Could You Save $5 Every Day for One Year?

Last week my friend J. Money encouraged his readers on Budgets Are Sexy to try and save $5 a day.

I decided that I could save $5 a day by not buying my daily egg and cheese breakfast sandwich with my iced coffee. Every morning I go to Tim Horton’s to get a breakfast sandwich and then I go next door to Starbucks to get an iced cappuccino.  On Thursday I ate breakfast at home and therefore saved $2.25 at Tim Horton’s, and $4.35 at Starbucks.

I made a little calculation and I spend $6.60 per day on breakfast.  I decided to skip the Starbucks from now on and order a small iced cappuccino at Tim Horton’s with my sandwich.  This will cut my cost down from $6.60 to $4.38.  This will save $2.22 per day, $11.10 per week, and $577.20 per year.

If I can save $5 per day why can’t I save $5 everyday? If I cut out my daily breakfast purchase all together I could save $21.90 per week and $1138.80 per year.  It’s amazing how a little change can have a big impact on my saving.

I also spend a lot of money snacking at work.  Just yesterday I spent $1.35 on a Diet Coke, $1.75 on a Bagel with Butter, and $0.75 on a Hot Chocolate.  This is a total spending of $3.85 per day on unnecessary snacks.  I know that we all spend during the day, but sometimes its money that doesn’t need to be spent.

Where do you spend your disposable monthly income?

I admit that the majority of my disposable income is spent shopping; I buy various items from bath items to clothes. When I am out, I will buy clothes and bath/shower products just because they are new, or smell good, or they are on sale.  I usually don’t buy these types of items because I need them.  With J. Money as my inspiration, I am now starting to save more of my disposable income every month by spending less on unnecessary (and excessive) items.

I will now only save my fidelity shopping cards at stores who offer them for free. Not only will this save me money by not paying the annual fee for the card, but I will also save money throughout the year on unnecessary excessive spending.  If I don’t have the fidelity card, I will not feel obligated to make a certain number of purchases for a minimum purchase amount.  These memberships include The Body Shop, Costco, and La Senza (the Canadian partner of Victoria’s Secret).

Every year I pay $10 for a membership at The Body Shop which gives me 10% off all of my purchases throughout the year.  Each purchase of $25 and more earns me a fidelity point. After 4 points I get $15 of free merchandise, and after 8 points I get $25 of free merchandise.  If I cancel my membership at The Body Shop I will save a minimum of $210 per year. This is hypothetically if I only spent $25 for each fidelity point.  I do admit that The Body Shop membership is one of the better customer fidelity programs, but it is still money every year that I don’t need to spend.

I will also try to stay away from the pharmacy. I am the type of shopper who will by 3 toothbrushes because the 4^th one is free.  I will buy 2 shower gels because the price is lower.  It saves money in the long run, but it does not help my weekly spending habits.

Could you save $5 a day, every day of the year?

(Photo By KrossBow)

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.