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Woman in coffee shop

Are you drinking your budget in coffee?

How often do you go to a coffee shop? Whether you’re just grabbing a cappuccino on the go or whiling away an afternoon, it could all add up to a lot more than you realise.

In fact, based on £2.45 for a medium cappuccino or latte, just going once a week could add up to £127.40 a  year.

One in three of us – equivalent to more than 17 million people – visits a coffee shop at least once a week. Some 1.6 million coffee lovers say they make more than 15 trips every month, according to research from account provider thinkmoney.

How much money do keen coffee drinkers spend a year?

Keen coffee drinkers, taken from the research to mean those who visit more than 15 times each month, spend around £515 a year. This is enough to buy an espresso machine and a year’s supply of coffee.


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And we could be spending even more than this. While two-thirds of people spend up to £5 each time, 1.5 million respondents say they spend more than £10 on hot drinks and cakes each time they do a coffee run.

Coffees can seem like something small, but this shows how something relatively cheap can really add up. What could you be cutting back on?

Caffeine addiction, eating out and more – what’s your spending vice?

Many of us have a spending vice which could be playing havoc with our budgets.

Smoking is another good example. According to Ash.org, in 2014, a 20-a-day smoker of a premium cigarette brand will spend about £2,900 a year on cigarettes.

Or are lunches out more your thing? Preparing food at home instead of buying it out could be another way of making sure you look after the pennies.

 

Could switching or selling free you up some cash?

Good money management doesn’t all have to be about cutting back.

Selling your unwanted possessions online or switching your energy company are two other ways you could end up with more in your pocket.

Switching energy company doesn’t have to take long and could net you up to £200 in savings.

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