Take a Look Your Monthly Spending
Maybe money is tight or perhaps you’re simply looking for ways to be more efficient with your paycheck. Either way, taking a look at the “little indulgences” that help get you through the day is a good place to start examining how you spend your money every month. Here are a few average “vices” to have a look at and ways to cut costs and put a few dollars back into your wallet each month.
Coffee & Energy Drinks
The average price of a medium cup of coffee at Starbucks is $2.10. At McDonald’s, it’s $1.29. If you get a cup of joe every weekday, you’ll spend between $335-546 every year. A cup of coffee made at home costs an average of $.18. If you spend a few minutes every morning making coffee, you’ll only spend $47 a year.
If you turn to energy drinks to get you through the day, your wallet will feel even lighter. Stopping by the qwik-mart every day to pick up an energy drink will set you back between $2-4 every day. That’s between $500-1,000 a year. What if you drink more than one a day?
Believe it or not, plain water has been shown to boost your energy as much as a cup of coffee or an energy drink. When you’re tired, it’s often a result of your body being dehydrated. Drinking water will rehydrate you, giving you energy throughout the day. So filling up your reusable water bottle throughout the day can save you hundreds of dollars a year, plus it’s a healthy alternative to coffee and energy drinks.
Streaming TV Services
First, it was cable TV. We all learned that cable was hitting us hard at $100+ a month for many channels we never watched. Now, we’ve turned to streaming services like Amazon Prime Video, Netflix, Hulu, HBO Now, ESPN+, or CBS All Access – just to name a few. These are great options, but if you’re subscribing to multiple ones, you could be paying as much as you were with cable.
No one says you have to give up watching TV, but evaluating what you and your family really watch and losing the services that you don’t use as much can save you hundreds of dollars a year.
Take-out vs Delivery
DoorDash, Uber Eats or Postmates might offer convenience when you’re tired at the end of the day, but the service fees you pay quickly add up and can be the equivalent of dozens of meals for your family.
Some restaurants charge a premium (often 20-25%) on the food you order through a delivery service app, plus the app service charges a delivery fee, service fee, and tax (where applicable). You could easily end up paying 30-50% more for a delivered meal than a takeout meal. For example, an order for a family of four at a restaurant like Panda Express would cost around $33 if you pick it up. When using Uber Eats, you would pay approximately $45. If you pick up your food rather than have it delivered just once a week, you would save $624 a year. That’s a month’s worth of groceries for many families.
We understand that treating yourself every once in a while is good for the soul, but as with most things in life, moderation is key to keeping your spending in check.
If you’re interested in creating a household budget, raising your credit score or establishing new credit, give us a call at 1-877-769-4766, and we will help you out. No question or financial need is too small. You’re family, and we’re here to help you without judgment!
