“Where does it all go?” is a question asked by many working Americans, who seem hard-pressed to save any money toward emergencies and retirement. However, the answer may be steaming in our hands each morning.
Credit counseling firm GreenPath Debt Solution recently compiled some stats on everyday spending by Americans, and found that making some simple changes could save people a lot of money.
For instance, a daily trip to a chain coffee place can add up to more than $1,000 per year in spending. Brewing coffee at home – even premium coffee – can cut this down by hundreds of dollars.
There are similar savings to be had with soda, and other beverages. While we’re not necessarily going to make our own soda at home, we can save big on beverages depending on where we buy them. Avoiding convenience store buying in favor of bulk buying at the warehouse store can really add up.
GreenPath found that around 66% of American workers buy their lunch daily, and spend an average of $1,924 eating out. By making lunch at home, and packing a brown bag, workers could save most of that sum, and put it to better use.
There are similar savings to be had by adjusting other, everyday consumer spending rituals like shopping for clothes, or monthly spending on things like cable TV.
You get the point: it’s not just about “big ticket” spending on things like cars and vacations. Much of our money gets frittered away on everyday items. By making slightly different choices we can keep hundreds – even thousands of dollars each year in our pockets, and our savings accounts.