Stop Wasting Money! Save Big by Saying No to These Everyday Temptations
Are you looking for ways to save some extra money? Saving is a goal many people strive for, but several everyday items can quickly drain our wallets.
While there are necessities on which we must spend our money, certain splurges, such as takeaway coffee and overpriced cable tv, can be minimized to work toward achieving financial goals.
Let’s examine how tempting items significantly thin out your bank account every day and how you can take control of your finances by reducing or eliminating them.
1. Takeaway Coffee
For many people, the first thing to do when starting your day is to have a cup of coffee. This hot beverage has become a necessity, and people are unable to survive their day without it.
For some people, missing a morning cup of coffee means there is a good chance they’ll doze off before the day ends and not be able to focus on their work.
For convenience, people like to grab a coffee from the closest coffee shop, which is consistent in its offerings. The largest coffee shop network in the U.S. belongs to Starbucks, with more than 15,000 locations nationwide.
Starbucks has a standardized process and offers a good cup of coffee, which costs them $1 to produce. They sell it for around $3, depending on where you live. This might seem like a small cost to pay for a cup of coffee, but in the long run, it adds up. Americans spend around $1,100 yearly on coffee.
The best way to save this money and still drink coffee is to brew your coffee at home. It will cost you as low as $0.62 to brew one cup of coffee at home, and you can save as much as $736 per year just by adopting this habit.
2. Unnecessary Subscription Services
Television subscription services are a luxury almost everyone enjoys nowadays. There are many alternatives to expensive cable tv, but you should be selective and minimize the number of subscriptions you pay for.
These services possess allure due to their low cost and the variety of services they offer. The truth is that most people don’t stick to just one but multiple subscription services. This leads people to purchase multiple services which they might forget about soon. This can add to substantial bills in the long run.
Entertainment is valuable and helps you unwind, and provides enjoyment. Of course you can have subscriptions, but the best way to save money is to go through your current subscriptions and cancel the ones you hardly use.
3. Bottle Service & Excessive Clubbing
Expensive drinks at bars and clubs are one of the most excessive expenses you can make, with premium cocktails in many major cities currently costing over $20 each. The problem compounds when you start clubbing regularly or beyond your means.
Clubs and bottle services charge you a lot more for the same bottle you could get outside the club. And if you’ve got bottle service, you won’t even realize how much you’re paying until you’re ready to leave the club with a $4000 bill. Yikes!
If your bank doesn’t allow you to party every weekend, you might be better off without it.
4. Unrestrained Junk Food and Eating From Restaurants
The convenience of not cooking yourself and having fresh hot food that also tastes delicious is something everyone can’t get enough of.
Grabbing a quick bite from your favorite fast food chain or regular restaurant hopping not only drains your bank accounts but is unhealthier than you may realize.
People like the fast aspect of fast food a lot. While it is fast and saves you time, these quick bites accumulate significantly in the long run. Americans spend $1,200 annually on fast food, which amounts to $100 monthly.
Like coffee, you can save this recurring cost by cooking at home and only going out when you feel like you deserve a treat.
The Bottom Line
With all the options and conveniences we have today, it’s common for people to mistake indulgences for necessities. You can save up money just by forgoing or altering your everyday habits.
These items and services are attractive, but much better alternatives are available if you want to go the extra step.
Josh is a financial expert with 15+ years on Wall Street as a senior market strategist and trader. Josh graduated from Cornell University with a business degree in Applied Economics and has held numerous U.S. and European securities and brokerage licenses including FINRA Series 3, 7, 24, & 55. In addition to running an investment and trading firm, Josh is the founder and CEO of Top Dollar, where he teaches others how to build 6-figure passive income with smart money strategies that he uses himself.