive or you could pay off debt.
Three Ways to Get Your Morning Coffee Fix
- Get a fancy coffee drink from Starbucks every morning: Once in awhile I’ll treat myself to a mocha. That puts me out about $4-$5. If I did that every day, I’d be spending well over $100 a month on coffee. Some days I can justify that price if I’m going to spend some time in the coffee shop working or socializing. But in general, I stay away from high-priced coffee drinks.
- Just get plain coffee from McDonalds: If you want to spend less money on coffee, but you don’t want to make your own, you could get your daily coffee at McDonalds for about a buck a day. Now you’ve just brought your monthly expense down to $30-$40 a month. And out West, the McDonald’s coffee isn’t bad.
- Make your own coffee at home: I’ve gone through phases. After buying my coffee on the way to work for a few months, I decided to start making it at home again. In mid December, I bought a bag of good quality coffee for about $9. I’ve still got some left. I simply use a tea kettle and a Melitta and do pour overs. I’ve mostly eliminated cream and sugar. That means I’m spending about $5 a month on my coffee.
Let’s Do the Math: $100 a Month Adds Up Quick
At $5 a day, I’d be spending $150 a month. That would add up to $1800 a year! At $1 a day, I’d be spending about $400 a year. By brewing my own coffee I spend less than $100 a year. That’s a huge savings. And it tastes just as good with less fat and less sugar, too.
We are constantly being bombarded with ways to spend our money. But there are as many ways to save money as there are to spend it. You can invest the money you save into something that will give you a greater return. It’s simple. Successful people think about their spending habits.