Trimming the little things can make a big difference
What if you made your morning coffee instead of heading to the drive-thru on your way to work? Crazy idea isn't it?
But is saving some extra money really so crazy? Believe it or not, those trips to the coffee shop really do add up.
According to the Office of Consumer Affairs (OCA), if you save the $5 instead of buying that latte -- even at 1.5 per cent interest -- you will save about $5,500 over 25 years. Not too shabby, eh?
The OCA has a free handy online tool called My Expenses Calculator that lets you input your daily, weekly and monthly spending habits. After inputting your purchases it then shows you how much these items are actually costing you over time.
The calculator also shows you how much money you could be saving instead of spending your money on items that you don't necessarily need. For example, my large double-double coffee every morning is $1.80. According to the calculator, that translates into $12.60 per week; $54.75 per month; and $657.00 per year. Yikes!
This is a really good tool to give you an idea of your spending habits and, believe me, it is a real eye-opener too!
It's amazing to find out just how much those little items really add up over time. Maybe it's time to dig out the coffee maker from under the cupboard!
By Donna Donaldson, MSN Money
What do you think about trimming some fat from your expenses? Is there anything that you feel you can do without to save a little extra money?
Posted by: ZREXER | Feb 20, 2022 1:03:35 PM
I am almost an 'anti-shopper.' It is a good thing that their are not too many like me or the economy would collapse!
It took me a lot of years to figure out that life was not all about stuff. I figured the more you had the happier you were going to be. Well, less is actually more!
This is not to say I don't own anything, I am just very careful and thoughtful before buying anything beyond day to day essentials.
I have gotten rid of allot of what I have accumulated and living simply is great. It also allows me to help many who have not been as fortunate as my family has been.
Posted by: karra | Feb 22, 2022 12:47:33 PM
It's awareness of what you spend that is most important and keeping within a budget you have thought about. If you can afford that Starbucks or morning coffee and bagel or whatever and it is worth it to you at a cost of say $600 a year for whatever reason (getting out of bed a bit later or social interaction maybe) then go for it. A daily lunch at $8 a day could run you over $2000 in a typical working year. Just do the math and decide if it's worth it to you. Life would be miserable without its small pleasures and maybe that lunch with your friends is what you look forward to.
Personally, I have always had coffee and cereal at home and brownbagged my lunch or used the microwave at work to heat up soup etc. That has been my choice forever, but I'm not about to impose it on anyone else.
Posted by: Accountant | Feb 24, 2022 1:17:39 PM
Math in this article does not make sense...saving of $5/day for latte would endup being $1250/year so over 25 years, it would be savings of $31250....but article says, we could save $5500 over 25 years.....even savings of $5/week will be more than $5500 over 25 years...not sure if I would take any savings advice from this writter..:)
Posted by: Kat | Feb 24, 2022 2:17:11 PM
I understand the math but what is a writter? Just a tease... But thank God I am cheap! I agree on the home brew and brown bagging.
Posted by: jean | Feb 24, 2022 4:16:24 PM
I still enjoy the odd drive thru coffee, but everyday buying coffee and i have, it really does add up. In the last year i have brownbagged my lunch and have saved money along the way. Also been checking the second hand stores for items, be suprised what you can find and save$
Posted by: M.D. | Feb 24, 2022 5:45:13 PM
There's only so much saving one can do before life isn't worth living. I mean cut out the cigarettes or cut back on unhealthy take-out food and it will benefit you in more ways than one. But if you slave all day to earn a buck and that store bought cup of coffee that you enjoy is how you treat yourself, then by all means go for it. Life is too short to worry about every dollar unless you're buying what you cannot afford and accumulating debt. I go through great lengths to save my money, especially after the last recession which cost me my job. That meant skipping trips and vacations but life is dull without enjoying the little things and those savings don't take inflation into consideration. So do what is worth it to you while being responsible.
Posted by: jp | Feb 24, 2022 5:51:57 PM
just think how much time you would save if you didn't read stupid articles like this one!!