$6 for a drink. Just $6 at the moment, that’s nothing right? Just $6 a couple of times a month is really not that much. Take a step back and really look at the prices add up. $6 doesn’t seem like a lot, but when looking at the years worth of money spent on a nonessential want that holds no long term wealth, the amount can add up to hundreds or thousands of dollars.
Almost every teenager in highschool gets a drink from Starbucks, Dunkin, Atomic or other coffee franchises sometime throughout the week. It can turn into a frequent activity, draining the pocket book in the process.
Caroline Shagnea, a student at Catholic University of America, reported a survey that calculated the average spending on Starbucks. “Majority of people spend $11-20 on Starbucks per week. The total cost of that ranges anywhere from $165 to $300 each semester,” Shagnea said.
Senior and Starbucks employee, Josie Case, shared her opinion on Starbucks spending. “As an employee at Starbucks I am able to see the regular customers walk in and buy expensive drinks every day. Some people spend a couple hundred dollars on Starbucks just in a singular month,” she explained.
According to CNBC, 70 percent of college seniors with student debt say looming repayments will impact their future career plans. Many college students spending their money on Starbucks could be putting the money towards long term growth that will benefit their careers and debt repayment. Students need to look beyond their morning coffee run and realize the amount of financial growth they could undergo if they quit their bad spending habits.
The high cost of Starbucks can rack up to $1,000 per year or more. Instead of a busy college student spending this much money on Starbucks per year, they could put it into an investment account with a high interest rate and gain a profit that would give many benefits post school.
Starbucks is also not the company to be investing money into as they scam their customers with extremely high prices and sneaky add-ons which most customers miss. For example, Starbucks now charges $1 for drink base changes or $1.25 for cold foam on the top of a drink, which is too expensive. These silly upcharges are like a bullet to the bank account from the long term view.
CBS News described the inflation of Starbucks as a whole and how much prices have risen. “And there might not be just one price hike in 2022 for Starbucks, but several, with Johnson saying the company has “additional pricing actions” planned throughout the year. Consumers aren’t cutting back on coffee, though: Starbucks said revenue in the most recent quarter jumped 19% to $8.1 billion,” Kate Gibson, the article author, wrote.
Starbucks continues to raise prices but customers are not holding back from their favorite drinks. Many people shrug off the unbearable prices for a small drink when they could be making the same order at home for $1 instead of $7.
Even though Starbucks is a delicious guilty pleasure that’s quick for on the go, there are alternatives to spending hundreds or thousands of dollars per year on fancy drinks. It is important for someone to treat themselves and get a yummy drink, but it shouldn’t become a regular, everyday trip. The investment of a nice coffee machine may seem pricey up front, however, the cost will even out after skipping a couple days worth of Starbucks stops.
A former Spartan and current student at Boston University, Ela Ersan, explained her opinion on Starbucks spending. “I live in Boston where there is a Starbucks on every block. It’s definitely hard not getting a coffee from Starbucks everyday because it is so convenient, but it is a lot cheaper if I just make it myself,” she expressed.
People need to skip Starbucks and put their money towards something more valuable and future-minded. Although this seems like a large sacrifice, people need to picture the financial benefits and growth they will experience in the future.
