• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Facebook
  • LinkedIn
  • RSS
  • Twitter
info@finivi.com
(508) 870-0440
Client Login

Finivi

Investment Management Services

  • Who We Are
    • Our Team
  • What We Do
    • Financial Planning
    • Investment Management
    • Retirement Planning
    • Estate Planning
    • Women & Wealth
    • Plan for the Life You Want
  • What to Expect
  • Recent Articles
  • Contact Us
    • Press & Media
    • Careers
    • Internships

5 Signs Your Caramel Macchiato Could Be Ruining Your Retirement

October 26, 2017 by Katie E. Moore, CDFA®

It’s something you do every day without giving it much thought—you go to your favorite coffee shop to get your cup of motivation for the work day ahead.  But did you ever stop and think that the Carmel Macchiato you just ordered could be ruining your retirement?  Here are five signs that some of your daily habits are sabotaging your savings.

  1. The barista at the local coffee shop has your drink ready before you even order. If you estimate that there are 21 work days per month and if you buy a $5.00 latte on your way to work each day, the baristas soon learn what your beverage of choice is.  At this rate, you are spending over $100 per month on just coffee… did you put at least that much into your 401(k) last month?
  2. You never have dirty dishes in the sink. Okay, this might not sound like a bad thing, but if you never have dirty dishes, it could be an indication that you aren’t using those dishes—and possibly eating out too often.  Whether it is fast food or a sit-down restaurant, the money that you spend each month on the convenience of not having to cook can really add up.  Let’s just assume that instead of packing a lunch, you are going out to eat every day during your work week.  Even a moderately priced lunch could set you back around $10, plus tax and tip.  If you chose to pack your lunch instead, you could probably save yourself about $5-7 per day, $25-35 per week—or $100-$140 per month.
  3. You couldn’t decide which Stitch Fix items to send back, so you just kept all of them. While these types of personalized services are great if you don’t have time to shop or aren’t close to a store, they can rack up hundreds of dollars of unnecessary spending throughout the year.  Even though shipping is free both ways, every time you get a shipment, you are paying a fee for the service, and then if you decide to purchase some or all of the items, you will pay extra.  Shopping for the perfect outfit may not interest you, but it could save you quite a bit of money to be able to use store coupons or wait for sales.  If you truly need the outfits, then it may be a deal, but if you don’t… well, that money could have been put to better use.
  4. You can’t decide whether to watch a movie on Amazon, Netflix, or Starz. Perhaps none of these services cost that much per month individually, but if you subscribe to multiple similar services, you may be spending money than you need to.  Try to look through your monthly expenditures for duplicate services that you may be able to cut.  For example, if you have a voicemail account on your cell phone, do you need it on your home phone too?  Satellite radio may be nice to have in your car, but is it worth it when your drive to work is only 15 minutes?
  5. Half of the purchases on your credit card this month were from iTunes. One little in-app purchase of $1.99 doesn’t seem like a big deal at the time, but if you are consistently making in-app purchases, it could be adding up to quite a bit of your monthly budget without you even realizing it.

So how do you change these types of habits?

If any of these scenarios sound familiar to you, don’t worry, there are some things that you can do to help you cut down on the frivolous purchases and put that money toward your future:

  • Prioritize your spending. Differentiate between needs and wants.  Ask yourself before making a purchase, “Do I need this or do I want it?”  Make sure your money is going toward the needs first.
  • Pay cash for discretionary items. You don’t have to cut out coffee, happy hour, or eating out altogether, but if you have set aside a certain amount of cash each month for these things when that money is gone, the spending will stop.  So maybe you indulge and get a coffee before work one day a week rather than five days…
  • Set aside money from each paycheck for savings or retirement in a separate account—preferably have this set up to come directly out of your paycheck. Money is not as easy to spend if it never enters your checking account.

The key principle in personal finances, as in life, is moderation. There is absolutely nothing wrong with enjoying caramel macchiatos or any other small indulgences that bring happiness and comfort into your life.  You just need a proper balance between living in the now and planning for the future.  By having a clear vision of how you want to live your life both now and in the future, combined with careful planning and a sensible spending and saving strategy you can have the confidence to live life well – and enjoy those macchiatos guilt-free.


Katie Moore, CDFA, a Financial Planner and Certified Divorce Financial Analyst with Finivi, is passionate about empowering savvy independent women, and women in transition due to a divorce, the death of a spouse, a career change, or other significant life event to expand their knowledge and build their confidence regarding money and investing.

Print Friendly, PDF & Email

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Telegram (Opens in new window)

Related

Filed Under: Personal Finance, Retirement Planning

Primary Sidebar

Articles by Category

  • Bitcoin & Cryptocurrencies
  • Estate Planning
  • Investing
  • Personal Finance
  • Retirement Planning
  • Social Security
  • Women & Wealth

Articles by Author

  • Catherine Gareri
  • Eric C. Jansen, ChFC®
  • Jay Willwerth, ChFC®
  • Katie E. Moore, CDFA®
  • Steven C. Johnson, ChFC®

Footer

About Us

Finivi is an independent, fee-based financial planning and investment management firm that offers clear, actionable advice designed to help improve your life.

HOME | WHO WE ARE | WHAT WE DO | WHAT TO EXPECT | BLOG | CONTACT US
  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Contact Us

Finivi Inc.
1400 Computer Drive, Westborough, MA 01581
Get directions: iOS | Google

Office: (508) 870-0440
Fax: (508) 898-3097

Email: info@finivi.com

Our Newsletter

Subscribe to our newsletter to get the latest updates from our blog. We respect your privacy.

