It’s fall. As you may know, this means “pumpkin everything” in Canada – especially at the local coffee shops! While we love a delicious cup of joe as much as anyone, the price of a Tall Pumpkin Spice Latte at Starbucks – $5.25 (with tax) – has many of us sticking with the office coffee machine.
So let’s say that you get a Pumpkin Spice Latte three times a week until November is well underway, and then you switch over to a new seasonal hot chocolate drink. This would cost $15.75 a week – and doing this for four weeks would cost you $63!
At Borrowell, we’re all about helping you save money and make better decisions about your finances. Of course, you can make your own decisions, but we wanted to give you a few fun examples of things you could do with that $63 in Canada.
1. Take a loved one to the movies
When is the last time you took your mom/grandpa/loved one out to the movies? If it’s been a while, now is the perfect time! There are so many fantastic movies coming out this fall. For example Blade Runner 2049 recently hit theatres, as did critically-acclaimed Marshall, and Justice League will be out in early November.
According to the Cineplex website, a movie ticket is $14.95. For two people, this brings the price to around $30. If you can’t go to the movies without snacks (and we don’t blame you), be prepared to shell out another $20-25. Enjoy the show!
2. Put that $63 in a savings account
Experiences are great. So how do you ensure that you’ll have even more great life experiences? By saving, of course! You can open a savings account with EQ Bank and get their everyday interest rate of 2.30%.
The best thing about opening an account with EQ Bank is that there is no minimum balance required – so you can take that $63 and put it away in your new savings account. There are also unlimited day-to-day transactions and no monthly fees.
3. Go see an amazing concert
Yes, we’ll admit it – Pumpkin Spice Lattes are delicious. But wouldn’t you rather enjoy an amazing experience instead? Concerts in Canada are becoming increasingly expensive, but tons of big names are coming to our country this year.
For example, great Canadian band The Arcade Fire is currently on tour and making stops in a few Canadian cities. Good tickets are expensive, but cheaper ones around $50 will suffice. If you’re sticking to your $63 latte budget and want to bring a friend – they’ll need to pay their own way.
4. Enjoy a night of craft beer tasting
Craft beer in Canada is having a moment. In fact, the number of breweries has surged from 310 in 2010 to 775 in 2016! Wherever you are in Canada, it’s always a fun time to support local businesses and sample some interesting brews.
A flight of beer at a restaurant is usually about $8.50 before tax. If you have two flights of beer and add a 15% gratuity, this works out to $21.75. If you want to spend the whole $63 you’d save from not buying your lattes this month – you can bring a friend and treat them, or order an entree for yourself (roughly $20-30 across Canada).
5. Prepare for another Canadian winter
With the introduction of the pumpkin spice trend comes the reminder that another Canadian winter is well on its way. Are you ready for the minus double digits on the thermostat? If you’re in need of a new hat, gloves, a scarf, or all three, step away from the Starbucks line!
We love all-Canadian brand Roots. The average hat at Roots will cost about $28, as do the brand’s gloves. With tax, it comes to $63.28 – just a few cents over your Pumpkin Spice Latte budget.
Bonus: check your credit score for free!
If you decide to do any one of these things, or don’t, we’re not here to judge. In fact, at Borrowell, our only goal is to help you make great decisions about your finances and to recommend products that will improve your financial well-being.
This is why we were the first company in Canada to offer free credit scores. With Borrowell, you can check your credit score absolutely free and receive a monthly score refresh – regardless of if you choose to save that $63 or not!