The Cost of a Cup of Joe

Starbucks recently announced a price increase of 10 cents per cup which some may chalk up as just another increase or sign of the times, while others may think of it as a direct hit to the coffee consumer. Either way, Savvy Student wanted to look deeper into the increase to see how it really impacts the wallet, especially since students like their coffee and often times more than once per day.

Here in Boston, many are willing to spend as much as $6 a day on coffee. If this habit is kept up for one year it would be at a cost of over $2,000. For those purchasing one cup a day at an average cost of $2.50, the annual investment is near $1,000.

There are cheaper alternatives. For those not interested in drinking yesterday's left overs, K-cup is a good option. Coffee machines like Keurig are set up to conveniently brew one cup at a time. But while this cup of joe isn't as much of a budget buster as the one you may buy at Starbucks or Dunkin, it still costs money. K-Cups, for the keurig machine, can cost 84 cents a cup.

If your budget is tight your best option may still be the old school pot of coffee. According to a recent survey conducted by Consumer Reports, a bag of Starbucks coffee was compared to a bag of Walmart's Great Value. For both price and taste Great Value beat out the coffee chain at a rate of roughly $3.50/bag versus $8 per bag of ground coffee.

As prices rise on many consumer goods, its important to cut costs wherever we can!

Stay savvy!

Sources:
Tuttle, Brad. "No Joke: Walmart Coffee Tastes As Good As Starbucks | Moneyland | TIME.com." Moneyland | Financial Insights from Your Wallet to Wall Street | TIME.com. Time, 4 Aug. 2011. Web. 04 Jan. 2012. .

Tuttle, Brad. "Starbucks Raising Coffee Prices in Northeast, Sunbelt States | Moneyland | TIME.com." Moneyland | Financial Insights from Your Wallet to Wall Street | TIME.com. Time, 04 Jan. 2012. Web. 04 Jan. 2012. .