Obviously the message here is very welcome. Living without little luxuries won't improve your long-term wealth.
This article advises ditching the plastic instead - in an age when contactless payments are surging. Perhaps the offputting factor is the sheer faff of taking out cash, calculating how much to hand over and dropping the change all over the floor in the attempt to stash the notes. Maybe Harris & Hoole are wise to this, offering, as well as delicious lattes, the most frictionless experience possible. Users can 'check in' with the app, to be greeted by name and 'your usual?' at the till. Money is taken from the app, and that's it.
The good news is that there are a wealth of automatic savings products out there, like Moneybox, which rounds the users's purchases to the nearest pound and invests, the spare change and Chip, which calculates how much the user can afford to save without having an impact on their day-to-day spending. That money is then automatically moved into their Chip savings account.
And keep smelling the coffee!
· Stop walking around with a credit card. In fact, don’t use plastic at all. Data shows that we spend more with debit cards than when we part with cash, which is surprising. · Try making your savings automatic. Put aside at least 10 percent (between your employer contribution and yours) into a 401(k) followed by low cost index funds. Try not to touch that money. Act like it’s not even there.