A latte factor is a catch all for that one special thing in your budget you can’t seem to let go of. It’s cheap when compared to a large investment like purchasing a laptop or a new TV. But when you take the long view, it really adds up and becomes an obvious budget sink!
Some of these indulgences might be in your budget to stay. But if you’re looking for places to cut down, see if these alternatives might not fit the bill for your common latte factors:
Lattes & Fancy Coffee Drinks
Coffee monster much? Ignoring the caffeine withdrawal you’d likely experience, pricey lattes out on the town are the go-to devils in the PF field. And while no one should begrudge you a once in a while treat (even if it does get up to $5), making a habit of it is a bad choice no matter what your income.
Does the thought of early morning sans hot drink make you depressed? Try swapping a store-made latte for one of these hot drinks:
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Switch to tea, especially loose leaf
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Switch to homemade drip at home, either french press or traditional coffee machine
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Abstain most of the week, but arrange a coffee date with a friend once a month to make the treat something that is also an investment in a relationship
Cable TV
Traditional cable packages can range from $30 per month to a few hundred, depending on the number of channels you subscribe to. Swap out for one of these streaming services that would cost pennies on the dollar:
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Netflix($8 / month)
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Hulu Plus ($8 / month)
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Amazon Prime Instant Video ($75 / year)
Gym Membership
Great deals can always be had, but if you’re looking for a way to switch up your routine without signing up for a one year or two year gym membership, look no further than these fun workout DVDs. There’s an upfront investment, but the cost per use and cost per month beats a gym membership any day.
Paying for Entertainment
This is a broad category, of course, but it just goes to show that there are a lot of ways to cut out the fat of your budget without completely ruining your life.
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Instead of going to the movies at full price, hit up a DVD rental kiosk like RedBox or sign up for a free trial of one of the streaming services mentioned above.
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Instead of purchasing a book, why not check one out from the library (hey, you could probably grab a movie there, too!).
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Instead of going out to dinner, invite friends over for a themed potluck party.
Do you have another common latte factor? How would you swap it if you had to make a change?
I spend so much on coffee when I am out and about and I really need to cut down on that spending, but it’s so nice though – right? Recently I dropped my TV bills by getting rid of my Virgin Media box and then just streaming what I need online.
I can’t argue when it comes to coffee… even though I switched to decaf, it’s a part of my life!
I mystery shop for my indulgences! I love the movies..so I found a way to mystery shop at local movie theaters. I get a free ticket, a free soda and usually they pay me about $10 to do it. That will help cover my boyfriend’s ticket and popcorn! I also have done this to get alcohol at gas stations for free and to get dinners for free. They have shops for amusement parks, casinos…everything. There *are* people who make a lot of money mystery shopping. I have a full time job and many side gigs, so I only do mystery shopping when it gets me what I want 🙂
Targeted mystery shopping — what a great idea!
I can’t argue when it comes to coffee… even though I switched to decaf, it’s a part of my life!
I have a weakness for lattes. I have a Keurig at home so that helps. And if I do go out for coffee I use Starbucks Rewards to score a free drink every now and then.
When I got a house I bought some basic used gym equipment and made a little gym in my basement. It feels so good to be free from a gym membership!
That’s awesome! It’s almost like your in-sourcing everything, as opposed to out-sourcing it! Have you ever had friends over to work out? That sounds like an awesome way to create a personal gym or gym class environment…
I definitely used to have those little expenses, but I’ve mostly given up those bad habits. Another good one is cutting down on lunches out at work. I used to buy my lunch ever day. Now I prepare a meal at home.
Nice! Did you find that the more you gave up, the easier it became to say no to others? That’s been the case for me and decluttering — now I rarely bring home extra “things” because I’ve already preened.
I so so so want to ditch cable. Our hurdle is my wife says she needs a land telephone line for her work. With telecom providers’ clever bundling strategy, ditching cable but keeping the phone line doesn’t save us enough to make it worthwhile. Soon though, soon…
Yeah – Sometimes compromise can hurt a little!
I use to spend so much at Starbucks, it was a little ridiculous. I got a Keurig machine recently and love it. The k-cups are still a little pricey but worth it for me.
Have you seen the little reusable K-Cup cups? We’ve used that with “regular” coffee and it really cuts expenses while still being convenient. Though sometimes real K-cups are just necessary 🙂
It’s really all about priorities. We simply cannot have everything we want all at once. We spend a shitload on coffee and beer because we like to sip and and talk and look at the sky together while we are out, but we refuse to pay for cable, movies, gym memberships because we dislike passive entertainment and walk 5 miles outdoors every day.
One must be discerning, in other words. Have a toodles of an evening!
Love it — “One must be discerning.” The ultimate goal is spending your money on what you want to, and not what you don’t!
I hate wasting money, actually it literally keeps me up at night. I am a huge Starbucks fan but I am not a super loyal customer who goes every single day. I indulge once in a while and it’s better for both my budget and my waistline.
Great post.
Every once in a while makes it feel special, too!
I try not to make cutting feel too much like sacrifice.
One way to do that is to figure out what it is about the purchase that I actually like. For example, it’s the latte we like, not that it has a Starbucks logo on it, so I make my own pumpkin spice lattes. And I want my gym membership to have strength and cardio, not necessarily a full-on day spa, so I’m with Planet Fitness, who charges just $10 a month 🙂
Ahh — great idea! Narrowing down the source of the fun and just investing in that part, rather than the brand or the overhead!
There are also a bunch of great you tube channels that offer free workout videos.
Great idea, Stefanie! Thank you!