Life / Money

Perk up to big savings by changing your morning habit: Scorgie

Here's what we're suggesting you do in Week 1 of our Small Changes, Big Win series, in which we help you save money over the next four months.

Author David Bach of Automatic Millionaire invented the concept of the “latte factor”

a few decades ago and proved that those tiny caffeine indulgences add up to many thousands

of dollars throughout your life.

Istock

Author David Bach of Automatic Millionaire invented the concept of the “latte factor” a few decades ago and proved that those tiny caffeine indulgences add up to many thousands of dollars throughout your life.

Small changes to the way you spend your money can really add up. Our Metro financial guru, Lesley-Anne Scorgie, has pulled together weekly tips that will add a minimum of $10 to your savings. Here’s the catch; you’ve got to e-transfer that money into your savings account either every week or daily … and try to ensure that you’re not paying unnecessary fees on your savings account. Ready to watch your money grow? Check out this week’s tip.

Week 1: Stop buying coffee for one whole week.

How It Works: Coffees, lattes and soy drinks are a treat, but they’re hard on your wallet and waistline. Author David Bach of Automatic Millionaire invented the concept of the “latte factor” a few decades ago and proved that those tiny caffeine indulgences add up to many thousands of dollars throughout your life. Simply cutting back on the size, or trading a fancy coffee in for a basic one, can produce a similar result to cutting out coffees completely. But, for this week, we want you to cut 100 per cent of your coffee purchases. That means you’ll have to make your cup of joe at home for seven whole days.

Here's how much you can save just by making your coffee at home this week.

Andres Plana / Metro

Here's how much you can save just by making your coffee at home this week.

Take Action: Avoid buying any size and style of coffee for one full week. Transfer the money into your savings account daily.

Savings: ranges between $12 and $28, depending on the type of coffee you buy.

Another way: Can’t commit all the way but you still want to save? Instead of buying a fancy coffee, get a regular one for $1.75 and transfer the $2.25 difference to your savings account.

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