Life can be expensive, and spending on daily and weekly luxuries—like getting a morning cup of joe on the go or conveniently withdrawing money from the ATM—quickly adds up. However, doing what’s easy now can be difficult to pay for later. Investopedia reports the grave difference between discretionary vs. essential spending, calling out consumers for “wanting” something rather than “needing” it.
Take that daily joe on the go, for example. Millennials are spending more on coffee every day than on saving for retirement, according to a survey conducted by money app Acorn. Or that SoulCycle spin class, which can cost as much as a cheap car, and avocado toast at Saturday brunch that tallies as high as $4,745 annually. Not to mention the habitual hair blowout at $35 a week, totaling $1,820 every 365 days.