When planning for the future, there are lots of small changes that you can make to your daily routine that will make a positive impact on your budget. Certain daily habits, while seemingly insignificant, can rack up a substantial cost over an extended period. It can also be wise to invest in a few small things that will end up saving you money in the long term, so you can afford the more important things in life. Here are a few daily costs that you can cut that will save a pretty penny.
Buying that morning coffee every day could mean a spending of between $3 and $5 per cup, depending on the café and how you like your caffeine fix. This means you could be spending up to $25 a week or $100 a month, totaling up to over $1,000 per year on coffee alone. Compared to making a home brew coffee, which is likely to cost around $45 a year, the difference is stark. Invest in a cafetière and a reusable travel mug and opt for freshly ground beans to get that barista taste at home.
Eating out for lunch is another money trap and can rack up a huge cost over time. Whether it’s a salad, sandwich or eating in at a café or restaurant, the bill could be anything between $6 and $20. This adds up to between $35 and $100 a week and over $5,000 annually. Going home for lunch and eating the leftovers from last night’s dinner or rustling up something already in the fridge or cupboard will save a lot of dough. Alternatively, bring them to work.
With Cayman’s daily dependence on air-conditioning, there are a few tips and trick to be aware of to keep your home cool but efficient. Aim to keep your thermostat on 78 degrees or higher if there is no one at home and avoid turning it down to cool the house faster. The air conditioner cools at the same rate no matter the setting, which can save up to 10 percent a year on your electricity bill. Make sure to invest in regular maintenance checks to ensure your unit is working at peak performance and efficiency.
Most people choose to spend a significant amount of their disposable income on socializing and alcohol. Although it may seem like one sacrifice too many to give up your choice of tipple, you don’t need to give up completely to save money. By cutting down and enjoying a wine at home instead of a bar will help tremendously when saving for your future. With the average cost of a bottle of wine in a bar or restaurant being between $30 and $50, this is a dramatic difference to between $10 and $20 from a liquor store, to enjoy in the comfort of your home.
Five cents may seem a miniscule amount for a plastic bag, but this also adds up. If you use eight bags weekly that is an annual cost of $20. It may not seem like a lot but every penny counts. Do the environment a favor by switching to reusable bags.
Buying bottled water will set you back between $1 to $3 each time, so drinking one bottle of water a day racks up to an average monthly cost of $56 which works out to $2,912 annually. This is a no-brainer: Invest in a reusable water bottle instead and fill up at home or on the go.