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I count myself blessed for having earlier made the realization that I value financial security way more than the shiny new thing. What I also realized that often it's not the shiny new thing where all my money goes to but it's the repeating expenses from that daily starbucks coffee to groceries and utilities. If you find a way to save there it'll start accumulating quickly.
Are we still complaining about Starbucks? Let's call it $7 for a coffee. That comes to about $2555 a year. Sounds like a lot of money.
Say I wanted to buy a house. The median home price in the start of 2020 was $329000. End of 2023, it was $417,700 (down from its peak). An increase of $88,700. Assuming a down payment of 20%, your median down payment went up buy $17,740. Almost 7 years worth of Starbucks. In just 3 years.
But wait. Interest rates also changed. Assuming the same %20 down payment, your principle increased by $70,960. The 30 year mortgage over that time went up from around %3.72 to %6.66. An increase of about %2.9. The increased interest on the increased principle is about $2,057; so I guess your Starbucks habbit would cover that.
Of course, that is a strange metric. You pay the full %6.66 on the increased principle. The %2.9 is the additional interest you pay on the original principle. So your annual interest payments went up by $12,358 just for delaying your purchase by 3 years. If you cut off your 4.8 starbucks coffees a day addiction, you'll be able to afford this increase.
https://fred.stlouisfed.org/series/MSPUS
https://fred.stlouisfed.org/series/MORTGAGE30US
Hey, you do you. If $2555 isn't a lot of money to you then you're in the 0.1% of people. Most of us aren't in a privlidged position like that so being able to cut down in repeating small expenses like that is going to have a massive effect on our personal finances. 2.5k is about what I earn in a month. I like coffee too but not so much that I'd be willing to work for a month to pay for it. That amount of money covers my groceries for 4 months. Seems like better value for my money.