Your daily coffee
There are various opinions regarding one’s daily latte. Some financial experts claim it’s not that big of an expense while others firmly believe that you can save important dollars by not buying your latte every single day.
“You should be willing to give up [having] coffee at the coffee shop instead of at home,” said Ed Snyder, president and co-founder at Oaktree Financial Advisors, Inc.. In Snyder’s opinion, your coffee shop drink is an expense you can do without. It’s not a real need, it’s a want and that’s what you should understand and change.
“For every dollar you waste today you are costing yourself almost $8 in retirement”, Snyder says. If you spend around 100 dollars a week on things you don’t really need, like coffee, that’s $5,200 a year and more than $38,000 at retirement.