Let’s start with the biggest example – coffee. The average American spends approximately $1.38 per cup each day. That’s equivalent to about $360 each year. And many people spend twice or three times that every morning. Imagine if you had saved that money. You’d have a little more money in your pocket to spend on whatever you want. The best thing to do is simply cut back on your coffee intake. But if you need to function, you can dramatically cut down on your yearly costs but making your coffee at home and taking it with you to work.
The average woman gets her hair colored/cut about six times per year. Depending on where they live, these haircuts can range from $21 to $44 per session. Over the course of a year, that’s between $120 and $240 spent on getting your hair cut/colored. Some women easily spend between $60 and $80 getting their hair done at each appointment.
Sorry women (and some men), but we’re going to pick on you one more time. The average women gets a manicure once per week. At $10 per week, that comes out to over $500 each year! Think about this: if you cut down your manicures to only once every two weeks, you’ll automatically decrease your annual manicure expenses to around $250.
You’d be surprised by the amount of money Americans spend on work week lunches: between $5 and $15 per day. If you eat out 5 times a week, that’s between $1,250 and $3,750 per year! It’s understandable though as most people only have between 30 to 60 minutes for their lunch break, so fast food tends to be the go-to option. The solution is simple: start packing your own lunch. You can save up to $250 per month simply by preparing lunch the night before.
This section may not apply for some of you. But for those of you who smoke, you’re in for a big surprise. The average smoker spends about $40 per week on cigarettes. Over the course of a year, that’s about $2,080 spent on cigarettes. Imagine what you’d be able to do with that kind of money – pay off your vehicle or put it away for your child’s college tuition. Not to mention it’s an unhealthy habit that may end up costing you thousands more in medical bills later on down the road. In short, cut out the smoking!
Last but certainly not least, is fuel. The average American fills up their tank once per week. Assuming that it costs $40 to fill up each time, that equates to about $150 per month. Over the course of a year, that’s over $1,000 spent just in gasoline. Don’t forget the hundreds, if not, thousands you might have spent in repairs and simple maintenance procedures. We understand the convenience of getting around in your own vehicle, but if you live in a big city, consider taking public transportation. It might take you a little longer to get home, but you’ll save a lot of money in the long run.
Believe it or not, the above expenses equate to about $5,500 per year! And guess what? We were being conservative. There are people who spend much more than average. Hopefully this article gets you thinking about these and other seemingly small expenditures. By being more mindful, you can make a big impact on your savings.