Image courtesy of theodysseyonline.com.
How much are you really spending on non-essentials?
Recently, I had a conversation with a fellow student about the financial toll graduate studies can have on your bank account when earning little to no income. Like many students, I had to quit my full-time job to start postgrad. Unfortunately, this meant I soon had a major reality check about my spending habits. I cut back on dining out and grabbing weekend drinks with friends, but there were smaller expenses I didn’t notice. So, I decided to sit down and do some quick math. Some of my biggest daily spendings came from an unlikely source – coffee!
Yup, I was spending close to $20-25 a WEEK on coffee. As a former barista, my go-to is usually Starbucks, which can be a bit pricey if you’re a latte, cappuccino, or Americano drinker. A tall (sorry, small) coffee is $2, but a custom latte can cost anywhere from $3-8 depending on the size and modifications. This adds up fast. It’s not unusual for most students to have 1-2 coffees a day, perhaps even more. Caffeine is a big part of “student culture.” For one, it’s a way to bond with classmates and colleagues. How many of us have done a courtesy “coffee run” for the team when working on a big project? Or how many times have you hit writer’s block on an essay and decided a jolt of caffeine might do the trick? We’ve all been there.
Alas, too much coffee is bad for your wallet and it’s rough on your sleep cycle, too. One study found that consuming caffeine even 6 hours before bedtime had significant effects on overall sleep quality. I can attest to the fact that more than 2 cups of coffee a day resulted in a night of poor sleep for me.
I’ve since challenged myself to spend less on coffee, saving money and catching better Zzz’s in the process.
Here are some of the changes I’ve made:
- Limit coffee consumption: I have tried to limit the amount of caffeine I have in a day. Instead of consuming 2-3 cups of coffee a day, I now have one espresso or one cup of regular coffee. That’s it. If you feel like having a warm drink, try tea instead. Green tea has tons of health benefits and contains 25 to 50 milligrams of caffeine per cup. Coffee, on the other hand, can have as much as 95 to 200 milligrams per cup.
- Make your own coffee: Yes, this is a crazy notion…but you can make your own coffee. Right in the comfort of your own home. I appreciate a good espresso and use my trusty Moka pot. A Moka pot is easy to use and affordable. You can find one on Amazon for as low as $35.
- Stay away from fancy drinks: This can be hard. Most of us have a beloved (and complicated) Starbucks order. However, it might be time to cut back on that $5 latte every day. I have my favourite drink, a soy latte, as an end-of-the-week treat now.
Having a budget, and actually following through with it, can be difficult while in grad school. However, it’s actually a good time to start being responsible for your finances.
Remember, even something as simple as coffee can have a big impact on your bank account.
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