Buy the damn latte and save money where it actually matters

Calling everyone who (sadly) isn’t Zuckerberg rich: you don’t have to skip your daily Starbucks fix just to save a buck. There are easier, more satisfying, ways to save big money.

Like picking the right mortgage rate.

All it takes is one good money move

Fortunately, the Bank of Canada (BoC) just confirmed that it’ll be maintaining its 0.5% key interest rate. Translation: mortgage rates are probably staying crazy low and crazy competitive. Translation part 2: if you compare mortgages rates instead of just settling for the BoC’s posted rate, you could save up to $5,400 in a single year.

Let’s see “The Latte Factor” do that

The Latte Factor, a popular penny-pinching strategy, tells you not to buy coffee (or, by extension, takeout lunches, gym memberships, etc.) if you want to keep your finances in check. In other words, live frugally.

That lifestyle’s great for some people, especially since everyone’s favourite coffee chain just hiked its prices, but it requires you to sacrifice a lot to save a little.

So instead of agonizing over last week’s 3-day latte streak, we recommend focusing on the real money sucks — like your house.  

After all, being money smart is not about foregoing every little indulgence. It’s about planning strategically for the big things in life. So start saving money on the big things, like your mortgage, and just buy your damn latte.