Wonder where your money goes? Those everyday purchases can really add up. Look at how much you could save by cutting back on a few things.
Coffee with a grande price.
A cup of coffee at a local coffee shop can easily cost you $3. Get one cup every day, and you'll spend $1,095 a year! Instead, invest in a decent coffee maker for $30. Spend $8 on a pound of gourmet coffee, and you'll get about 40 cups from that. So even if you drink two cups a day, that's only $176 a year (including the coffee pot).
It's music to your wallet.
So, you love music and can't live without it? If you buy one album a week at $12.99, that's over $675 a year. Instead of buying the whole album and only listening to one or two of your favorites from it, why not try downloading individual songs you like at $1 each?
Slice your pizza spending.
Buy a $10 pizza a week, and you'll spend $520 a year. In comparison, you can pick up a gourmet frozen pizza at the grocery store for about $5. And it bakes in about half the time of delivery.
Track Your Spending
Conduct a self-audit of your spending. Use a smartphone money app or a simple notebook to record everything you spend money on. Make sure to record every little thing – because little things can really add up.
Water doesn't have to come out of a bottle.
Walk into a convenience store, and you can expect to drop $1.39 for a bottle of water. The same water costs a fraction of a cent from the tap. Don't like the taste? Keep a lemon in the fridge and add a drop or two.
Credit cards – caution: buy now and you may pay a whole lot more later.
Sure, it's easy to get what you want when you have a credit card. But if you only make your minimum payment every month, you could end of paying for that item several times over. The typical student credit card has a rate of about 18% APR. Assuming you make your minimum payment on time every month, it could take a long time to pay off that balance! Calculate for yourself!
Save now, retire comfortably
If you're in your 20's, now's the time to start saving for retirement. Because the more you put away now, the harder your money can work for you by earning interest. It can be tough finding the money to save, but saving every day can add up over the years.
This content does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.
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* The Summer Savings discount has been extended and the offer is now valid for new Custom Choice Loans for which applications are submitted for a credit decision between 12:00:00am EST on June 1, 2019 and 11:59:59pm EST on September 30, 2019. A 0.50% interest rate reduction will be included in the loan options presented to an applicant during the online application process, upon passing the initial credit review. The interest rate reduction will be applied as of the first disbursement date and will be effective for the life of the loan.
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