I started freelance writing and am contributing to Dimespring. Dimespring is a community of people with varied backgrounds and interests in personal finance, sharing their unique points of view and advice to help you make better decisions with your money when tackling life’s financial hurdles.
When it comes to building wealth, there is no shortage of advice. However, one principle I personally do not find very valuable is the “latte effect.” This advice suggests that you forgo that latte every morning and invest the $3 you would have spent in savings. Though a good practice in theory, it is not entirely practical, especially if you are one who enjoys your morning coffee.
Before my family and I became 1-percenters, we attempted the “latte effect” strategy, but it was short-lived and impractical. I then began to wonder what would happen if we examined our large cash outlays…….[For the full post, go to DimeSpring or click here]
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{ 5 comments… read them below or add one }
Exactly buddy, morning coffee energize me for the entire day, and don’t think this will be the better option.
I can sacrifice to other things…
Thanks for sharing
Jonny recently posted..Comment on Reviews for Blog Carnival #1 by Jonny
I agree that you shouldn’t give up all forms of happiness to get out of debt, but I think it does help to cut unnecessary spending. Coffee may be necessary for some.
What worked for me is I wrote down everything I spent for a whole month. At the end of the month I went over my list and removed things that I didn’t need to spend money on. I have a weakness for McDonalds fries and I noticed I would buy fries more often then I should. It just made me more conscious, so I don’t buy them as often, but I still treat myself every now and then. I had some yesterday. Lol!
Call Me What You Want Even Heap recently posted..Would You Be A Human Guinea Pig For Money?
I stopped taking soda a couple of weeks and I think I can do this long term. I plan on putting the money in a piggy bank. I just think I will do saving from one little item at a time to add to that savings account at year’s end.
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Who is this Joe Dimitri? Jake it’s better if you remove the site from the comment.
Jonny recently posted..Comment on Ideas For Good Investments by Keeping Gold Industry Standards High | The Best Financial Platform
I totally agree. The 80/20 principle shows that big ticket items are a good place to focus on savings. While I don’t think focus needs to be on smaller items, I still try to keep them in check. Sure coffee at McDonald’s is $1, but if I wait till I get to work, the coffee is just as good and it’s free. Anything that isn’t really adding value is overpriced at any cost.
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