Cost Saving Tips

For a lot of us, daily spending habits have become a part of our routines and have impacted our budgets without raising any alarms. Sometimes cutting small corners and saving a few extra dollars in spending can have a big influence on long-term financial goals down the road. Here are a few tips to save a few extra dollars on the cost of daily spending habits, from coffee to avocado toast:

Coffeeshop coffee:

- Typical cost: $3 per cup

- Total annual cost: $1,095

Tip: Brew a thermos to take on the go. If buying a cup can’t be avoided, look for special offers, hit up a gas station instead of Starbucks, or opt for a smaller size to save money.

Buying lunch:

- Typical cost: $8–12

- Total annual cost: $1,920–2,880

Tip: Preparing your lunch at home is the obvious solution. However, if eliminating the daily habit is out of the question, then not spending as much by looking for lunch specials and not getting that extra guacamole can result in savings that can go toward important saving goals.

Ordering in:

- Typical cost: $20–50 weekly for two

- Total annual cost: $1,040–2,600

Tip: Cooking at home is five times less expensive than ordering from a local restaurant, and a great way to save money instead of spending more than $1,000 annually ordering in for two. Even adopting an every-other-week ordering strategy immediately trims that expenditure in half.

Avocado toast

- Typical cost: $7–13 per meal in major cities

- Total annual cost: $2,555–4,745

Tip: For those who have high-priced taste buds, a weekly order of avocado toast can cost up to almost $5,000 annually, depending on where you live. (hint: not Evansville) Reduce the cost by making it at home or just eat less of it, making it a bi-weekly treat rather than every Sunday.

Ok, most of us are not avocado toast bingers but the point is that small cuts can have big impacts. A great way to keep on top of the small spending “creep” is to our very own budgeting tool My Finance

Source: From Daily Coffee to Avocado Toast by Angela Underwood