Small life changes can make a big difference.
Did you know that if you said “later” to the latte you would save a couple of thousand a year?
And if you wisely invested that same money year after year starting in your 20s you would be could be very comfortable in retirement?
Coffee — some buy it occasionally, others every day.
According to Acorn’s Money Matters Report, out of near 2,000 Millennials surveyed, 41 percent of them spent more money on coffee than investing in their retirement last year.
“I enjoy it and it’s something that makes the studying and the work maybe a little more enjoyable,” one millennial said.
We caught up with some Millennials at Fillmore Coffee in downtown Phoenix. Katie Behm says she’s not one of those Millennials.
“My mom worked in the bank and so she made a point of teaching me retirement is important,” she said. “From a young age, I was already putting money in to it, so that’s a habit I have built up over time.”
Mina Hirsch says there could be other reasons why some Millennials are putting more money into their caffeine fix instead of retirement.
“I’m not putting money away because I’m not making money, so maybe that shift toward more people in school longer and going back to school is connected,” she said. “We live in the moment, maybe more than others, so that concept of thinking about the future or retirement isn’t necessarily as big of a deal as it was in the past.”
Both ladies say buying coffee is an experience that they budget for.