Nearly two-thirds of millennials say spending $7 every day on coffee brings them ‘joy’ — but Suze Orman says she'd 'drop dead' before buying her brew to-go. Who’s right?

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Let's face it — few things in life are as pleasurable as starting the day by grabbing a to-go cup of expertly brewed coffee from your local barista and taking that precious first early-morning sip.

So pleasurable is the feeling that it turns out about 6 in 10 millennials are willing to cough up $7 on a coffee each day because of the joy it brings them, according to a survey from financial services company Empower.

Financial-advice purveyors have long blasted the takeout coffee habit for holding Americans back, including straight-shooter Suze Orman, who made it clear where she stands in a recent interview with The Wall Street Journal.

“I would drop dead before I bought a coffee,” Orman proclaimed, noting that she favors the Cafe Bustelo brand when she prepares her brew at home. “I do one cup a day and that’s it.”

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What Orman wants you to do with your cappuccino capital

In an older interview with CNBC Make It back in 2019, she explains what she’d prefer Americans do with their money.

“If you just simply used your money to purchase needs versus wants, you would find the money to invest in your retirement accounts,” Orman says. “You would find the money to get yourself out of credit card debt.”

American credit card debt just hit a new record last quarter, topping $1 trillion, according to the New York Fed. Now, if you’re racking up debt in the midst of inflation and high interest rates, you might want to focus on paying down your monthly balances instead of buying that $7 latte — or look for other ways to reduce your spending.

Consolidating your credit card debt with a personal loan from Credible* can help you pay down your balances faster and at a better rate. Credible’s online marketplace of vetted lenders will provide you with a list of personal loan options tailored to you when you answer a few questions about yourself* and your financial situation.

It’s also key to start investing for your retirement as early as possible. And a Gold IRA* — which combines the tax advantages of an IRA with the inflation-hedging potential of gold — could be the right choice to grow your retirement nest egg.

By opening a Gold IRA with Goldco* , you’re looking out for your future self and cushioning your retirement. Opting for a Gold IRA allows you to diversify your portfolio and stabilize your finances.

Plus, with their fast customer service available by phone call and free guides to acquaint you with their offers, Goldco is readily available to guide you.

Read more: Don't miss out: Jeff Bezos reveals the secret to prime real estate profits — say goodbye to landlord headaches

How to find the right balance

But cutting back on coffee spending in favor of saving for retirement and paying off debts doesn’t mean you have to live a meager existence. Other money mavens, like Ramit Sethi for example, don’t believe in forgoing the little things that bring you joy.

Sethi says you should instead strive for balance and conscious spending, especially if you’re already hitting your financial goals.

This is where the budgeting app You Need a Budget (YNAB)* comes in handy.

With YNAB, you can tackle your spending, debt repayment and saving all in one convenient place.* With features like goal tracking and spending reports, it’s easy to maintain your budget and stay on top of your goals.

While adhering to a budget on a day-to-day basis is important, you also need to make sure you’re keeping the bigger picture in mind and making a plan to build wealth. A professional financial advisor can help you do this.

You can find an expert through Zoe Financial* by simply answering a few questions about your financial situation and goals. Zoe will match you with a range of advisors* and from there, you can reach out for a completely free consultation to ensure you find the right fit.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.