Monday, August 28, 2006

Finding your 'latte factor'

You may have heard of the "latte factor," which states that by skipping the daily stop for a $3 coffee, you can save hundreds, even thousands of dollars, a year. But if don’t drink that much coffee anyway and are still short on savings, what do you do?

Since many Americans are higher in credit card debt than they are in bank account balances, figuring out one’s own latte factor is crucial to keeping spending under control. That means paring down the shopping list and accepting the fact that your "wants" are far more numerous than your "needs."

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