Turn Coffee into Cash

Document created by jjme33 on Nov 9, 2015Last modified by amara.mastronardi@socialedgeconsulting.com on Dec 5, 2016
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During the 2014 school year, I had been spending excessive amounts of money eating out, getting coffee and tea at coffee shops and not sticking to my budget. Over the summer I was determined to save money while working but still allow myself to have some fun on vacations that were already planned. It was recommended by a success specialist to meet with the financial coach at the college to discuss strategies and tips to help me save. I met with the financial coach in early July. During our first meeting we looked up my credit, discussed bank alternatives, the benefits of the Mint phone app and strategies to help save. The Mint app was very intriguing so I downloaded it to see how it could benefit my financial situation. This app keeps track of your purchases according to categories, for example: coffee shops, shopping, gas, etc. It also allows you to set a budget for the different categories and notifies you when you get close to going over budget. This was an eye opening experience because I was spending money in areas that I didn’t realize. During the month of July, I spent roughly $75 at coffee shops on tea or coffee. Where was this money even coming from? For the month of August, I set a $20 budget at coffee shops. I went over on the budget by $10 but that was still less than half of what I had spent the previous month, so I considered it an accomplishment. During the month of September I decided to buy supplies to make tea and coffee at my house to decrease the cost at coffee shops even more. Since I favor tea over coffee I decided to get an electric teapot that cost roughly $35 and my favorite tea, which costs $4.35 for 24 tea bags. During the month of September, I did not purchase coffee or tea from coffee shops and during the month of October I bought one coffee. I have been able to save more money by getting my own teapot and tea. One box of tea for 4.35$ lasts 24 days which is the cost of one coffee. This change has saved me $70 each month to spend on the basic necessities of life or put into my savings account.