Do you spend too much on coffee?
I enjoy coffee. Okay maybe more than enjoy. We could call it a slight addiction. I like the smell, the taste, the act of drinking it and of course the jolt I get from the caffeine.
I am also a bit of a people watcher. I enjoy sitting in an establishment with a newspaper and having a cup of coffee and just watching people.
What I have to come to realize though, is that this one black coffee per day habit is costing me money and it is adding up.
How Much Money Do You Spend On Coffee?
It is pretty simple to do the math on this one folks. My small caffeine fix is two dollars. Multiply that by 365 days and there we are at 730$. The North American average is up around 1200$ per year.
And that is just the coffee. It does not include the treats and snacks that sometimes go with said beverage.
That is not an insignificant amount of coin in my books.
“But that is only 3.30$ per day.” Yes, you are correct, but what if I asked you for 1200$ right now. Would, or better yet, could you hand that over? I thought not.
Imagine if instead of buying cups of coffee, you invested that amount each year for ten years. At 6% interest you’ve set yourself up with just shy of $14,500! We all know that cutting out coffee can be like deciding to push your car to work instead of turning on the ignition – you need the fuel. But if you’re in debt, you need to make wiser decisions than Starbucks and even Tim Horton’s(which isn’t really very good coffee). You’re not buying coffee from them, you’re buying convenience.
So if you are one of the many people out there who has a few bills to pay and some things that need to be done to your car or to your house, maybe it is time to examine if you are spending too much money on coffee.
I am now making my coffee at home. A home made cup of coffee costs up to 25 cents a cup to brew. Freshly ground, organic, fair trade beans can often be found from a local roaster in your neighbourhood and they can give you tips on what might be your favourite type of beans. Meanwhile, your local coffee shop wants to charge you $2+ for one scoop of beans brewed to perfection. Why? Because it’s a convenience for you. It doesn’t have to be this way.
How to Save Money On Coffee
Take a look at what type of coffee makers are out there. Yes they can be pricey. I am looking at stovetop Espresso makers which can be found for under 30$. These would make a great Christmas present for someone I am sure!
Or maybe you would like the coffee from a French press type of coffee maker.
If you want to spend half the average consumer, limit yourself to $10 a week for coffee, which should be enough for a good quality pound of beans.
Lastly, turn your focus onto the art of enjoying the freedom of brewing your own high quality coffee for a quarter instead of the prison of convenience when you pay $2-3 for a to-go cup. And don’t forget to use the thousands you’ll save over the coming years to pay down debt and save for tomorrow.
How much do you spend on coffee?
What is your favourite coffee bean brand?
Let us know in the comments and please share this post.