An Otago University student was startled to learn that her daily coffee fix was costing her $1825 per year after purchasing a coffee machine on sale.
Coffee is a delicacy. Getting our daily caffeine fix is an excellent excuse for many of us to take a break and socialise with our friends and coworkers.
However, buying coffee rather than preparing it at home can save you a lot of money in the long run. On Tuesday, a tall flat white at Starbucks cost $5.70, according to the company’s website. Making it a daily habit would cost more than $2000 over a year.
On a cold, overcast morning in Dunedin, Otago University student Ashley Faulkner, a self-proclaimed “coffee queen,” said a warm flat white is one of the best pick-me-ups.
‘It’s been a year of arduous saving,’ says the narrator. By the age of 23, the university graduate had saved $56,000 for her first home.
A KiwiSaver provider predicts how much better off KiwiSaver members will be in retirement if they boost contributions by $10 per week, which is roughly the cost of two purchased coffees.
She added up what she was spending after seeing a coffee machine on sale for $200 (down from $400). She calculated the cost to be roughly $150 per month and decided it was time to start saving.
“You’re just trying to get by as a student…you’ve got to make sure the bills (rent, power, and food) are paid – it all adds up,” Faulkner added.
“It seemed a little absurd that I was spending so much money on coffee.”