Most people would have heard about the money hack on cutting back on Starbuck's latte to increase your savings.
Some will have recently heard about Australian's Millionaire Tim Gurner rant on Advocado Toast and how it is making millennials poorer.
Locally too, we have a beverage (food) that is making Singaporeans poorer.
The Bubble Tea
Initially, I wanted to paste a picture of LiHo's or Gong Cha's Bubble Tea; however to avoid potential lawsuit for damaging their business, i guess better not! So down to the facts.
The Bubble Tea is a favorite Singaporean beverage and costs about $3- $3.50 per cup, especially among the younger generations. If an individual decides to reduce the occasions he drink on a weekly basis say from 5 times to only once. The annual savings will be: $3X 52X4 = S$624. That translates to about 20% of a young office worker's monthly take home pay.
And that's not all !
The Potential Health Downside to drinking too much Sugar Drinks (e.g. Bubble Tea)
Initially, I wanted to paste a picture of PM Lee's National Rally and the 'war on diabetes"; however to avoid any potential flaming by netizens of political affiliations etc, i guess better not! So down to the facts.
Recently, PM Lee delivered a somber fact that diabetes is becoming increasingly prevalent among Singaporeans. Let's face it, getting diabetes drains you financially because you will have to pay for the medical treatments, consultations etc.
And general knowledge tells you one of the main reasons why you get diabetes is because you have consumed too much sugar in your lifestyle. That's where the nasty bubble tea fits in - it has many cubes of sugar (even if we order at 50% sugar).
Hence while cutting down on drinking bubble tea provides you the instant savings of $624 annually, it also reduces your risk to diabetes, preventing from having to bear the financial strains of incurring medical expenses for diabetes.
To summarize and to build on and quite fellow blogger, Kyith's words: Diabetes can be traced to as a function of affluence and if you look at the insatiability of Singaporeans to go for gong cha, koi, llao llao. The hunger for such snacks borders on addiction and is becoming a problem.
Cutting down on such sugary treats will not only reduce our risk of health problems in the future. It will also save us money in the present. No doubt we Singaporeans are becoming more affluent; however our hunt for food filled with sophisticated and deep flavors should not come at too high a price, damaging our health and financial freedom goals.