Yesterday was “National Coffee Day.” I love a good, fancy cup of coffee, especially in the midst of pumpkin spice season. Admit it…there’s nothing like that first sip. Yes, coffee is pretty awesome.
But there is something I like more than my fancy coffee.
That’s how much the average consumer spends each year on that precious cup of caffeine.* And as much as I love my coffee, I started thinking about what else I could do with $1,092:
Open an emergency savings account (Coffee won’t fix your broken AC.)
Make an extra mortgage payment.
Put the money toward a vacation fund.
Pay off credit card debt.
Pay it forward and give some back.
Look, I get that these may not be the most glamorous ideas of what to do with $1,000, but it sure beats being in debt.
So will I go cold-turkey and stop buying my cups of coffee? No way! But, I will scale back a bit and make my barista visits more of a special occasion and a treat. While that first sip of coffee is satisfying, watching your money grow is even better.
Tip! Set up your savings account to receive automatic deposits each pay period. Use your weekly coffee allowance to get you started on the right track! Check out these savings account options available to get you started.