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Nearly one-third of people are avoiding coffee shops to save money this month
A survey has found that almost one-third of people are avoiding buying coffees out this month, to cope with the longer payday wait.
Cutting down on a latte to-go is a common recommendation that splits opinions, but many say they will continue doing it this month.
January is an especially hard financial month for many, thanks to the long wait between December and January paydays. A survey by money-saving coupon site CouponBirds found that one-third of Brits will be dipping into savings this month.
Cutting back on coffee to save money
The survey found that 71 percent of Britons have made at least one change to their budgeting this month in order to make their salary last longer.
According to the research, the top choice for saving money was reducing the number of dinners out, with 43 percent of respondents choosing to do this. 37 percent have been ordering fewer takeaways.
Just under one-third (32%) of respondents said theyre choosing to avoid buying coffee in order to save money.
Should you stop buying coffee out?
Saving money by avoiding coffee is a controversial suggestion, with one survey finding that 18 percent of people even say its one of the most annoying pieces of financial advice. 42% of Americans however said they actually follow the advice and choose not to buy coffees in order to financially benefit.
Even experts are split on the method. David Bach, the author of The Automatic Millionaire, wrote: We all throw away too much of our hard-earned money on unnecessary little expenditures without realizing how much they can add up to, he writes.
Sallie Krawcheck, a former Wall Street exec and CEO of Ellevest, told CNBC Make It that refusing to buy coffee isnt the way to go. Instead, he suggests people budget responsibly in order to allow themselves some of their income on small luxuries. Were only on this Earth a short amount of time, he said. We need to have fun.
Money saving in January
Being forced to make your money stretch over a way longer month is something that is heavy on many. The CouponBirds study found that 31% of Brits say they feel the pressure over January when it comes to money.
14% even said they experience worry and sleepless nights over the stress while 19% of young people said they struggle to sleep due to money worry in January.
