Let’s talk about the idea of: save money live better. How to save money to be more specific, but without needing to make any drastic life changes or sacrifices.
There are two characteristics that can be used to describe our generation: always on the go and always looking for the easiest & quickest option.
When combined, these two characteristics lead to increased daily life costs – whether we would like to admit it or not. We are the generation that always has a packed diary, are always exploring and trying new trends, are always nourishing our social souls and are always looking for ways to make everything happen quicker & easier, thanks to our phones.
Being busy and trying to simplify certain aspects of daily life – such as eating, drinking, commuting and chilling out – has increased our daily average spend and we have become entirely accepting of it.
There are few simple habit changes you can make that will allow you to save money live better on a yearly basis without needing to make any huge life adjustments or sacrifices.
But, first…
Before I breakdown these habits down, what I highly recommend doing is educating yourself on where your money is going. I always find this exercise to be the equivalent of putting on a tight pair of jeans after Christmas & New Years’… it is never that enjoyable!
This activity is not hard these days. Most banks have apps that categorize and breakdown your spending for you on a weekly or monthly basis.
If your bank app does not do this, PocketGuard is a secure, free app that breaks down your spending based on category. Once you receive a breakdown, don’t just half cringe and mark as read, actually read it and see where your money is going.
Doing this over a one-month period will give you insight into what your spending habits are. From here, you can then be decisive on how to make small habit changes that can save you a significant amount of money.
Alright, now onto the money saving tips.
Here I breakdown how to save over $3000 per year by adjusting what I consider to be regular, daily & weekly habits for the average millennial.
1. The Habit: Coffee
Money Spent: $780
Grabbing a coffee before or during the working day is very common. You’ve come from a morning workout class and want a coffee after or you’re needing a mid-morning leg stretch, so grabbing a coffee around the block is a good activty.
Let’s say you go to work 48 weeks out of the year, 5 days a week. (We’re assuming this is a normal year! And maybe next year? Or maybe you are still getting a daily coffee while at home as a break.)
The average latte costs $3.25.
You grab one oat milk latte or almond flat white a day.
That is a total of $780 per year spent on lattes.
What to do instead:
There are two main reasons we find ourselves at our favourite boutique cafe waiting for our daily flat white:
- The barista can froth your milk while you can’t, and
- You don’t have time before leaving the house in the morning to make your own.
These are both very easy solves.
Invest in a latte machine for home with a built-in milk frother, so you can froth that milk just like your barista would. There are a variety of models of latte machines on the market that range from extremely reasonable to extremely fancy. We are talking about saving expenses here, so I would scout out a more reasonable option. In the UK, Swan Espresso (which I use) makes a very cute and affordable machine, while Bed Bath & Beyond in the US & Canada stocks a variety of options in all price ranges.
To solve for not having enough time in the morning, I would recommend investing in a reusable coffee cup, like a KeepCup, so you can make your latte and take it out the door with you. Or you can commit to waking up 15 minutes earlier to enjoy your coffee while getting ready.
These small changes can save you $780 per year. save money live better
2. The Habit: Buying Lunch
Money Spent: $672
Similar to the above, let’s assume you go to work 48 weeks a year, 5 days a week – also assuming we are in a normal year or you may find yourself eating out right now as well because why not.
The average cost to buy lunch out is $14.
Let’s say you treat yourself once per week to a lunch out.
That is $672 per year spent on a weekly lunch.
What to do instead:
Pre-pack a week’s worth of lunches at the beginning of the week so you can quickly grab a new one each day. Utilize Pinterest for meal inspo so you don’t get bored and buy lunch out anyways.
This simple tactic can save you $672 a year.
3. The Habit: Green Juices
Money Spent: $408
That green juice you were craving? That ginger shot you needed when you felt a cold coming on? That post-workout Barry’s smoothie you had to have for energy? They add up.
The average cost of a juice or smoothie is $8.50 – with some items creeping into the range of $12.
One little innocent green juice or protein smoothie a week can result in $408 per year.
What to do instead:
Invest in a juicer! If you have never considered this to be a kitchen essential, you will be shocked at how easy they are to use and how affordable the ingredients are, allowing you to mimic your favourite fresh-pressed juice in your own kitchen for a fraction of the price.
