Ask IMO

Ask IMO

Lansing's Advice Column

Email your questions to IMO at This email address is being protected from spambots. You need JavaScript enabled to view it.

Dear IMO,

I'm a single man who spends a lot of time working at an investment office. Like others in the workplace, I am feeling the economic pinch as well. Do you have any suggestions as to how I might cut back on my at work expenses? I really enjoy coffee so don't suggest that I try drinking tea.

Thanks,
Chris

 

Dear Chris,

Wow! You are the second person in two weeks to ask about cost saving tips. Its official- we are in a recession. So what to do? Well, if you are like me and enjoy a really good cup of coffee, but are tried of paying $3.00 for a latte, then take these simple steps.

 

First, calculate how much you spend for coffee per week. On an average day, you buy 2 cups of coffee at $3.00 each. This comes out to $6.00 a day, $30.00 dollars a week, or over $1,500.00 per year.

 

Now that you have some idea of how much you spend on coffee just during the week, you have to make an important decision. Are you ready to go where no investor has gone before? Are you willing to purchase a French press, a 1 lbs bag of very good coffee, creamer of choice, and begin to brew your very own coffee? It's a daunting challenge, but consider your initial investment and its return.

 

A French press will cost about $15.00. A good pound of coffee will run about $10.00 and the creamer of choice $2.00 a quart. This comes to an initial investment of $27.00. At 2 cups per day, the coffee and creamer should last a minimum of two weeks. By years end, you will have saved $750.00 on coffee alone.

 

If you apply the same strategy to other workplace expenses, like your lunch, you'll find greater savings even if you choose to bring your lunch just two or three times a week. In no time, you will be a richer and happier investment person. And as for the tea, you can save it for bedtime.

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