July 07, 2008
This morning I waited to watch a report on Good Morning America. The teaser,the 5 best ways to save money, or something close to that. The first thing that was said when the segment aired was, “stop talking about cutting out a latte and save really big through technology”. It was all downhill from there. I decided to see for myself how much you could save by eliminating a latte each work day for 50 weeks..$715.00! That is not small. None of the tips they gave on the show saved more than that. Since I am not a coffee drinker this is one area I have mastered! The same applies to any “addiction” we may have. If you drive through and get a soda each day 5 days a week for 50 weeks, you would save $322.50. That is not small in my thinking.
This week instead of me suggesting ways to save money I want you to discover some ways of your own. This week keep a spending diary. Get a small note pad and keep it with you. Record everything you spend, from the pack of gum to the fill up at the pump. Be sure to include utility bills, credit card payments, grocery shopping, everything. When you get home from the grocery store sit down with the receipt and study it carefully. How much was spent on snacks and treats, how much on prepackaged foods, what about drinks (sodas and chocolate milk)? Once you have done this for a week you will discover areas where you can save big on little things.
Please report back. Let us know what you discovered about your habits.
I had to pipe in here. I actually recently decided to do this to see how much money I’m wasting on Diet Coke (embarrassing I know!). So here is a weekly summary:
2-3 cans per day = 14-21 cans per week
3-4 44 oz refills from gas station per week
12 pack soda = $2.50
44 oz refill = $0.84
Minimum total = $5.46
Maximum total = $7.77
So in a month I could save between $20 and $30 if I could eliminate this coke addiction. However, for the joy I get out of spending that $20 I sure feel like it’s worth it! Haha.
Oh I hope you’re kidding and ready to kick the habit. Thanks for making my point so clearly. Small things do add up. I think my answer deserves a greater audience so check out today’s post (August 1st): Soda or Food