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What Not Buying Coffee for a Month Taught Me

05/02/2018
If you've read my recent blog post about saving money (or any post about saving money) you'll know that the first thing when it comes to saving money is to stop buying coffee every day. One of my new years resolution was to become smarter with my spending, not to say that I'm an over spender at all, but I found that my credit card statement really started adding up with stuff like coffee, food, ubers and clothes… none of which I actually needed but somehow kept justifying.

So in effort to cut down on my credit card bill, I decided to cut down on my morning coffees.


Toronto's Calii Love

I quickly realized that when I would leave work in the morning to get coffee with a friend, I wasn't doing it because I actually wanted to drink coffee. Sure I love the taste of it, but I could just as easily make my own coffee at home (or in the office, even if it's not the greatest tasting cuppa joe) and not spend the money. Frequently when I went to purchase a coffee (once, maybe twice?) a day, I would upgrade to a flat white (mmmm) and potentially add in a croissant or a muffin as a snack- ringing up $5 + on the daily. 

I was using the idea of 'going out for a coffee' as an excuse to leave the office, go for a walk, chat with my coworkers and have a break.

When people ask me if I want to go out for coffee with them, I will still gladly say yes, then add in that I'll come for the walk but won't buy coffee.

Do they care? 
Not one bit.

Do I still get all of the benefits of going to coffee without all of the additional charges on my credit card? 
Yes yes and yes. 

Let's do some simple math calculations. Let's say that you spend $3 a day on coffee, multiplied by how many work days in a month (20) equalling $60 a month on coffee. We all know that $60 is a low number, throw in some lattes, a muffin, some 'let me buy it for you' and a cheeky second cup in the afternoon, and that number can easily double. Multiply it by how many work days in the year (accounting for 4 weeks vacation + holidays and sick days) can easily equal $700. Well idk about you, but I'd much rather have that cash monay in my bank account to spend on a vacation, a new pair of shoes or to save and invest. 

On the 30th day of my 'resolution' (for lack of a better term) I went out for coffee with a few friends from the office and bought a small cup of coffee from McDonalds and it cost me $1.56. After I returned back to my desk I realized just how much I didn't actually want the coffee, I would have rather kept the $1.56 in my pocket (and off my credit card statement!)

As such, this is definitely something that I'll be continuing to do on a regular/daily basis. Should the urge hit me, or if I'm out with friends, I won't let it stop me, but I can confirm that it will no longer be a part of my regular daily routine.

Is this something that you guys think that you'd be up to try out? Or do you just not care about the few dollars a day? Let me know in the comments below because I'm always intrigued to know about what other people think about finances and ways to save money.

If you're interested in learning more about finances, check out my first blog post about getting your finances in order, and my second blog post about how to start investing your money in the markets.
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