Three Financial Habits for Realistic Money Saving
By: Jeremy Reif, CRPS
The internet provides us with glimmering hope that there are ways to save our own money. The reality is, some items are easier said than done. Here are three reasonable, simple, yet effective tips that you can do for your own personal finance. These tips are doable and not pie in the sky.
Make your own coffee.
Buying a cup of coffee each and every day can add up over time without even realizing it. The average price of Coffee from popular baristas like Starbucks is $4.98 per cup (Starbucks Prices, 2023). Assuming you get a cup of coffee five times a week, this would be 260 days a year or $1,294.80. Seven times a week annually is $1,817.7.
By making your own coffee at home you can save a significant amount of money each and every year (How Much Does It Cost To Make A Cup of Coffee, 2022). Prices per cup can vary depending on your size and type of coffee as did the Starbucks average. The average price is $.31/cup to make at home. Five days a week would be only $80.60 per year or seven times a week is only $113.15 per year. You can experiment with different roasts and flavors, and you’ll be able to enjoy your favorite cup of coffee without breaking the bank. Over a long enough period, this can really add up.
Create A “Fun” fund.
Set aside a small amount of money each month for something fun or frivolous, like a fancy dinner or weekend getaway. Having a fun fund can actually help you stay motivated to save and can also give you something to look forward to each and every month. Having a goal and sticking to it makes it substantially easier for one to save, as saving what is left over at the end of a month is rarely as successful.
Make a game out of saving money.
Challenge yourself to save a certain amount of money each month. Turn it into a game. You can track the progress with a chart, spreadsheet, or app. If you set your goal too high or low, readjust the amounts until you find something that works.
Then reward yourself when you reach your own financial goal. It can be a fun and lighthearted way to stay motivated to save money at the same time. The best part of making this a game is that if an emergency comes up, the money saved can be used to help pay for some or all of it.
Sources:
https://thekrazycouponlady.com/tips/money/starbucks-prices
https://www.thecommonscafe.com/how-much-does-it-cost-to-make-a-cup-of-coffee/