5 Small Expenses That Soon Add Up!
When it comes to big purchases, most of us tend to think them through carefully. Good approach, of course, given the rising levels of personal debt. But when it comes to small, almost routine purchases, do we think them through the same?
We should. Here are 5 expenses that will soon add up if incurred too frequently.
Your Daily Starbucks
Up to £3 or $5 for a coffee in some of their stores, Starbucks is a globally celebrated brand. But if you make a habit of indulging the costs will rise. $5 even three times a week adds up to $780!! If you were going to buy a single item at that price, you’d think it through, wouldn’t you? It’s really much more cost efficient to stick with homemade coffee!
Lunch
It might take a little bit of planning, but making up your own sandwiches before you go to work could save you a whole lot of money. Buying a sandwich every work day of the year could cost around £3 per day or up to $5 for those on the US side of the Atlantic. There are 252 working days of the year in the UK, assuming you work Monday – Friday and we take out the Bank Holidays. Let’s estimate that in the US (given varying holidays) will work a similar number. Now, we’ll be generous and take off a further 22 days for annual leave and that leaves 230 working days. If you buy a sandwich every single working day you could incur a bill of up to £690 or $1150!
Credit Card Spending
Those interest rates might seem low and you may be tempted to think, “ah well, it’s ok for a few small purchases.” But the interest adds up fast and credit card debt is a growing problem. Spending on plastic is more expensive than buying things in cash or by debit card. So why do it, unless it’s absolutely necessary?
Impulse Purchasing
Supermarkets know that we love to buy things – particularly things we don’t need. This is why there are strategically placed items near checkouts and so on. They’re often lower priced items, sometimes indulgent snacks and so on, left to tempt you. Even a few dollars of impulse spending each week in a supermarket will add up. Write a list – stick to it! Everybody has will-power. They just need to use it!
Bottled Water
Let’s say you pay $1 or 70pence in the UK for a bottle of water. OK. Now, let’s say you do this on each work day (taking into account Bank Holidays and annual leave) – 230 days. That’s $230 or £161! Now, if you “don’t like” tap water, why not invest in a filter? You could easily buy one for the amount you might otherwise spend on bottled water in a year!
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