The Real Cost of Your Coffee
Those of us who can’t function at work or school without their daily or even twice or thrice daily cup of Joe can vouch for us when it comes to the perceived necessity of the drink. But what many people don’t realize is the fact that your average cup of coffee can cost you more than just a couple of dollars per day. In an economy where people’s wallets are being squeezed and pinched in almost every way, one easy thing people can do to save money is cutting the coffee out of their daily routine.
For some, coffee in the morning is an essential part of waking up. But for everyone, sleep is an essential part of life. More and more, people are depriving their bodies of needed sleep and settling for a cup or two of coffee in the morning to help them wake up and stay alert. By substituting an adequate amount of sleep for these cups of coffee, people can start to cut out this habit of having to have caffeine to function. In doing so, they can also save themselves about $1000-$3000 annually. That’s enough money that if it were put into a savings account each year starting at age 18, it would grow to between $80,000 and $260,000 by age 60. This money could be used to help supplement a retirement or investment plan or help to pay down debts that are incurred for school or mortgages or car loans. Just think of the possibilities.
The next time you put that latte to your lips just think of the money you could be saving for retirement or investment purposes. As that warm coffee passes down your throat and the caffeine begins to give you a false sense of being awake, imagine the possibilities that so much money could unlock for you and those who come after you. Perhaps that cup of coffee will be the final kick you need to wake up to your senses and realize just how much you could be putting away instead of throwing away. Will that cup of coffee really be that enjoyable after reading this article?
An alternative way of saving just as much money is to make a deposit that matches the amount of money they spend on your coffee each month. This way, people can have their coffee and drink it too, but it’s still going to cost you in the long run. Saving money, we can all agree, is a good thing, but how you do it is up to you. Cutting back on daily coffee intake is a great way to begin to save more money and help to accomplish long-term financial goals. Even if people enjoy a specific coffee provider or company enough to want to support it, why not take the money saved from not drinking coffee and turn around and invest it in that company’s stock? Both the company and the investor benefit from the savings and a little nest egg has been created for retirement.
