What is Your Bad Habit Really Costing You?
Enjoying a latte or unhealthy dish here and there doesn’t make you a bad person, but it can make you a bad spender! If you leave these bad habits unmanaged, it can leave a big dent in your wallet – not to mention your health!
The first step to kicking a bad habit is to realize how it might be negatively impacting your life. We have broken down expensive bad habits you may want to consider leaving out of your budget.
Smoking can not only be highly expensive and highly addictive, but can also damage your health severely. According to The Awl, a cigarette pack in New York state costs about $12.85 a pack – without tax. Let’s say you purchased 4 packs a month – that’s $51.40 a month and $616.80 a year. You may want to consider kicking this habit and putting the extra money into a savings account or better yet towards a vacation!
2. Lotto Tickets
This is a bad habit that can become very addictive, especially when you win! If you are one to purchase one set of numbers a day, then this can be costing you about $365 a year! Take that money and put it towards an emergency fund for unexpected expenses rather than towards a voluntary tax.
Did you know if you purchase one $3.95 “Grande” Latte a day, then you are spending $1,442 a year! Try your best to cut this bad habit and put the extra money towards a coffee machine at home. You may even want to consider buying the Cup-Of-Joe you prefer and having it at the office so you won’t feel obligated to go out and get one.
4. Partying (alcohol)
Everyone can indulge in a nice cold beer every so often – we all deserve it. However, when it gets out of hand, it can really put a whole in your budget, let alone your liver! If you are buying that every-day “road soda” after work to enjoy on the train at $7 a day, then after 261 work days (one year) you are paying a whopping $1,827! Why not, take that money and put it towards retirement instead?
5. Eating unhealthy (fast-food)
Eating unhealthy comes with a lot of downfalls; you may be wasting your money away on food that isn’t good for your waistline or your budget. Let’s say you decide to treat yourself to a Big Mac and fries every Friday after work – costing you $5 – without tax. If you continue this habit, you will be paying roughly $240 a year.
6. Cell phone (data plan)
You may have a data plan that has a set charge of $10 a month. However, it is common to go over on your plan, especially if you have a plan with multiple people on it. If you are texting without Wi-Fi, you may get charged additional data charges on top of that. To ensure this doesn’t happen, you can make your plan set for a limited amount of data; when it reaches the limit, then the data shuts off. No charges, no fees.
These ‘bad habits’ can not only put a damper on your health, but also your wallet. You may want to consider cutting some of these expenses out of your budget. Researchers from University College London prove that it may take at least 2 months to break your unhealthy habit. Try to cut back now before these costs start to affect your budget! Do you have expensive habits? What are they? Have you cut them out of your life? Feel free to share your comments below!