Like a latte machine, there are many different juicers on the market. I use this very reasonable, yet powerful juicer and it does the trick just perfectly (although, I believe it is only available in the UK).
This can save you up $408 per year on those juices.
If you need some juicing recipes to help get you started, I have some for you here:
4. The Habit: Snacks & Bottled Drinks
Money Spent: $288
Feeling a little peckish mid-arvo? Or thirsty on your commute home?
The average snack or bottled drink ends up being $3 each.
If you pick up 2 snacks per week, that’s a total of $288 per year spent on snacks and bottled drinks.
What do instead:
Next time you’re doing a grocery shop, load up on snacks you can toss in your bag, like granola bars or mixed nuts. Also, always be sure to pack a reusable water bottle and fill it, so when you get thirsty you have something immediately on hand.
This can save you $288 on snacks and bottled drinks in one year! save money live better !
5. The Habit: Ordering in Food
Money Spent: $2,600 (!!)
Fun Fact: 60% of North Americans order in once per week at an average of $50 per order! The ends up being $2,600 spent on ordering in food.
If that is you, cutting back by just one order a week and ordering in 40 times per year rather than 52 times per year will save you $600.
What do instead:
The solution here is not to stop ordering in altogether – it is to be more mindful of how many times you are ordering in. By cutting back one ordering in session a week, you can save $600.
If you are craving your favourite dish from a restaurant, another tactic is to see if you can duplicate the recipe on your own rather than ordering it. When I finally learned to make pizza dough, I have to admit, our weekly pizza routine became far more reasonably priced.
6. The Habit: Uber & Taxi Trips
Money Spent: $600
The average monthly spend on Uber & taxies in big cities across the globe is between $50 and $80, with the average trip at the $15 mark.
Time & convenience are the biggest factors in hoping in an Uber or taxi.
What to do instead:
Cut out one $15 trip per month to save you $180 per year.
There are times when it is an absolute necessity to hop in a Uber. It’s raining, you’re on a timeline, you’re hands are full – whatever the reason may be, it just makes sense. And that is fine. For those one-off trips where you could walk or you could take transportation instead – do it. It will save you $180 in the long run!
7. The Habit: Streaming Subscriptions
Money Spent: $489
This is a new and very generational spending habit. Chances are, you are a subscriber of at least 2 of these services if not more: Netflix, Prime, Disney+, HBO, Hulu, NowTV, Spotify, Apple Music, Headspace, Calm, Audible and the list could go on.
The average person is subscribed to 3.4 TV & video streaming services, with the average monthly cost being $12 per service. That stat doesn’t include the music app subscriptions, the iPhone app subscriptions, or any other standing monthly subscription.
What to do instead:
Do an audit of all the subscription services you are currently paying a monthly fee for. Surely there is at least one subscription in there you can live without…
By cutting back on one monthly subscription at $12 a month, you are saving $156 per year that will help you in save money live better.
8. The Habit: Nail Appointments
Money Spent: $720
I am definitely not advocating for cutting out nail appointments, I am wanting to bring awareness to how scaling back just a little bit per year will save you a few dollars.
$60 is the average cost for a manicure & pedicure when tax & tip are factored in.
That standing monthly appointment brings your annual nail cost to $720 if you go 12 times per year.
By stretching out the time between appointments, or taking a month off every now and then and cutting back to 10 appointments per year, you are saving $120.
What to do instead:
Cut down to 10 nail sessions a year rather than 12, resulting in a saving of $120.
To stretch the time between nail appointments, you can do a DIY at home mani/pedi. You can also try letting your nails breathe for a few weeks before getting them done again, cutting the amount of annual appointments you have.
Now, adding up what we have saved from adjusting those 8 habits brings us to…
Total Saved: $3204
These are the little spending habits that are at our fingertips on a daily basis. And while most of the time we look at them from a weekly or monthly perspective, taking a step to see how big of an impact they make on our overall yearly spend tells a different story.
There are a few investment pieces on this list as well, such as a latte machine, a juicer and more groceries. Although these eat into your average savings if you do invest, the impact, in the long run, is well worth it.
I have not done a deep dive into are all the other ways you can look to save money live better – like repurposing or refurbishing old items, shopping for the best electricity and phone deals, etc. – the intention here is to help you discover where you can adapt simple habits that will save you money with little to no effort and without needing to cut things out altogether – it is about being more mindful & aware.