School has started and your mornings are crazy. The kids are fed, lunches are packed and you have dropped them off at school. Now you are ready to stop by your favorite spot to grab a cup of coffee and relax before you start your busy day.
You’re not alone. According to the National Coffee Association’s 2017 report on coffee trends, 62 percent of Americans drink coffee each day. All those cups add up to a lot of cash: in 2015, consumers spent $74.2 billion on lattes, cappuccinos, cold brews, and regular old cups of joe.
That’s a lot of caffeine.
But how does it add up in your life? A cup of coffee at a popular New England chain costs between $1.59 and $2.29, while a cup at another major American coffee spot costs between $1.85 and $2.45. That’s just for a basic cup of black coffee — a large macchiatto is $3.89, while a pumpkin spice latte will set you back $5.25. If you buy a small cup of coffee each workday, you’re spending an average of $8.60 a week, or $447.20 a year. Even a .99 cent cup of coffee each day will add up to $260 a year.
And while caffeine starts your day, you need to stay hydrated to keep going. If you turn to bottled water when you’re thirsty, you might spend anywhere from $1 to $1.79 on a bottle. Do that five times a week and you’re spending almost $7 a week, or $362.70 a year.
Your daily coffee and water routine could cost as much as $809 a year.
Finding the hidden savings in your daily habits is easy. A cup of basic home-brewed coffee costs between 16 and 18 cents on average. That means if your coffee tastes run a little more gourmet, there’s still some financial wiggle room to get your preferred java fix. Let’s say your average cup costs 25 cents, and you drink two cups a day. That adds up to about $130 a year, leaving you with an extra $317.
Reusable water bottles costs between $3 and $8. Refill your bottle each day and you’ll save as much as $354 a year. Add that to your coffee savings and you’ve got an additional $671 in your pocket each year.
Seeing those savings each day is difficult, but it’s worthwhile. Those savings can help pay for unexpected car repairs, emergency medical bills and the other surprise expenses that always happen. You might even be able to do something fun with the savings!
A few changes can go a long way — how will you spend your extra money
