3 ms·

Obviously it's good to have some sense of how much such things cost over time, but if you have to worry about small pleasures like a daily cup of coffee, you're

Obviously it's good to have some sense of how much such things cost over time, but if you have to worry about small pleasures like a daily cup of coffee, you're in pretty dire straits... and I know that when I've so poor, I had no problem realizing how things add up, because it was smacking me in the face constantly... This, incidentally is one reason I like cash (over debit cards or whatever). I like to palpably feel my money going away if I spend it, and have a physical sense of how much I have available... it really helps keep me aware of the flow of money.

jsmcallister 14y ago
No matter how much you make, going to Starbucks for a latte every single day seems innocuous. I get a grande vanilla or a grande gingerbread (during the holidays). I think it's about $3.75. It becomes a habit, I get one 25 out of 30 days. That's $100 a month, which translates to $1,200 a year which translates to $7,200 over 5 years - which is more than most people will even put away into savings over that same time.
npsimons 14y ago
See, I'm almost the opposite, on both counts. I stopped carrying cash so that I wouldn't be tempted to shove it in the vending machines at work (unfortunately, they now take credit card . . .). Good for my financial and physical health. Also, it's not so much being aware all the time that you are wasting $6 on a cup of coffee, but more that you think about it once, take into account all the externalities (do you have to make a side trip to pick it up, how long do you have to wait in line, etc), ask yourself if it's really good, and then come to the conclusion that for a small upfront investment, you can get a French press, a grinder, a hot water pot, and whole beans, and have a better cup of coffee for less money in the long run, with no waiting in line or side trips.

3 ms·

Obviously it's good to have some sense of how much such things cost over time, but if you have to worry about small pleasures like a daily cup of coffee, you're

by snogglethorpe 14y ago

jsmcallister 14y ago
No matter how much you make, going to Starbucks for a latte every single day seems innocuous. I get a grande vanilla or a grande gingerbread (during the holidays). I think it's about $3.75. It becomes a habit, I get one 25 out of 30 days. That's $100 a month, which translates to $1,200 a year which translates to $7,200 over 5 years - which is more than most people will even put away into savings over that same time.
npsimons 14y ago
See, I'm almost the opposite, on both counts. I stopped carrying cash so that I wouldn't be tempted to shove it in the vending machines at work (unfortunately, they now take credit card . . .). Good for my financial and physical health. Also, it's not so much being aware all the time that you are wasting $6 on a cup of coffee, but more that you think about it once, take into account all the externalities (do you have to make a side trip to pick it up, how long do you have to wait in line, etc), ask yourself if it's really good, and then come to the conclusion that for a small upfront investment, you can get a French press, a grinder, a hot water pot, and whole beans, and have a better cup of coffee for less money in the long run, with no waiting in line or side trips.