Coffee - What’s It Actually Costing You?
The Art Of Acknowledging Your Spending Habits
Do you find yourself going to your favorite coffee shop more than once a week, or do you brew your coffee at home? If you haven’t compared the cost of these options in a while, here are some staggering statistics that show the differences between them, which might make you reconsider where you get your caffeine boost from now on.
Let’s be honest, you can usually save money by making things at home. So, it should go without saying that you can save money by making your coffee at home rather than buying it on the way to work. According to Gabrielle Moss in his article “Here's how much money you could save by making coffee at home,” depending on where you live and how you prefer to take your hot caffeine water, if you're buying coffee by the cup, you're spending between $1 and $5 per cup. Meanwhile, brewing a cup of coffee at home only costs you between 16 and 18 cents per cup!
This means that if you opt to buy coffee at a cafe, you're spending between $5 and $25 a week, $20 to $100 a month, and between $240 and $1,200 a year. Meanwhile, someone who brews at home is spending around $45 a year on coffee. Yes, the difference between $45 and $1,200 is sizeable, so making your own coffee can be a valuable opportunity to save some money.
Just about half of all Americans surveyed for the US Coffee Consumption Statistics and Facts in 2023 study stated they regularly order coffee out at restaurants, cafes, and coffee chains, with the other half claiming that they usually only make their coffee at home. Does this mean that about half of all Americans prefer convenience over saving a buck?
For some of us, consuming coffee is as important as brushing our teeth. Even with prices consistently increasing, buying coffee by the cup is still a commonly overlooked spending habit. It’s important to be mindful of where your money is being spent at all times, as reducing the cost for nonessential items can increase your bottom line. If you find yourself struggling to save money, it might be a good idea to re-evaluate your spending habits.
First Source offers easy-to-use Personal Financial Management Tools with our online banking and mobile banking service to help you see the bigger picture of where you are spending and also to help you save. You can use these tools to categorize purchases, create budgets and savings goals, and find helpful financial articles. If you’d like to evaluate your current budget and spending habits with one of our friendly Financial Service Representatives, call 315-735-8571 or schedule an appointment today.
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