If you’re trying to trim down your budget and start saving more, you’ve probably had enough of the tired old “cut the lattes” and “brownbag your lunch” advice. There is some truth to the fact that if you manage to cut your large expenses (negotiate a lower rent, for example, or lower your insurance premiums), saving more towards achieving your financial goals will be much easier.
But the fact that the little costs add up remains: that latte here and soda there, a couple drinks with your friends, dinner out and lunch at the corner bistro… at the end of the month you may find yourself looking at hundreds – even thousands – of dollars going towards “inexpensive” things you splurged on without even thinking.
With this infographic, we try to show you just how easily those little expenses add up. By entering how many times a week (or month) you purchase certain products or services, you will get a month’s total that may just surprise you.
Keep in mind, those are general assumtions — all prices are based on average spending data from Mint.com and other sources, including iTunes, the National Association of Theater Owners, and the Audit Bureau of Circulations. (See the infographic for a full list.)
If you are a Mint.com user, you can easily get a brutally honest idea of how much you are spending on those items yourself. And if you’re not a user yet, give it a try: With its budgeting tools and new Goals feature, Mint.com can show you exactly where your money goes — and then help you start saving more towards your goals.
Embed the above image on your site
4 Comments so far
leave a commentI think that is a very useful idea. For us it was paying for some cable channels we only watched rarely after having kids, but had not cancelled just because we thought we might get back to it.
Khushi
The little things absolutely add up. A great way to sidestep outlandish expenses is to substitute.
Simple concept, but it adds up.
Example: Instead of a $3.00 latte, try a $1.00 coffee instead and save $2.00 in the process. That $2.00, multiplied by 365 days, is $700. Over the course of 20 years, we’re talking about $14,000. If you invest these savings at a solid rate of return, this $14,000 figure could end up being conservative. It may end up closer to $20,000.
You can also frame it this way: by substituting regular coffee for a latte, you could – over time – have enough to pay for a year of college for you child.
I appreciate information like this because the little things really do add up.
It’s the every day spending of a few dollars here and there that can really be enough to pay another bill or fill your car with gas if you had just saved those few dollars.
There are some very helpful, easy to try, tips at 88888888
They discuss things in brief sentences (or video clips if you chose) that help you save more when shopping for groceries, driving around and getting gas, cutting the cost of the electric bill and more things like that. The site has some free samples they update everyday too! We felt the savings right away, just spending smarter, using some of the suggestions we found on the site.
This is staggering to see on a chart like this. Thanks for the info!