Do you absolutely love coffee and drink a few cups a day? Do you enjoy meeting friends for coffee? Do you do business at coffee shops? Do you buy a take-away coffee when you exit the mall or stop at the garage to refill your vehicle? Do you like sipping on a coffee while being stuck in traffic? Do you visit your favourite coffee shop when you feel emotionally drained or stressed out? How much do you spend on coffee?
There certainly are many coffee addicts around. In South Africa drinking coffee has become kind of a cult, whether you are just drinking normal coffee or you prefer the more sophisticated coffee brands. Coffee shops are popular and always packed. Have you ever calculated how much money you spend on coffee and at coffee shops on a monthly basis? I dare you to do this calculation, you will be quite surprised with the result; whether you consider yourself a coffee addict or not.
A recent study found South Africans to be very emotional spenders. There are certain items South Africans believe we have to have and cannot live without, while other countries consider those items to be luxuries. These are the items that South Africans believe are necessities and on a regular basis spend a lot of money on:
- Convenience food / take-away’ s
- Bottled water
- Data and cell phone packages
- Branded clothing
This has definitely proven to be an interesting study with interesting results. Certainly there are many reasons why we believe we do need these items. These days many women work full-time and do not have lots of time to spend on cooking. We are concerned about the safety of our drinking water. Due to the high crime statistics in our country, we need data and cell phones in case we are in danger. All the reasons are valid reasons, but the impact of these items on our monthly budget shouldn’t be under-estimated. The costs of these items individually may sound small, but the costs quickly add up and before you know it you have spent a fortune on items you probably can live without. Be more vigilant about how much money you tend to spend on these items. You might be able to create some savings that you can rather spend on that overseas holiday or repaying your debt.
Written by Ronel Jooste
CA(SA), Financial Consultant and Coach, Blogger and Speaker
Contact Ronel: email@example.com
For more information about my financial wellness programmes visit the website