© 2018-2023 Finivi Inc. | Site by Mathias Media

Privacy Policy | ADV Part 2A - Disclosure Brochure | Form ADV Part 3 - Client Relationship Summary

Advisory Services offered through Finivi Inc. an SEC Registered Investment Advisor.

Eric C. Jansen, ChFC

Fun Facts About Me

When he is not researching the next great stock to add to client portfolios, you can find him travelling frequently with his family to Jackson Hole Wyoming.

  • Hometown: Chicago, IL
  • Birth Month & Year: November, 1964
  • Favorite Hobby: Goldmining in Nome, AK
  • Favorite Food: Steak at Charley’s Steakhouse in Orlando FL
  • Can't be interrupted when: Watching the Discovery Channel
  • Hidden Talent: Finish Carpenter
  • Something on bucket list: Obtain Helicopter Pilot License
  • Family Pet: Goldfish

Steven C. Johnson, ChFC

Fun Facts About Me

Steve would tell you that one of the best parts of the day is spent talking to clients and relationships that result from it. When away from the office, he loves to travel the back roads of New England enjoying all the great sites that can be found off the beaten path.

  • Hometown: Townsend, MA
  • Birth Month & Year: December, 1967
  • Favorite Hobby: Playing Hockey
  • Favorite Food: Chicken Caesar Salad
  • Can't be interrupted when: Watching the Bruins
  • Hidden Talent: Cooking – Makes a great Thanksgiving turkey
  • Something on bucket list: Travel to Italy and Greece
  • Family Pet: Max – our Pomeranian

Frederick M. Lane, ChFC, CASL

Fun Facts About Me

When not managing client portfolios, Fred can be found relaxing with family and friends.

  • Hometown: Nutley, NJ
  • Birth Month & Year: July, 1954
  • Favorite Hobby: Dog Walking
  • Favorite Food: Italian
  • Can't be interrupted when: Listening to Pink Floyd
  • Hidden Talent: Landscaping
  • Something on bucket list: Space Flight - Tourism
  • Family Pet: None

Catherine M. Gareri

Fun Facts About Me

When not caring for her clients Cathy enjoys relaxing in her yard at home.

  • Hometown: Bellingham, MA
  • Birth Month & Year: July, 1957
  • Favorite Hobby: Cooking and Entertaining
  • Favorite Food: Steak at the Capital Grille
  • Can't be interrupted when: It's family time
  • Hidden Talent: Dog Whisperer
  • Something on bucket list: Spending a couple months on the Almalfi Coast
  • Family Pet: In Between Mastiffs now so a little blue fish “Willy”

Katie E. Moore, CLTC

Fun Facts About Me

When Katie is not busy taking care of her clients, she spends her time being a mom to her two little ones, Owen and Isla.

  • Hometown: Modesto, CA
  • Birth Month & Year: September, 1982
  • Favorite Hobby: Swimming
  • Favorite Food: Mexican Food
  • Can't be interrupted when: I'm cooking
  • Hidden Talent: Climbed Yosemite's Half Dome, twice - no fear :)
  • Something on bucket list: See the Northern Lights and Potty Train my 2 year old
  • Family Pet: Caddy and Sierra – our two cats

Hesper Duval

Fun Facts About Me

Loves spending time with 2 daughters and enjoys participating in 5k obstacle races throughout the year.

  • Hometown: Charlton, MA
  • Birth Month & Year: October, 1981
  • Favorite Hobby: Running
  • Favorite Food: Cheesecake
  • Can't be interrupted when: Reading a good book
  • Hidden Talent: Interior Design and furniture restoration
  • Something on bucket list: To travel cross-country in an RV
  • Family Pet: Charlie and Nora, both black labs from the same litter

Donna Fournier

Fun Facts About Me

When not cheering for the Patriots, Donna spends her free time travelling throughout the United States looking for new haunted places to explore. She loves to wear her cowboy hat and boots when travelling out west.

  • Hometown: Swansea, MA
  • Birth Month & Year: February, 1961
  • Favorite Hobby: Exploring haunted locations
  • Favorite Food: Pizza
  • Can't be interrupted when: Eating my pizza
  • Hidden Talent: Rollerblading
  • Something on bucket list: Travel to Australia
  • Family Pet:  Had a pet skunk

Danielle Drew

When Danielle does not have her head in a book studying to expanding her financial planning knowledge, she enjoys anything active and outdoors, including visits to the beach and hiking.  

  • Hometown: Dennis, MA
  • Birth Month & Year: November, 1985
  • Favorite Hobby: Working out, concerts, and exploring wineries
  • Favorite Food: Lobster pot pie, cheeseburgers, BBQ, the list goes on...
  • Can't be interrupted when: Working out 
  • Hidden Talent: Country line dancing
  • Something on bucket list: To hike the 48, 4000 footers of New Hampshire
  • Family Pet: none, hopefully a big dog someday

Jay Willwerth, ChFC

Fun Facts About Me

Jay’s days are spent helping clients achieve their financial goals, followed by nights and weekends typically watching his daughters play competitive volleyball.

  • Hometown: Melrose, MA
  • Birth Month & Year: September, 1959
  • Favorite Hobby: Golf
  • Favorite Food: Anything at a Patriot’s Tailgate
  • Can't be interrupted when: Watching the Patriot’s Game
  • Hidden Talent: Competitive Volleyball Watcher (Mostly his 2 daughters)
  • Something on bucket list: Play a round of Golf at Pebble Beach
  • Family Pet: Bella, our Shih-poo
 

Loading Comments...
 

You must be logged in to post a comment.