This Is How Much Money You'd Save If You Made Your Coffee Every Day
You could go on a vacation with the money you'd save by making your own daily cup of joe.
Back in March, when most of the country slipped into quarantine, we collectively had to give up a favorite morning ritual: getting a fresh cup of joe from the tiny cafe on the corner or stopping at the local Starbucks for one on the way to work. In the six months since, we've been sipping our morning coffee at home for the most part. And you may have noticed as the months passed by that there was a little extra cushion in your bank account. Because, when you stop to calculate it, those daily trips to the coffee shop really add up. In fact, if the average coffee drinker made their coffee at home every day instead of buying it, they could save over a thousand dollars a year.
Doug Boneparth, president of Bone Fide Wealth and a self-described coffee enthusiast, created a calculator that tells you how much money you could save by opting for homemade coffee. Boneparth told Grow that someone who drinks two cups of coffee a day could save about $1,500 a year by making their coffee at home.
That's why those who are shrewd with their earnings are against bellying up to a coffee bar and forking over a portion of their paycheck to the barista. For example, Shark Tank star Kevin O'Leary told CNBC Make It that he refuses to pay more than $2.50 for a cup of coffee that only costs about 20 cents to make. Instead, he opts for making his own coffee and invests the rest.
Wealth manager David Bach, author of The Latte Factor, is also passionate about ditching that beloved store-made espresso. "We all throw away too much hard-earned money on unnecessary 'little' expenditures without realizing they add up," Bach wrote in The Automatic Millionaire. He argues that if we opt out of small splurges, like expensive caffeinated drinks, we'll have more money to put towards more substantial purchases. And if you're looking for ways to save money when you shop, check out Saying These 2 Words at Target Could Help Save You So Much Money.