How Much Money Are You Spending Every Day?

By Moira Chisholm

Everyday expenditures can become such the norm that we hardly notice what we are spending. Luckily for us, the experts at Scottish Trust Deed have highlighted the costings of our minor purchases in order to determine how much we can save by cutting them out.

It’s just a coffee

A coffee on the commute to work can be deemed a minor expenditure and a “must have” in your everyday routine. However, a pick-me-up at your favourite coffee shop can ensure that you are financially tense at the end of each month.

Average price of a coffee:

Daily – £2.45

Weekly (Mon – Fri) – £12.25

Monthly (5 days a week) – £49.00

Yearly – £588

Equates to – One-way ticket to New York!

I just don’t have time for breakfast

Pic: iStockphoto

Picking up breakfast every day can be costly and should be deemed an extravagance. Ensuring that you always have brekkie pre-packed or waiting for you at the office can save you £100s throughout the course for the year –

Average price of breakfast from a mainstream coffee chain:

Daily – £3.00

Weekly (Mon – Fri) – £15.00

Monthly (5 days a week) – £60.00

Yearly – £720

Equates to – One-week holiday in Ibiza (flights and accommodation)

Pic: Shutterstock

I’ll take an Uber

Uber has 3.5M users in London alone. Jumping in a taxi home can fast become the norm as there is no doubting its convenience. However, the convenience can hold a heavy price tag.

One Uber a Week – £10.00

Monthly (one day a week) – £40.00

Yearly – £480

Equates to – Acer Aspire Laptop

FOMO

Pic: IStockphoto

Are you a “yes person” and attend events that are not exactly on your bucket list? The “fear of missing out” can not only waste your time, but waste your money. The total of drinks and taxis can really hit your bank balance. Save the pennies for an event that matters!

Drinks across the evening – £60.00

Taxi home – £15

Costings over the year with one evening a month – £900

Equates to – TAG Heuer watch

Tips and tricks

Want to accelerate your saving? Try these simple tricks.

If you have purchased that “must have” trend led piece of clothing and not worn it within the 28 days of purchase, maybe it’s time to think about returning it.
Carry cash for the week so you know exactly what you are spending throughout.
Buy cheap buy twice, instead of buying cheap long-term purchases, invest in your products to ensure that they last.
Goals – set yourself goals to remind yourself what you are saving for in the long run.