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This week, we're diving into a common money trap: convenience spending. It's easy to fall into the habit of paying extra for convenience, but those small purchases can seriously impact your financial health.
We'll explore how these costs add up and how you can make smarter choices to keep more money in your pocket. This is crucial for anyone wanting to take control of their finances, especially if you're just starting out. We've all been there – buried in debt and wondering where it all went. But we learned how to break free, and we're here to share those tips with you.
This week, you'll learn:
- How seemingly small convenience purchases can drain your bank account.
- Practical strategies to reduce convenience spending
Many people don't realize how much they're spending on convenience or those small splurges. They underestimate the cumulative effect of small purchases and fall prey to marketing tactics that make spending easy.
By tracking expenses and consciously evaluating the true cost of convenience, you can make informed decisions and avoid these pitfalls.
Instant gratification is a budget killer
We live in a world of instant gratification. Fast food, delivery apps, and one-click purchases make it easier than ever to get what we want, when we want it. But this convenience comes at a price. Let's break down some common examples:
Food Delivery
Ordering takeout is tempting after a long day. But consider this: a $15 meal can easily turn into $25 or more with delivery fees, tips, and taxes.
Let’s say you order Chick-fil-A, Chipotle, or McDonald’s through DoorDash or UberEats a couple of times a week.
- A meal costs $12 at the restaurant.
- But after delivery fees, service fees, and a tip, that meal jumps to $20+.
- If you do that just twice a week, you’re spending an extra $64 a month—or $768 a year just on delivery fees.
- Over four years that’s $3,072 gone—just for delivery!
Now, compare that to making food at home:
- A homemade meal—something like a sandwich, eggs and toast, or pasta—costs $3-4 per serving.
- Even a full week of meal prep costs less than eating out a few times.
Would you rather have an extra $3,000 in your pocket by graduation or a bunch of $20 fast food meals that lasted 10 minutes?
Coffee - The ultimate budget killer
If you’re into coffee, this one’s for you.
- A medium latte from Starbucks costs around $5.
- If you buy one every day, that’s $35 per week or $1,820 per year—just on coffee!
- Over four years? That’s $7,280—on coffee alone!
Now compare that to making coffee at home:
- A $10-$15 bag of coffee beans makes 30-40 cups of coffee.
- That brings the cost per cup to 50 cents or less.
- Even if you add cream and sugar, you’re still spending less than $1 per cup.
Switching to home-brewed coffee saves you over $1,000 a year—or almost $6,000 over those 4 years.
"Beware of little expenses; a small leak will sink a great ship." - Benjamin Franklin
Vending machines vs. buying snacks in bulk
I am going to pick on my son here because I had to have this talk with him when he started Junior High School a few years back and he was buying snacks from the school vending machine every day and it was quickly adding up how much was being pulled from his lunch account. So let’s look at this…
- A bag of chips or candy bar from a vending machine? $1.50-$2.00.
- That same snack from a grocery store multi-pack? 50 cents or less per serving.
- If you grab one vending machine snack per day, that’s $500 per year—just on snacks!
- Over four years? That’s $2,000.
- Pack your snacks and keep more money in your pocket.
Apps make you spend more without noticing
Ever wonder why your money disappears, even when you’re not making big purchases? It’s by design—companies make spending effortless, so you don’t think twice.
- One-Click Purchasing - Amazon, Apple Pay, and Google Pay remove all barriers between you and a purchase - No time to reconsider—just tap and buy.
- Saved Payment Methods - your card is already stored in the app, making it too easy to spend.
- Subscription Traps - Netflix, Spotify, gaming memberships—they auto-renew quietly every month.
- In-App Purchases - that $2.99 to remove ads? The $4.99 for game lives? They add up.
Over the course of a year that is potentially thousands of dollars gone before you have a chance to really think if you even needed it.
"Small daily indulgences can be just as damaging to your long-term financial health as large, infrequent splurges." - David Bach, author of The Latte Factor
Tiny Choices Today = Huge Results Later
Let’s break it down even further:
- Skipping one $5 coffee each school day saves $1,300 per year—or $39,000 in 30 years.
- Cutting out two food deliveries per week saves $768 per year—or $23,040 in 30 years.
- Packing your own snacks instead of using vending machines saves $500 per year—or $15,000 in 30 years.
These aren’t big sacrifices—but they create life-changing results when you stay consistent and let time work in your favor.
💡 Here’s the bottom line: The small choices you make today determine the kind of life you’ll have tomorrow. Start now, stay consistent, and watch your money grow. 🚀💰
Your Challenge
Before today is over, take action.
- Pick one convenience expense—food delivery, coffee, vending machine snacks, or an app subscription.
- Compare it like we did in today’s newsletter, and consider cutting it out, find a cheaper alternative or reduce the amount you spend on that convenience.
- Move that money into your first emergency fund savings or an investment account or apply that savings to paying off debt.
Start Comparing the Cost of Convenience
- Become much more aware!
- How much extra are you paying for fast food, vending machines, and delivery fees?
- What could you do with that money instead?
Make a change today, and watch how much money you keep in your pocket!
We're not financial advisors, but we've walked the road to financial freedom. We're here to offer advice and tips based on our experiences. If you're struggling with debt, know that you're not alone, and there's hope. We're here to support you on your journey to financial wellness.
