Your Money: Saving on Beverages

The Morning Show

As it gets hotter outside, you might find your family spending more money on drinks. Kathy Sweedler has some tips on how you c an save on your sips in Your Money.

Saving Dollars on Beverages

With the hot weather, everyone in my family is reaching for drinks more. It’s easy to fill-up a grocery cart with cans and bottles of beverages during the hot summer months. However, the dollars quickly add up at the register too!

Here’s a chance to recruit your family to work towards a savings goal. Is there something fun or special your family would like to do this summer? A trip? New outdoor toy? Whatever it is, maybe you can take the dollars you’re spending on beverages and shift them towards saving for this goal!

What’s the first step to involve your family, including young children?

First, take inventory together. What type of beverages do you spend money on as a family? Consider what you purchase at the grocery store, vending machines, convenience stops and restaurants. Next, give your children a chance to practice a money management skill: tracking expenses. For the next two weeks, ask them to keep track of all the money that is spent on beverages.

Does the money spent on beverages really matter? It seems likely to be a small amount.

Spending on beverages might add up more than you think. For example, let’s assume a family of four and that each family member spends $1.00 twice a day on something to drink, whether it’s coffee, iced tea, soda or something else. That’s $2.00 a day times 4 people equals $8.00 a day.

$8.00 a day for three months (90 days) = $720! There’s your summer trip/activity money!

What’s next?

Now that your family knows how much they’re spending on beverages, there are decisions to be made. Ask yourself:

· How much do you want to cut back?

· What will you substitute to drink?

· Which savings goal will the dollars go to instead? And, how can you make this visible to your whole family?

This is just one example of how small changes can add up and help you reach your savings goal.

For more financial and other wellness tips:

Sign up for Illinois Extension’s new Wellness Tips at Your Fingertips Text Program! Once signed up, you will get a text message each week on a variety of topics geared towards healthy finances, healthy living/healthy aging, and healthy eating. Sign up at https://go.illinois.edu/wellnesstips.

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