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How a sandwich and coffee is costing you thousands

We have had several members contact us recently with regard to budgeting and how they can save more money each year to invest. Today’s topic as to how to save money will be controversial to say the least and that is that you can save around $1,000 a year but getting rid of your daily coffee purchase….. I know please don’t stop reading.

According to the Coffee Economist in September 2015 nationally the average price of an 8oz cappuccino was $3.62 (which I think is rather cheap) but using the figures given for each state this is how much you could be saving each year by making a coffee in the office:

coffee-savings-spreadsheet

The next step is are you also one of those people who buys lunch every day? I am going to be conservative and go with a $10 daily spend which is an extra $50 a week or $2,600 a year. Now if you are a coffee and lunch buyer add these two figures together and work out what you could be putting the money towards. Suggestions include:

  • Family holiday. 
  • Private health insurance.
  • Home and contents insurance.
  • Kids school fees. 
  • Home loan deposit.
  • Investing.

As I said to start with this topic may be controversial but sometimes when the figures are put in front of you reality can set in and you actually realise that spending five minutes in the kitchen each morning before work making a sandwich or making extra for dinner and having leftovers can save you thousands of dollars. Especially if there are two of you working in a household and you are both doing this. Imagine saving over $7,000 a year (per couple) by not buying a coffee and a sandwich every day. Food for thought…. as they say.

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