Author David Bach (The Automatic Millionaire) coined the term ‘Latte Factor’ over ten years ago. The point being made: small, habitual (shall we say, mindless) expenditures add up over time. This leads to a missed opportunity to save, invest and build wealth. I also make a similar argument in ‘Catch the Little Foxes’.
So, let’s pick on the 4-dollar latte. Say you stop at a local coffee shop to pick one up most weekday mornings. We will just focus on the financial cost and not the time you spend waiting in the store queue for said latte to be prepared.
Here are 25 actions for cutting everyday expenses. Most are small steps but, small steps that can really add up over time. Future postings will be discussing a number of these actions in greater detail.
Got any ideas to add to the list? Please let me know via a comment, Facebook or Twitter. Can we collectively come up with 50 or even 75 ideas? Here are the 25 to prime your creative, frugal thinking: