Long before I began my career with Transparent Mortgage and really discovered the importance of financial responsibility, I worked at Starbucks. I found it so interesting how many people came in every day for their favorite coffee drinks. During my three years with Starbucks, I worked at two different stores. One was a mall kiosk. I had many regulars who stopped by every day. They were primarily elderly people and fellow mall employees.
Later, I worked at a Starbucks that was located right next to a middle school, a high school and a community college. Though some of my regulars were school faculty and staff, many customers that came in every single day were students. I always figured that they were spending their parents’ money to buy their coffee.
How Much Are You Spending?
We all know that Starbucks and other coffee houses aren’t cheap. Most of these regulars come in and spend $5-10 each day. It always astounded me. Just think about it. That literally adds up to somewhere between $1,825 and $3,650 throughout the course of the year if you spend that much on coffee every day. Even if you only stop by on weekdays, that still adds up to $1,300-2,600 annually!
It seems like there are Starbucks on just about every block these days, and every store has a ton of daily regulars who can’t start their days without it. And don’t get me wrong, I am not knocking Starbucks at all. It was a great company to work for and they have created amazing demand for their product.
Achieving Better Financial Responsibility
What makes me pause for reflection now that I am working in the mortgage lending industry is the financial responsibility of these regular customers. Sure, money might not be an object to some of them. However, I know from personal experience that is not the case for many.
If you dream of owning a home like most Americans do, you need to be financially responsible. Think about your daily spending habits and ask yourself if everything is truly necessary. The more you can save away and use as a down payment, the better mortgage loan terms you will get. You’ll also want to avoid building up credit card debts and other debt. Work to keep your credit score as high as possible.
Even if you already own a home and you have plenty of disposable income, that doesn’t mean you should spend money frivolously. Save for your future, whether it’s for your retirement or for your family. Or, take steps to pay off your mortgage sooner to minimize interest fees. Sometimes small steps such as not buying a $7 coffee every single day can make a huge difference over time. It’s a great treat from time to time, but does it have to be an everyday habit?
Small Adjustments = Big Savings
Most places of work have free coffee available to employees. You may not be able to get a half-caff soy mocha latte just the way you like it from Starbucks, but you’ll survive just fine with the regular stuff. Another simple recommendation may be to pack your own lunch a few times a week rather than going out every day, or choosing to drink free water with your fast food meals instead of the $2-3 soft drink. Simple spending adjustments like these can really add up to big savings in the long run (not to mention a healthier lifestyle).
The point is that being more financially responsible can be easier than you think, especially if you are considering buying a home in the future, you are saving for retirement, or if you desire bigger plans for your money than just drinking coffee.
At Transparent Mortgage, we’re all about telling people like it is and providing transparent advice and answers. This way, you can make better decisions when it comes to your mortgage loan and home refinancing needs. More importantly, you can make better financial decisions for your future. Call Transparent Mortgage today at (619) 929-0199 to get started on your road to the American Dream of homeownership.