By Bear State Bank

Should I Buy That? photo of person canoeing on a lake.

Saving for a Sunny Day. Part 1

Got a relatively big-ticket item you’d like to save for? Saving for a Sunny Day offers advice on everyday purchases you can skip in order to save money.

 

I’m saving for a: Canoe.

Price: $500

What will I give up to save $500?

Breakfast at Starbucks
Frequency: three days a week
Morning Bun: $2.75
Skinny Vanilla Latte (Grande): $4.15
Total: $6.90 + 9% sales tax* = $7.52
Savings per week: $22.56
How long will it take: 22 weeks

Breakfast at McDonald’s
Frequency: three days a week
Egg McMuffin Meal: $3.99
Total: $3.99 + 9% sales tax* = $4.35
Savings per week: $13.05
How long will it take: 38 weeks

We’re not advocating skipping breakfast, but suggesting that you can save by preparing more meals at home. Buying and grinding your own coffee beans costs about 18 cents a cup. You can prepare an egg sandwich with frozen hash browns for under 70 cents.

*We picked a 9% sales tax as an average as the hotel/motel/restaurant tax, commonly known as the HMR Tax, varies across municipalities.
Equal Housing Lender and Member FDIC