The average millennial (age 25-34) spends $2,008 a year at coffee shops.
I’ll give you some time to pick your jaw up off the floor.
$2,008 A YEAR?!
Amerisleep published a survey in 2018 getting into the details of all things java.
You know what they found? Millennials are spending more on coffee than they are on retirement.
Let that sink in.
According to this article, the average American spends about half what millennials spend: $1,100 (still a lot!) on coffee each year. That’s about $3 a day ($5.50 for millennials).
Are you looking for a way to save money? My challenge to you is to stop regularly buying coffee at coffee shops. I love coffee shops just as much as the next person – the smells, the atmosphere, the alternatives to coffee that you can buy – I love it all!
The occasional coffee date with a friend is fine and won’t break the bank. But building it into your routine might.
I get it, easier said than done. You probably can’t and shouldn’t quit cold turkey.
How about starting with an alternative: brew your caffeine at home. I guarantee that you can spend less than $1,100 on coffee if you do it yourself.
- Related: Easy Meal Planning on a Budget
But I don’t have tools to make fancy java at home.
If the average american reduces their coffee shop frequenting to every other day (so half the year) they will have saved $550. I bet you could buy some pretty nice coffee tools for your fancy coffee.
A brief Amazon search produced this #1 best seller espresso machine for $520. It’s one of the most expensive ones I could find. If you switch to buying coffee every other day, you could afford the super fancy machine and a bonus $30 worth of beans to grind.
But if you are like me and think that $520 is a lot to spend on a coffee machine, here are cheaper alternatives all for around $30 or below (not affiliate or sponsored):
French Press
AeroPress
MokaPot
Chemex
Cold Brew
or just a plain ole’ drip coffee maker.
But I don’t know how to make a fancy cuppa.
Thankfully, we live in an age where you can learn just about anything on the internet. YouTube is a phenomenal resource for How To videos. I bet a google search would yield thousands and thousands of tutorials on how to make coffee any way you like. This one even teaches you how to be a minimalist barista.
Before you know it, you’ll be a budding barista and people will start coming to you for the good stuff. You could open up a little coffee shop side business. (In other words, I just went from telling you to stop going to coffee shops to suggesting you open up one… yes, I see the contradiction…)
I just turned your coffee spending habit into a money making side hustle!
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Woah! I had no idea people spent that much on coffee each year! What makes it seem more poignant is that it’s more than they save. Yikes. I’m brand new to drinking coffee (and I LOVE it, haha!), but I’ve only bought it from a coffee shop once. Looks like I’ll try to keep it that way!
Yeah opt to make your coffee at home whenever you can and save the rest toward something fun like a fancy coffee machine!
These numbers are definitely jaw dropping!! I don’t know if I could go totally coffe-less!
But I have found ways to “frugalize” my coffee. I buy coffee in bulk and keep it in my freezer. I try to always buy that bulk coffee when I can get a great deal on it. I also try to consume as much free coffee as I can. Like at church on Sundays, I drink their free coffee instead of making mine at home!
I love the tip waiting until church for your free coffee! These are great tips to “frugalize” your coffee! Also, love that word.
I gave up the buying coffee habit a long time ago, it really made a difference! But I still see so many people complaining about money troubles… with a starbucks in hand…
$5.50 a day? Crazy!! Wow. Especially for a latte that only lasts for like 30 minutes. I started making lattes at home last year and have saved so much money. And I can experiment with different flavors to try and make the perfect cup!
YES. Talk about ROI – return on investment. Is $5.50 worth 30 minutes of happiness? Way to go for making them at home!!
I’m in good shape! I don’t even like the smell of coffee. This doesn’t apply to pop, right? ? Of we talk about what I spend on pop I’m in trouble.
Haha the beverage spending talk will be coming ?
Oh boy, this hits real close to home. The hardest part of finishing school was saying good bye to my favorite coffee shop. But they’re opening a third location just 10 minutes away from where I am now. It’s gonna take a lot of self control to limit those coffee trips!
How cool that they’re opening your favorite coffee shop just minutes away! Haha, self-control is the name of the game but there’s nothing wrong with indulging every once in a while!