Stop Going To Starbucks and Watch Your Bank Account Grow
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Everyone loves Starbucks Coffee including myself. I also love going to Jamba Juice as well. These two trendy locations can quickly eat up your hard earned savings. If you are saving for a down payment or other large savings goal, I highly recommend cutting back on your Starbucks, Jamba Juice, and other recurring luxuries in life to save some substantial extra money. It is saving me personally $650 dollars per year. How I'm Saving $650 Per YearI used to go to either Jamba Juice or Starbucks in the morning before work every weekday. I mostly went to Jamba Juice but am calling out Starbucks in the article because this is much more familiar to most people. Both are comparable in cost so the same savings will hold. There are 52 weeks per year and 5 weekdays per week. That is 260 workdays per year. 260 x $5 per Jamba Juice or Starbucks = $1,300 in luxury beverage costs per year. Now, I only go to Jamba Juice or Starbucks every other day. Dividing $1,300 in half, I am saving a respectable $650 per year. That is some serious savings that will really help toward my down payment. I still get hungry in the morning so what do I do? I found the perfect money saving solution, I eat free food at my office which is not as good as Jamba Juice but definitely worth it when I factor in the huge savings. Moreover, now when I go to Jamba Juice or Starbucks it's a treat and I enjoy it more than ever. Why Not Buy Your Own Espresso Machine?The Consumerist explains how you can save a ton of money by buying your own espresso machine instead of going to Starbucks. I think this is great advice. Philosophically, I usually prefer buying instead of renting if you are going to be doing something for an extended period of time. For example, I used to rent the furniture in my apartment because I did not know how long I would be in my current city. After deciding to stay for the long haul, it was obvious that I should buy my own furniture because the cost was only one year's worth of renting fees. Similarly, you can pay off your espresso machine after probably just a few week's worth of missed Starbucks coffees. If you like your smoothie in the morning like myself, why not buy a blender and fruit? It could actually turn into a fun hobby. Taking this analogy one step further, it's the whole reason for this website. We all deserve to own our own house because over the long term owning a home is better than renting. You will be able to live in a nicer place than your apartment and moreover you will grow your wealth through ownership of an appreciating asset that is a great hedge against inflation. The reason you want a high down payment is to minimize the interest you pay over time which amplifies your gains from owning your own home even further. Skip the Muffin or Cookie For Extra SavingsLet's now look at a compromise. An important part of my savings strategy is breaking the rules to improve lifestyle in addition to saving so the journey is as much fun as the goal. If you cannot live without your Starbucks, I say to go for it. You want to happy. However, how about a compromise? When I go to Starbucks, I always end up getting a cookie or muffin in addition to my coffee. At Jamba Juice, I always get their apple cinnamon pretzel. Why not just get the coffee and pass on the extras? This is a great way to cut your expenses down a lot while still enjoying your daily cup of coffee. Look For Coupons & DiscountsOne great way to save is to keep your eye out for coupons. Whenever Jamba Juice or Starbucks are running a special, make sure to take them up on it. Most recently, in their effort to push the new "enlightened" smoothies, Jamba Juice has offered coupons where you get a free smoothie if you come with a friend and buy one enlightened smoothie. Now that's like getting a carpool buddy for smoothies. Watch Out For Caffeine & Improve Your HealthBesides saving more money and growing your bank account, there are also health benefits to cutting back on Starbucks. Caffeine is not good for you, especially if you consume too much and are reliant on it to get you through the day. It masks your real need to get some quality sleep (believe me, I know from personal experience). Why not save more money, get more sleep, and improve your overall health? That's triple savings! For additional information on health benefits, you may want to check out Wikipedia's article on caffeine.
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