What are your daily spending habits costing you?
3 min read
10 April 2018
Everyday expenditures can become such the norm that we hardly notice what we are spending. Want to accelerate your saving? Try these simple tricks from CEO at Scottish Trust Deed, David Baddeley.
Luckily, we’ve highlighted the costings of our minor purchases and daily spending habits in order to determine how much we can save by cutting them out.
It’s just a coffee
A coffee on the commute to work can be deemed a minor expenditure and a ‘must have’, in your daily spending habits. However, a pick-me-up at your favourite coffee shop can ensure that you are financially tense at the end of each month.
Average price of a coffee:
Daily – £2.45
Weekly (Mon – Fri) – £12.25
Monthly (5 days a week) – £49.00
Yearly – £588
Equates to – One-way ticket to New York
I just don’t have time for breakfast
Picking up breakfast every day can be costly and should be deemed an extravagance. Ensuring that you always have brekkie pre-packed or waiting for you at the office can save you 100s throughout the course for the year.
Average price of breakfast from a mainstream coffee chain:
Daily – £3.00
Weekly (Mon – Fri) – £15.00
Monthly (5 days a week) – £60.00
Yearly – £720
Equates to – One-week holiday in Ibiza (flights and accommodation)
I’ll take an Uber
Uber has 3.5M users in London alone. Jumping in a taxi home can fast become the norm as there is no doubting its convenience. However, the convenience can hold a heavy price tag.
One Uber a Week – £10.00
Monthly (one day a week) – £40.00
Yearly – £480
Equates to – Acer Aspire Laptop
Are you a ‘yes’ person, and attend events that are not exactly on your bucket list? The ‘fear of missing out’, can not only waste your time, but waste your money. The total of drinks and taxis can really hit your bank balance. Save the pennies for an event that matters!
Drinks across the evening – £60.00
Taxi home – £15
Costings over the year with one evening a month – £900
Equates to – TAG Heuer watch
Tips and tricks
What to cut down on daily spending habits and accelerate your saving? Try these simple tricks.
- If you have purchased that ‘must have’, trend led piece of clothing and not worn it within the 28 days of purchase, maybe its time to think about returning it.
- Carry cash for the week so you know exactly what you are spending throughout.
- Buy Cheap buy twice, instead of buying cheap long-term purchases, invest in your products to ensure that they last.
- Goals – Set yourself goals to remind yourself what you are saving for in the long run
David Baddeley is CEO at professional debt advice service Scottish Trust Deed