The Number One Item You Should Remove From Your Expenses

Blog | February 21st, 2022

Managing your expenses can be challenging. There is, however, one expense that can be cut or significantly reduced from your costs to help alleviate the pressure on your wallet: coffee.

While delightful, coffees from major chains every morning can have a massive impact on your wallet and savings potential. Whether you’re choosing to cut the caffeine habit entirely or cut back just a little, there are budgeting options to help you put the hundreds of dollars coffee costs over a year into something even more beneficial.

The Cost of Coffee

As the prices of everything in the economy continue to rise, so does the cost of coffee. That means the amount that you’ll be spending on your favorite caffeinated beverages will also go up, and many will consider whether these drinks are worth their time, energy, and money.

On average, a coffee costs about $3.00. That means consuming one coffee per day could cost you over one thousand dollars per year. Here are the costs of buying coffee every day for:

  • One week – $21
  • One month – $84 to $93, depending on the length of the month
  • One year – $1,095

Many consumers may not mind shelling out thousands of dollars over several years for their coffee, but others may be shocked at the amount they’re spending every year. Thankfully, there are some options to reduce or eliminate the cost of your coffee expenses.

Money-Savings Alternatives 

The best way to save money on coffee is to abandon the drinks altogether. However, that may be too difficult or undesirable for some. Fortunately, there are options for those who wish to enjoy their coffee without feeling overwhelmed with the cost.

The first option is simple: consider brewing your coffee at home. Not only will you save money on coffee beans and ingredients, but you’ll also be able to have your coffee regularly. A bonus is that you’ll eventually get so good at making coffee that it’ll taste just like the major chains you usually buy!

Additionally, you could consider saving up money for your weekly or monthly coffees or temporarily quitting coffee and using that money to pay off debt and other expenses. While coffee is an unnecessary expense and likely should be cut from your budget, there are dozens of budgeting apps and programs that can help you fit these drinks into your life without too much monetary strife.

How to Budget for Coffee

The amount of money spent on coffee every year may shock adults everywhere. The cost is often so small every day that many coffee-drinkers may not notice the expenses building up.

Some may feel these expenses are worth coffee’s value. Coffee can become a morning ritual that some may rely on to wake up and get their day started. However, this does not mean you have to spend hundreds of dollars a year on coffee beans or fancy drinks at the local franchise.

Your phone’s app store is vast, and there is a plentiful supply of apps to choose from to make a budget for your coffee intake. Among the top three are Mint, Zeta, and Trim, all of which are apps that let you input your purchases and calculate total costs for your budget.

It may be tough to limit or say goodbye to coffee, but it can open up opportunities for a boosted savings account, more money to spend, or the ability to buy other necessities. Plenty of people remove coffee and unnecessary items from their daily expenses. Try some of the best budgeting apps or brew your coffee at home and see how much you can save!

Related: Consider The Benefits of Having Multiple Bank Accounts