I just started reading The Good Life for Less by Amy Allen Clark.
I am still in the first chapter and have already found some amazing, simplistic ideas. The kind that make you think "Why didn't I think of that!?"
As I continue through this book I plan to make some posts about some ideas that I find different, challenging, and hopefully helpful - for me AND for you!
The first that I came across was the idea of using the latte factor to your advantage. It just so happens that this goes along wonderfully with the fact that I have given up Starbucks for Lent.... (only 39 days to go!).
Many of us have heard of the latte factor from different sources over the last few years. It tries to show us how much our habits can end us costing us in the long run. It is named after the fact that many people don't think about how much their latte is costing them down the road, they just hand over the $3.80 each morning. A year down the road they have spent close to $600.00, only going 3 times a week..... think of how many times people go daily, or even a few times a day! This same idea can be used with cigarettes, mani & pedis, drinking, eating out.... pretty much anything that you spend money on!
Now, back to the new take on the latte factor. The author talks about how a guy she knew used the latte factor to pay off his car over a year early!
Not only did he cut out his own coffee breaks to save money, but every time his co-worker went out for coffee he would put the cost of a standard drink towards his car payment. Over the course of a year and half the car was paid off, and he was using the money towards his next financial goal! This is an amazing idea not only because of the money saving and debt reduction, but also because it is easier to pay attention to someone else's financial mishaps then it is to find your own. This allows you to use the errors of someone else to realize your own bad habits, and help yourself out of debt in the mean time!
What ways can you update the latte factor to work best for you and your financial goals? Do you have someone around you that you can use as a money saving muse?
I am still in the first chapter and have already found some amazing, simplistic ideas. The kind that make you think "Why didn't I think of that!?"
As I continue through this book I plan to make some posts about some ideas that I find different, challenging, and hopefully helpful - for me AND for you!
The first that I came across was the idea of using the latte factor to your advantage. It just so happens that this goes along wonderfully with the fact that I have given up Starbucks for Lent.... (only 39 days to go!).
Many of us have heard of the latte factor from different sources over the last few years. It tries to show us how much our habits can end us costing us in the long run. It is named after the fact that many people don't think about how much their latte is costing them down the road, they just hand over the $3.80 each morning. A year down the road they have spent close to $600.00, only going 3 times a week..... think of how many times people go daily, or even a few times a day! This same idea can be used with cigarettes, mani & pedis, drinking, eating out.... pretty much anything that you spend money on!
Now, back to the new take on the latte factor. The author talks about how a guy she knew used the latte factor to pay off his car over a year early!
Not only did he cut out his own coffee breaks to save money, but every time his co-worker went out for coffee he would put the cost of a standard drink towards his car payment. Over the course of a year and half the car was paid off, and he was using the money towards his next financial goal! This is an amazing idea not only because of the money saving and debt reduction, but also because it is easier to pay attention to someone else's financial mishaps then it is to find your own. This allows you to use the errors of someone else to realize your own bad habits, and help yourself out of debt in the mean time!
What ways can you update the latte factor to work best for you and your financial goals? Do you have someone around you that you can use as a money saving muse?
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