Just how much does that cup of coffee cost? And how much are Americans willing to spend on it? Accordingly, a new research has found that Americans are not giving up their coffee addiction, even when the economic and job climate are weak.
Coffee culture is strong in America, and Americans are still paying for little indulgences like a cup of coffee.
But if you’re looking to save over a $1000 annually, cutting back on coffee might just help.
A recent research has found that Americans do not have a habit of tracking their expenses, and indulgences can add up. Nearly half of all American workers buy coffee regularly during working hours, spending almost $25 a week on coffee, or an average of $1000 a year.
The survey also found that men not only buy more coffee than women, but they also spend nearly twice as much as their female counterparts.
When it comes to lunch, two-thirds of those surveyed said they buy it instead of bringing their own, spending an average of nearly $2,000 a year on the midday meal.
Such spending habits may be changing soon, as nearly half of the younger respondents aged between 19 and 34 have made it a financial goal to save by packing lunch into the office.
Jodi Chavez, senior vice president of Accounting Principals, research firm behind the survey told the New York Times:
They budget in new furniture or their commute, but not a coffee here or there. So over the course of a week or month people don’t realize what this expense is. A $3 cup of coffee is a little way to reward yourself and it’s a nice little pick-me-up and a guilty pleasure. People tend to have an easier time dismissing those small expenses as a means to reward themselves. It’s a little easier to hide the evidence of a cup of coffee than a big shoebox in the closet.
In terms of financial priorities, Americans plan to practice greater fiscal responsibility this year, with ‘paying down credit card debt or other outstanding bills’ the most common financial resolution this year.
57 percent of respondents said they would use any year-end bonus to pay off their debts. Of which, 21 percent would pay off their credit card debts, while other kinds of debt include mortgage (7%), medical expenses (6%), holiday shopping bills (6%) and student loans (5%).