Coffee, coffee, coffee. Most of us can’t live without it. We use it as an excuse for our crankiness if we don’t get our fix. We can’t seem to wake up unless we start with that cup of coffee.
About 62% of Americans drink coffee every day. That coffee fix is really how we get through the day.
The problem with that is that thanks to specialty coffee shops, coffee went from a cup of Sanka in the 1980s to a coffee snob’s dream where you can get hand-crafted blends.
That’s an expensive dream. The average American spends more than $1,100 a year on coffee. A third spend more on coffee than investing.
How can you spend less on coffee without compromising your taste? Read on to find out.
Set a Coffee Budget
Do you have a budget for coffee?
It’s easy to spend $5 a day on coffee. That can add up quickly. It’s easy to splurge on coffee every day and not think about how much you’re spending. If you get a breakfast sandwich as well, then you’re spending about $11 a day on coffee and breakfast.
What if you were to cut that in half? You’ll still be able to get your coffee fix and save money at the same time. You can set aside a specific amount of money each month just for coffee enjoyment.
You can put cash aside into a jar or envelope at the beginning of each month. When the money is spent, you ran through your coffee budget for the month. Of course, you want to make it last as long as possible and you want to stick to your budget.
Turn a Habit into a Special Occasion
You may not want to cut back on your coffee fix because you feel like you’re denying yourself a special treat. Well, it’s not a special treat if you have it every day. That’s a habit.
For example, if you spend $5 a day on a Frappuccino, you’re really having a sweet treat every day. You can cut back on that expense and on the calories by having it 1-2 times a week instead of every day.
If you absolutely need a coffee fix, you can switch from a Frappuccino to something else that doesn’t cost as much.
What’s Your Favorite Coffee?
If you want to save money on coffee but still get your coffee fix, you’re going to be better off brewing at home. To do that, you’ll want to know what your favorite coffees are.
Do you like a Spanish-style café con leche or Café Bonbon? Maybe you just want plain black coffee or espresso.
Think about which coffees are your favorites and make a list. You’ll be shocked to see how much you can make at home.
Brew at Home
Your best bet to enjoy good coffee and save money at the same time is to make your own coffee at home. You won’t compromise on flavor because you are the barista, making your own coffee concoctions.
In most places, a cortado will cost about $3.50. A cortado is simply espresso and milk. You can make a full bodied cup of espresso at home in an espresso machine and steam an equal amount of milk.
A cannister of quality espresso is about $6.00 for 8 oz. That usually gives you about 10 servings. Milk costs about $2.00 for a small container, which should last for about 10 servings as well.
Do the math on that. For 10 cortado drinks at a coffee shop, you’ll spend $35. Make them at home and you’re spending less than a dollar per serving. Even if you get a high-end espresso from a local coffee roaster, you’re still spending far less on coffee drinks than you would at the coffee shop.
Brewing your own coffee at home will turn you into a connoisseur. You may find yourself experimenting with different brewing methods, comparing a French press to a pour over.
You’ll also have a better understanding of coffee beans and the flavors they produce when you get them from a quality coffee roaster. You’ll come to appreciate the blueberry notes in an Ethiopian coffee and the bold, earthy tones of Costa Rican coffee.
Cut Other Expenses from Your Budget
If you really don’t want to sacrifice your coffee fix, you’ll have to cut expenses from elsewhere in your budget in order to save money.
Take another close look at your budget and your expenses over the last 6 months. Accounting software like Quicken will tell you how much you spend on various categories, such as restaurants, utilities, and coffee.
Take a close look at your coffee expenses. How much are you spending each month? Ideally, you want to cut that number in half and apply that someplace else.
If you simply won’t budge on your coffee budget, then you have to make other decisions to save money. You can trim your entertainment budget. For example, Netflix, Hulu, and Spotify add up to about $27 a month at a minimum.
Buy Gift Cards at a Discount
If you have a favorite coffee shop, odds are they sell gift cards. They make great gifts, but not everyone wants to have a gift card for coffee. They’d rather have the cash and would be willing to sell the gift card for a discount.
Get Your Coffee Fix and Save
Coffee is really a miracle drug. It can make people happy when they have it or miserable when they don’t. We love our coffee habit in the United States, and it’s become an expensive habit.
If you’re trying to manage your finances and save money, you’ll find that it is possible to save up and get your coffee fix.
You can set a budget for yourself, reserve the expensive coffee drinks for special occasions, and make coffee at home.
Do you want more money-saving tips? Check the blog often for more great financial articles.
