All of us have developed habits over the years. Some are good, but others can cost us our money, health, and sanity. You may have adopted one of these bad habits recently, or you might be a victim. It’s time to step back and analyze your situation.
You can save thousands of dollars per year by kicking six bad habits to the curb. We’ll look at six bad habits you can give up to save thousand per year.
Smoking
Smoking is just as expensive as it is dangerous. You could pay over $10 for a pack of cigarettes depending on where you live. The healthcare costs related to smoking’s effects can also be very high. Have you seen a bill from a cancer hospital?
With so many alternatives to tobacco use available (like tobacco-free dip from https://blackbuffalo.com/), there’s simply no reason to continue spending money on cigarettes. Your wallet and future are literally being burned by cigarettes. Why risk your financial and health security for a vice which can ultimately kill you?
Quitting smoking could save you between $1,000 and $3,500 per year. You can use that money to fund a college account, a retirement plan, or even a dream trip.
You Should Not Look At Your Bank Statements
It’s a bad habit for some people to never look at their bank statement. Checking your bank statements has never been easier. You can have them sent to your email address, where you can view, download and print them. What a convenient idea!
You can get a better understanding of your spending by looking at your monthly statement. Even small purchases can add up. While they may not seem significant at first, the total monthly might make you reconsider.
Impulse Spending
in this moment is an example of a destructive financial habit that is all too easy for people to adopt. It is easy to be swayed by a cleverly placed product, advertisement, or promotion. It’s amazing what excuses we can come up with in a moment to convince ourselves that we really needthat new pair of shoes or phone.
Look at your bank account statement after the month is over. How much did you spend in impulse purchases? You probably spend hundreds of dollars per month on impulse purchases. This money could go back into your wallet or be used for other investments. This extra pair of shoes won’t help you pay off debt or save for retirement.
Alcohol
Frequent alcohol consumption is a costly and destructive habit. A few drinks here and there won’t cause liver damage, but drinking alcohol daily can be harmful. Alcohol is not only a depressant but also damages the internal organs. This includes the liver, the blood vessels, and the heart.
Frequent alcohol consumption is expensive. A six-pack beer can cost anywhere between $5 and $10 depending on your location. Liquor is more expensive as well as wine. You can spend hundreds, if not thousands of dollars a year on your drinking habits if you are a regular. You can save money by quitting drinking. It will also keep your bank account and health intact.
Gambling
Did you know that gambling frequently can become an dependency? That’s right. You can get addicted to anything that releases endorphins, which creates a euphoric high. All of these can lead to addiction and cost you thousands per year.
Gamblers often start with simple bets on lottery tickets, but can quickly escalate to gambling personal property and maxing out their credit cards in casinos.
Credit Card Spending
If you are not careful, credit cards can quickly spiral out of control. You can easily visit a website or shop knowing that you have $1,500 on your credit card. But when the bill arrives at the end the month, you find out you cannot afford to pay the full amount.
You should never spend more than a third of your credit limit. Also, make sure you have the money to pay back the entire card. Reduce your impulse purchases to limit credit card debt!
