Should you buy takeaway coffee?
Many years ago I worked with a finance professional who one day gave everyone in hearing range, an insightful lecture on how much money they would save if they made a coffee at work instead of buying one every day. For those who buy a coffee every day in Melbourne the average price is approximately $5 x 365 days = $1,825.00 per year. That adds up to a lot of money.
Although this gentleman owned half a plane and flew the other owner and myself on a work trip one time, it would be fair to say that he had some financial nous to be able to afford 1/2 a plane, but for most of us a plane wouldn’t be a wise investment. We all spend money on different things.
I look at it this way:
What about the experience you miss out on – let’s be honest a coffee made at work just isn’t the same.
There’s the energy and activity of the coffee shop, the familiar faces, having someone know your regular order, the light chatter, the smell of coffee and other delicious food, music playing, cute dogs outside waiting for their owners that may want to give you some love – its gets you going in the morning.
For people who live alone or who get up first, their barista may be the first person they talk to every day and the reception may be much brighter and happier than their boss, colleagues or family. (Always think about how you greet people in the morning, for this reason).
You might have made an extra effort getting dressed and you want to give it some air time before sitting at your desk for the next +++ hours. (I can think of someone I know who does this)
Retail has been hit hard and you are keeping the economy going by buying coffee.
If you buy takeaway coffee please bring your own cup (you should get a discount) and take advantage of loyalty cards where you get the odd free coffee.
Don’t beat yourself up over not being perfect with your spending, but I challenge you to be aware of what you are spending money on. if you are trying to save or budget or both, it’s the little expenses that can add up. Do some simple math. If you buy coffee every day and you know your annual spend on coffee now, I would encourage you to be aware of what other luxuries you allow yourself.
Tips: Loyalty cards and bringing your own cup should save you money.
If it’s value you are after, a long black tends to be cheaper than a latte and contains a higher percentage of caffeine.
General Advice Warning: The information in this post has been prepared for general information purposes only and does not take into account your personal objectives, financial situation or needs. It is not intended to provide commercial, financial, investment, accounting, tax or legal advice. You should, before you make any decision regarding any information, strategies, or products mentioned on this post, consult a professional financial advisor like myself to consider whether it is suitable and appropriate for you and your personal needs and circumstances