Wednesday, July 5, 2017

Are Your Bad Habits Costing You Money?

money for bad habits
Everyone picks up a bad habit now and then—it’s completely normal. Using a bit of extra money on entertainment or food that is a little out of your budget is fine as long as you don’t overdo it. Sadly, very few people know the meaning of “enough is enough” and their bad habits will eventually start costing them too much money. But let’s delve into the financial side of bad habits and try to identify what bad habits are costing you too much money.

Living out of your means

If you find yourself constantly buying luxury items, going out to eat all the time and taking a taxi everywhere you go, then you probably live quite a lavish life. Not many people can afford to treat themselves so often, which is why you need to stop and take a look at your budget to see if you’re actually capable of sustaining such a lifestyle. If you’re not, then it’s a bad habit that is costing you far too much money. Make sure you live within your means to avoid debt and spend more money on things that matter, such as your necessary expenses or savings.

Bad driving skills

Going back to driving school or taking a couple of extra lessons won’t harm you. It doesn’t cost much money and it will help increase your confidence and give you a knowledge boost that will make you safer on the road. Negligence or carelessness on the road can end up costing you a lot of legal fees, even if your car is insured. Take care and drive properly. Swallow your pride and take a couple of extra driving lessons so that you don’t run the risk of colliding into others, or else, causing an accident.

Not looking for deals

When you buy something, be it on the internet or in the store, do you ever look for deals? If you don’t look for the best prices available, then chances are you’re wasting a lot of money that could otherwise be saved. For instance, if you own a tablet or smartphone device yet you continue to buy physical copies of books, then consider looking up eBooks and digital versions of magazines instead. If you’re buying in bulk, then take a look at wholesale stores on the internet to see if you can get a better deal. Lastly, make sure you’re actually buying things based on their weight and quantity, not just the price alone.

Coffee habits

How much does a regular cup of coffee cost for you? If you’re paying around $2-3 for a single cup at your local coffee store (a modest price) then you can expect to be paying anywhere from $500 to $780 in a single year on just coffee alone. While that $2-3 price tag doesn’t seem much on a single day, your coffee addiction is costing you a considerable chunk of money each year. Instead of going out to buy coffee, consider making it at work or switching to another drink such as water for more health benefits and savings.

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