Good morning Dinks. If you’ve ever read a story about spending wisely or setting a budget then you’ve probably been advised to cut out your daily trips to the coffee shop. Right? To be honest it’s true. If you want to start saving money you can cut out Starbucks coffee and stop eating out in restaurants. You could also become a nun and take a vow of poverty or become a monk and take a vow of silence – but what fun would that be?
As a financial planner I should probably tell you to stop spending money on anything that doesn’t keep you clean or warm, but I’m not going to do that. Why? Because I don’t believe in it. Don’t get me wrong I completely agree that people should plan and save for their future, but I don’t believe they should do it at the sacrifice of their current life. I mean seriously why would you hate your life now to potentially enjoy your life later? It just doesn’t make sense.
Enjoy everything in moderation
This is why I don’t think Starbucks is a waste of money. If you want to pay $5 for an iced latte then go do it, but keep in mind you’re giving up something else in order to pay for that coffee. That’s the key to setting and sticking to a budget. If you only have $5 and you want to spend it on Starbucks then more power to you. Just be conscious of what that coffee really costs.
Coffee is an excuse to socialize
I don’t drink alcohol or smoke so if I don’t meet my friends for coffee I probably won’t see them very often. Compared to after work drinks or a night out at a club I think a $5 coffee and a $3 piece of banana bread is a good deal to spend an hour or so with friends.
It’s a reason to get out of the house
I work online with my side hustle and I can work from home with my 9 to 5 job. If I didn’t convince myself to buy a treat every now and then I would never leave my house. I would become one of those crazy ladies whose eyes can’t adjust to daylight because I would be stuck in my home office 24 hours a day. I definitely don’t want to become one of those ladies.
The price doesn’t matter
I truly believe in paying for something you want. However I also believe in getting the absolute best deal on everything. Why pay $400 a night for a hotel room when you can pay $100 for the exact same accommodation through a discount website.
The same thing is true for Starbucks. As long as you aren’t ordering a $5 coffee, taking a sip and throwing an almost full cup in the garbage then expensive beverages aren’t a waste. If you enjoy it then it’s money well spent. That being said I will pay for expensive coffee if there’s something in it for me – other than enjoying a delicious beverage. I am a Starbucks loyalty member which means I get free beverages, exclusive deals and discounts on products.
Kristina Tahnyak
Tahnya is a Certified Financial Planner and former Investment Advisor turned marketing and communications professional She holds a degree from Concordia University, is debt free and currently works in the field of digital marketing.
I have mixed feelings about the whole “cutting Starbucks to save money” thing.
On one hand, it’s a budget thing…..if you like it, and it fits in your budget…then why not? But if you’re always complaining about not having any money, maybe a $5 coffee each day isn’t the wisest use of your money.
The thing that burns me the most though, are people that actually poke fun of those that do cut things like Starbucks to save money. They say that we should be looking for “big rocks” to cut out instead of things like coffee. You aren’t going to get rich by cutting out your coffee. BUT, the point is, frugality is a way of life. If you’re having financial issues….and you can’t say “NO” to yourself to cut out expensive coffee….then you’ll certainly fail at cutting larger expenses as well.
Wow, that’s a good way to look at it. I’m also in the non drinking, clubbing, reveling camp, so coffee it is for me! As long as it’s not everyday it’s ok. My goal is to bank $5 every time I get a $5 latte. So it helps me save $ too!
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I haven’t cut out my Starbucks, but I’ve found ways to make it more cost effective. I use apps and rewards programs to earn gift cards and I only go when I have a gift card, so it never comes out of my pocket. I also use their rewards app, paying particular attention to when they have special deals or bonuses, so I earn free drinks very quickly. Sitting at Starbucks for a few hours each week is when I am most productive with my blogging and it’s like “me time.” I wouldn’t trade it in!