I’ve been reading a lot of personal finance and early retirement blogs lately. It seems that everyone seems to have a “stop drinking take away coffees and save the money” post where they do the maths behind saving the cost of one coffee a day and how compound interest means that in the long term you’re spending much more than you think by having an “innocent” one coffee a day.
I understand that the articles aren’t specifically always about the coffee itself but more of a general look into how lots of little savings can add up to a large lump sum:
Look after the pennies and the pounds look after themselves.
It got me thinking about my personal situation. I’m guilty of buying a fancy coffee every day. Should I stop if I want to be more financially independent and retire early?
Every morning I get myself a medium cappuccino from the Costa in the work canteen. Its the exact same machine as in a high street and after trying hundreds of coffees over the years I know its the exact same product. I’m lucky enough to have a subsidised canteen. So this only costs me £1.80 which is a lot cheaper than you’ll find elsewhere (£3.31 from a motorway service station!)
I also use this coffee as a replacement for breakfast. The cup contains 195 calories which is enough to keep me going until lunch time. I’m never in the mood for solid foods early on drinking suits me fine. The added benefit of skipping breakfast in the house means I also get to sleep for an extra 20 minutes. Most people will appreciate the value of extra time under the duvet.
If we say a bowl of cereal costs 40p I’d be saving £1.40 every day by not having a coffee as my breakfast. that comes to £7 a week. I would however be losing 1 hour 40 minutes of sleep by having to wake up earlier to make breakfast in my house. At that price, I’ll happily take the sleep.
I know in most cases it will work out that ditching the coffee is the sensible option. Not everyone works somewhere that subsidises their coffee, and not everyone uses it as a breakfast replacement. Its just worth pointing out there there are a lot of exceptions to the money saving tips you see online.
Money Corgi 
Ha well when you look at it like that!… I’m all up for a nice coffee in the morning although in our attempt to watch he pennies we brought a coffee machine so we can still have our nice coffee just hopefully a little cheaper… thanks for sharing at #familyfun
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You make a really good point. Also I think you have to take the decision to cut out something like a coffee in the wider context. If you don’t spend much money on lunch or take-away dinners, but your morning coffee is ‘your thing’ then it’s perfectly acceptable to have it. After all, we work to live not the other way round right? I don’t drink coffee so just get my cheap cuppa at work. But on days when I am in SAHM mode, I often take my daughter out for a coffee shop trip. I have a tea, she has a gallon of warm milk and we share a scone. It’s usually £6 a go but it’s our fun outing for the day. We both enjoy it and spend the rest of the day just walking or playing so…
So you’re quite right, cutting out a coffee is just one way to save money! #FamilyFun
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I’d choose sleep over coffee. I’m a lover of breakfast though so if you told me to give up that if cry. I’d leave coffee and indeed tea alone! Thanks for linking up to #familyfun
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I love sleep, but I have to have a “proper” breakfast in the morning. But I am partial to a cup of tea and a cake from the local coffee house.
#FamilyFun
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Someone needs to invent a way to get fed whilst you sleep. Wallice and Gromit style.
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Yes! X
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