The Budget for College Challenge
A college education for your child is more affordable than you may think. By making a few less runs to a gourmet coffee shop or brown bagging it, you can save a lot of money each month. Want to see how quickly it adds up? Take "The Challenge" and see how easy it is to make room in your budget for a college education.
Make Mine a Double Tall with Foam
Need that little pick me up in the morning? You're not alone. According to the National Coffee Association, the average trip to a coffee shop costs $4.05 per visit and we pick up a fancy coffee drink approximately 16 times per month.
If you are a coffee drinker, how many times do you purchase a coffee drink each month?
Make Mine a Double Tall with Foam
Coffee at Gourmet Coffee Shop:$4.05 per visit
x Average visits per month:
= Cost per month:
= COST PER YEAR:
Source: National Coffee Association and The Specialty Coffee Association of America
I Don't Really Feel Like Cooking Tonight
Eating out is a national pastime these days. The National Restaurant Association says the average couple goes out for dinner four times a month at an average of $30.98 per meal.
How often do the two of you eat dinner out at a sit down restaurant (i.e., not fast food)?
I Don't Really Feel Like Cooking Tonight
Average cost per dinner out:$30.98
x Number of times per month:
= Cost per month:
= COST PER YEAR:
Source: http://www.restaurant.org/
Can I Get the Rest In a To-Go Cup?
Everybody loves an ice-cold soda now and then. In fact, the National Soft Drink Association says the average American consumes 600 12-oz. cans a year of the bubbly stuff. A lot of soda is consumed over the course of an average day at work, when we eat out, do errands or hang out at a club at night.
How many sodas do you consume away from home each week?
Can I Get the Rest In a To-Go Cup?
Cost for a soda:$1.50
x Number of times per week:
= Cost per month:
= COST PER YEAR:
Source: Source: National Soft Drink Association - http://www.westonaprice.org/modernfood/soft.html
All the News Thats Fit to Print
Even in an age of cable television and the Internet, it seems that people still like to read. In its annual survey Media Week reports that the average person reads six different magazines in any given year, either through yearly subscriptions or newsstands.
How many magazines do you read each month?
All the News Fit to Print
Number of magazines:4.53
x Average price of magazine:
= Average cost per month:
= AVERAGE COST PER YEAR:
Source: http://www.mediaweek.com
It Was Better At the Theater
Seen a good movie lately? You're in good company. The National Association of Theatre Owners says the average cost of movie tickets for two people is $13.76. Add in a combo offer of a large tub of popcorn, and two medium drinks ($17) and the total to go to a movie is at least $30.76.
How many times a month do you go to a movie?
It Was Better At the Theater
Price per movie:30.76
Movies per month:
x Cost per month:
= AVERAGE COST PER YEAR:
Sources: http://www.natoonline.org/ | http://www.usatoday.com/ | http://www.nationmaster.com/
And Hold the Anchovies
According to a study conducted by Blumenfeld & Association, Americans really love pizza. In fact, pizza lovers mow down 100 acres of pizza every day. If you're an average pizza eater then you eat one pizza a month, or a total of 46 slices a year. No matter how you slice it, that's a lot of pepperoni.
How many pizzas does your household eat in a month?
And Hold the Anchovies
Number of pizzas:$16.14
x Cost of Pizza:
x Cost per month:
= ANNUAL COST:
Source: http://www.pizza.net/docs/funfacts.html
You Mean It's Already Out on DVD
A recent report by Decisive Analytics revealed that the average family rents 60 movies a year. Of the 60 movies rented, half are returned late, often incurring late fees averaging $7.60.
How many movies do you rent each month?
You Mean It's Already Out on DVD
Movie rental:$3.99
x Movies rented per month:
x Cost per month:
= COST PER YEAR:
It's All Fun and Games
Americans spend an astonishing $22 billion on toys each year and kids still prefer the boxes they came in to the actual toy itself. According to the Toy Industry Association, the average spent worldwide on toys each year is $26. By the way, the U.S. accounts for 4% of the world's population but purchases 44% of all toys sold.
How much do you spend on toys in a given month?
It's All Fun and Games
Average spent per month:$20.17
x Toys bought per month:
x Cost per month:
= COST PER YEAR:
(this is the national average, by the way)
Sources: International Council of Toy Industries
Toy Industry Association
U.S. Department of Commerce Industry Outlook
Time to Cut Back? Wine Not!
The French and Italians no longer have a corner on the wine drinking market. Americans are getting to be pretty savvy wine drinkers these days, consuming an average of 2.39 gallons each annually, according to a recent Wine Trends study. Steeped in tradition and romance, wine is the most preferred alcoholic beverage in the U.S. these days.
If you drink wine, how many bottles do you drink in a month?
Time to Cut Back? Wine Not!
Average cost per bottle:$7.00
Number of bottles consumed monthly:
Cost per month:
= COST PER YEAR:
And that's if you drink the middle of the road stuff. Have a taste for the more expensive wines?
Adjust accordingly. If you have a passion for $14 bottles of fine wine, that'd be $840 a year.
Source: http://www.wineinstitute.org
Do You Have That Sequined Gown in a Child's Size 5?
The western world is obsessed with well-dressed children these days. In fact, a recent study by Mint Financial Services Ltd. shows the average family spends $795 a year on toddler's clothing. That doesn't include the cost of burp rags to keep junior or princess on the "Best Dressed" list at his or her local daycare.
How many pieces of clothing do you buy your toddler each month?
Do you have that sequined gown in a child's size 5?
Average cost of piece of clothes:$9.18
Number of items purchased monthly:
Cost per month:
= COST PER YEAR:
The same survey found that 68% of moms spent more money on clothes for their toddler than they did on themselves. Source: Mint Financial Services Limited Cotton Incorporated