$5 'Little Treats' That Add Up Faster Than You Think
A $5 splurge on a little treat here and there doesn’t sound like something that will break the bank. Unfortunately, though, that kind of thinking — and that kind of $5 charge — can add up very quickly precisely because $5 seems so insignificant. Let’s say you spend $5 on a coffee on a Monday — well, it’s only $5, right? So why not grab another on Tuesday? And maybe another on Wednesday, on Thursday and why not on Friday, too?
All of a sudden, you’ve developed a $25-a-week spending habit, which becomes a $100-a-month expenditure, which then becomes a $1,200 budget item over the course of a year.
There are so many $5 little treats, like coffee, that can add up faster than you think and actually can break the bank if you’re not careful. Check out some of them below.
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Coffee
As mentioned, a daily coffee is probably the easiest way to spend $5 per day without thinking about it. Moreover, a $5 coffee is never really a $5 coffee anymore. As Cody Schuiteboer, president and CEO of Best Interest Financial, told MoneyLion, “the so-called ‘$5 usually goes for $7 to $9 when you include oat milk, extra shots and flavors. At that rate, a regular purchase results in spending somewhere between $2,500 to $3,000 annually for each individual.”
TikTok Temptations
“Many $5 items that can drain your account today are TikTok Shop finds,” said Annette Harris, owner of Harris Financial Coaching. “These are the cheap little car fresheners, self-stirring coffee cups or even the intriguing body-shaping outfits. These items typically have a short lifespan, but because they seem so ‘cheap’ they don’t seem like they’ll wreck your budget until you see the balance in your bank account ... Once you purchase an item, TikTok continually markets similar items to you through videos and ads. So that one harmless $5 purchase turns into $150 a month or more.”
The Checkout Aisle
The last-minute add-ons while checking out at the grocery store can easily trip up your budget, suggested Schuiteboer. “The bottle of wine, the chocolate bar, the travel pack, retailers design that spot right there to make sure you'll get distracted by something for $5 and throw it in your cart. You won't be able to pinpoint any item you spent money on,” he added.
Delivery Fees
Schuiteboer accused delivery fees on tiny orders to be the worst $5 offender because it’s a cost we rarely notice. “A lunch order that should cost $12 suddenly turns into a $20 expenditure after adding the service fee, delivery charge, small order surcharge and a tip. Even when we pay just $8 extra a couple of times a week, it's like another purchase of our own although this time you weren't treating yourself to additional food.”
Intentionality Should Be the Goal
Given that we are surrounded by $5 temptations every day, trying to eliminate them from your life completely is probably an impossible financial goal. Instead, try to work them into your budget in a responsible manner.
“I think people make a mistake when they try to eliminate every small treat from their lives,” said Ashley Morgan, debt and bankruptcy lawyer at Ashley F. Morgan Law. “Too much financial advice focuses on deprivation … The goal for a good budget is not to eliminate every $5 purchase. The goal is to be intentional and choose which expense matters to you the most. If someone genuinely enjoys their morning coffee and budgets for it, it is very different than spending $5 or $10 multiple times a day without realizing how much it adds up over the course of a month or a year.”
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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