What happens when you cut out your daily milktea or fancy coffee drink?

Milktea drinks taste so good. Just thinking about the creamy milk, the refreshing tea flavor and the chewy Bobas might have already made you want to grab a cup. Or, perhaps it’s the aroma of coffee that tempts you!

However, have you ever thought about how much the daily store-bought drink costs you? Let’s do the math quickly. Let’s say one drink costs $4.50, and you buy it five times a week. Then the total adds up to $90 per month and $1080 a year. I mean $1080 a year! That gives you more than enough money to purchase a great smartphone!

What if you don’t drink milktea or coffee? Well, these drinks are just an example that shows you how small amounts add up. The most important thing is to identify what the small expenses are that suck your money when you are not paying attention. Similar things can be sweets, late night meals, water from vending machines, etc. Once you identify the small amounts that you spend, add up their total costs for the year. Is it worth it?

For more examples of how small amounts add up, view Small Changes Add Up on our website.

 

Written by: Linxi Liu, Financial Wellness Peer Educator, University of Illinois Extension, 2017

Reviewed by Kathy Sweedler, Consumer Economics Educator, University of Illinois Extension.