Do you drink beer? Smoke cigarettes? Do you love your morning latte on the way to work? Maybe you really enjoy lunch out with your coworkers a few times a week?
Of course you do. However, these little habits may be costing you more than you think. More importantly, they could be doing serious damage to your financial future.
I’m not knocking your vices. We all have them. But many of us also make the mistake of not realizing just how much those vices actually cost us. Those packs of cigarettes and cups off coffee can really add up, and fast.
Calculating the true cost of your vices over the course of a year (or more) may help you put your habits into perspective.
Lattes… everyone’s favorite expense to victimize
Ever since David Bach wrote about the Latte Factor in his bestselling book, The Automatic Millionaire, gourmet coffee has been vilified by everyone from financial planners to frugality zealots. The theory is that instead of spending money on a daily latte, you could save a small fortune by brewing your coffee at home.
Granted, you’ll miss out on the ambiance, professional baristas, and other factors that go into your morning latte. But, with all the high quality coffee makers on the market — such as this one, which can even make cappuccinos with the touch of a single button — and the availability of an incredible array of coffees, home brewing has never been closer to the coffee shop experience.
While purchasing a cappuccino at your favorite coffee shop will set you back about $4 on average, brewing it yourself at home can cost you significantly less than $1 per cup.
If you were to brew your own instead of buying a cup of coffee on your way to work, your savings could be about $700 per year. And that doesn’t even factor in the savings associated with not picking up that blueberry muffin on the side or the extra bit of gas your coffee shop detour used.
Energy drinks are the new lattes
Coffee is no longer the beverage of choice for today’s younger workers. Nowadays, young consumers are latching onto energy drinks, which seem to have enjoyed incredible growth in popularity since their introduction over a decade ago.
Despite having slowed to a modest 4% annual growth rate, according to Beverage Spectrum Magazine, the energy drink industry has continued to grow. In fact, it’s now an industry with $4.8 billion in annual sales. Products in this niche include energy shots and relaxation drinks, as well.
I never realized how much energy drinks cost until I saw the…
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