Saving money isn’t easy, but in order to reach your goal, you need to understand where you’re spending your cash — and you won’t believe how much you’re shelling out on daily lifestyle costs.
Explaining more and crunching those numbers is soup container retailer, Inn Supplies:
Cost of Coffee
Britain’s love of coffee is growing rapidly. The UK’s coffee shop market was worth £3.4 billion in 2016, up 37% from £2.4 billion in 2011. What’s more, in the next five years, experts predict that the market will grow by a further 29% to reach a worth of £4.3 billion.
And Brits are loving our new-found coffee culture. Research carried out on behalf of MyVoucherCodes has found that we visit a coffee shop three times a week on average — or 152 times a year.
Because Costa Coffee has the largest number of outlets in the UK, we’ll use it for our standard coffee price. The chain charges an average of £2.45 for a medium latte. Based on the number of times we’re likely to visit annually, this means our caffeine addiction is costing us £382.20 per year. If you were to pop into your local coffee store five days a week — once for each of your morning commutes — you’d be spending a huge £637!
If you were to ditch the café for brewing up at home, there are considerable cost savings to be made. According to Douwe Egberts, a pack of its 250g ground coffee will make approximately 30 cups of coffee. Assuming that a 1kg bag will cost around £15 (according to Amazon prices correct as of December 2017), this would deliver a price per cup of around 13p.
Milk, sugar and the associated energy and water costs will of course cause this cost to rise. However, even if this price was to rise to 50p per cup — which is an unlikely high — you could still slash the cost of three coffees per week to £78.
The Price of a Pint
The Opinions and Lifestyle Survey shows that 29 million people over the age of 16 drink alcohol in Britain. While the UK clearly has a thirst for alcohol, how we’re drinking it is changing. One YouGov study has found that in 2017, 15% of British adults preferred to drink alcohol at home. The country is clearly split between pub and home drinkers, with the latter growing in popularity as the number of pubs declines.
At 35.6%, Brits love beer best. Wine (32.9%) and spirits (21.6%) follow in second and third. 17% of Brits head to the pub 26 times a year (once every fortnight), research by Ritz Crisp & Thin shows — so how much is this habit costing us?
A pint of lager in Britain sets us back £3.58 on average in Britain. Assuming three drinks per visit, each trip to the pub will cost £10.74 on drinks alone. Over the course of the year, this would rack up £279.24 — a cost that could be even greater if you were to increase the frequency of visits or the number of pints consumed.
A small glass of wine, as of November 2017, averages at £3.74 the Office for National Statistics shows. Assuming two glasses of wine per each of the 26 yearly visits, and this will set you back £194.48.
As you would expect, enjoying a drink at home instead can lead to incredible savings. June 2017’s industry figures show that a bottle of wine costs £5.56. With roughly just over four 175ml glasses in each bottle, the associated cost per glass of drinking wine at home shrinks to £1.39 — representing a £2.35 saving. Also consider that you can pick up a crate of lager for roughly the same price as one visit to the pub, based on our calculations.
Alternatively, selecting a soft drink at the bar can help fuel your savings drive. These are often considerably cheaper than their alcoholic alternatives. For example, a diluted juice drink can cost under a pound, while a cola or lemonade costs approximately £2.20 — £1.38 less than the average cost of a pint.
If you’re a smoker, kicking the habit can help you save some serious cash. In the UK, a packet of 20 cigarettes costs £10.40. For a 20-a-day smoker, this gives a weekly cost of £72.80, a monthly cost of £291.20 and a yearly cost of £3,494!
You can use the NHS Smokefree online calculator to work out your potential savings for yourself.
While you’ll obviously still want to enjoy yourself, you may think twice about these little expenses before you enjoy them now you know just how much these purchases can total over a year.