5 Ways to Make Your Spare Change Add Up

A few simple tips to help trim your spending

By The Smart Cookies

Need some help finding extra money right away? Here’s a list of five seemingly small daily purchases that can add up to a lot of money, along with a few alternatives that will help you end the day with extra cash in your pocket.

COFFEE: We’re not saying you should go without your daily java, but do the math. There’s a reason why personal finance guru David Bach’s Latte Factor became a household term. If you both get a daily $3.50 caffeine fix, that adds up to more than $2,500 a year! Just by substituting a specialty drink with a regular $1.50 cup of coffee on weekdays, and saving the lattes for weekends when you can linger over them, you could save more than $1,000 a year.

DRINKS: Even if you only go out one weekend night, and stick with a couple glasses each of reasonably priced wine (say, $8 a glass, including tip), you’re still spending at least $1,664 on alcohol a year as a couple—and that’s just one night out. (If you live in a major city like Toronto, you can expect to pay even more. A glass of wine in a down town restaurant can cost $11 or more, not including tip.) Again, we’re not advising that you stay at home or stick to water, but you can save a lot by scheduling a date night in and buying a bottle of inexpensive wine, for example, or having friends over on the weekend and splitting the cost of refreshments.

BOTTLED WATER: A big bottle can average about $2. That adds up to nearly $1,400 a year, if you’re both buying a bottle of water a day. It’s really easy to cut that cost—and do your part for the environment— by buying one bottle and then refilling it at the office water cooler (or with your own filtered water).

VENDING MACHINE SNACKS: It’s mid-afternoon at the office, and you’ve got the munchies. But you don’t have time to go far for a bite. So you head to the vending machine for a pop or a snack. If both of you do this daily at work, it can add up to more than $500 a year (assuming your snacks are about $1 a piece) — not to mention the extra, often empty, calories. Vending machine snacks aren’t so good for your waistline or your wallet. Why not buy some healthy snacks in bulk—think dried apples, baked pita chips, or veggies and a low- fat dip — and pack a sack to bring to work. You can save yourself money and unwanted pounds.

WEEKDAY LUNCHES OUT: This was one all our couples cut back on. Even if you’re just running out for a sandwich and chips or a drink, you could easily end up spending $7 or more on lunch. Between the two of you, that could add up to more than $3,600 a year. Why not spend about $20 a week on bread, lunch meat, veggies, and condiments instead, and make your own sandwiches. You could save a whopping $2,500 a year!

Excerpted from The Smart Cookies' Guide to Couples and Money by The Smart Cookies with Jennifer Barrett Copyright © 2010 by The Smart Cookies with Jennifer Barrett. Excerpted by permission of Random House of Canada. All rights reserved. No part of this excerpt may be reproduced or reprinted without permission in writing from the publisher.