We all are guilty of having a bad habit or two. But what do our bad habits actually cost us?
The true cost of bad habits might be surprising. What we might consider as periodic treats can put a big hole in a budget if we aren’t careful. When I see how much money I spend on a certain habit, it acts as motivation for me to quit.
Below are common bad habits, and what they might cost.
Eating Out Frequently
Eating out can be a treat when done occasionally, but eating for convenience can add up quickly. If you find yourself spending $10 a day on lunch, that is $200 a month, or $2,400 a year for just lunch!
$10 really might not seem like a lot at the time, but why not spend $200 on groceries for the whole month instead of just for lunch?
As an extra bonus, your health and waistline will thank you for eating more wholesome, homemade food instead of eating out all of the time.
Smoking
Not only is smoking bad for your health, but it is an extremely addictive and expensive habit to keep up with.
The average cost of a pack of cigarettes in the United States is $5.50. For someone who smokes a pack a day, the cost can become exorbitant. Pack-a-day smokers spend around $40 a week, or $160 a month on a habit that literally burns money.
Not to mention, smoking has a very high cost to your health. Smoking puts you at higher risk for many health complications.
Buying Specialty Coffee
Specialty coffee is a guilty pleasure for many people. The convenience and taste of Starbucks or Dunkin Donuts coffee can be tempting.
Brewing your own coffee at home costs pennies. It’s hard to beat, especially considering the cost of specialty drinks can cost you anywhere from $4-7.
Luckily, there are many ways you can whip up delicious coffee at home for little cost. You can bulk buy flavored coffee and creamers, and an automatic coffee maker to have coffee ready for you as soon as you wake.
ATM Fees
While there are many free ATMs out there, some ATMs charge a premium just access your own money. The few dollars it might cost to use an ATM might not seem like a big deal, but there are so many ways to prevent the expense.
The best way to avoid ATM fees is to always be prepared. Keep a small stash of cash at home, and keep at least $20 on you at a time. If you find yourself needing to use an ATM frequently, see if you can switch banks to one that offers more free ATMs around your city.
Sleeping the Day Away
Sleep is our friend, but spending too long sleeping in prevents you from accomplishing what you need to in order to get ahead financially.
For anyone who works and side hustles, time is extremely valuable. Each hour has a limitless wage. While taking adequate time to rest and recover can enable you to accomplish a lot more, laziness prevents success.
Paying Late Fees
Paying bills late has a high cost. Regular late fees cost $25-30 each. Not only does one late fee set you back, but it can be hard to pay your other bills on time when you are having to pay late fees for other bills.
The best way to prevent late fees is to budget well and to build a small buffer into your budget. A buffer prevents you from ever hitting close to zero, therefore it helps to prevent late fees.
Buying Clothes You Don’t Love
For anyone who loves clothes, the thrill of a sale can lead you to make purchases you later regret. Though this is something I am actively trying to improve, I still find that I have a closet full of items that aren’t quality or aren’t pieces that I truly love. This equates to hundreds of dollars worth of clothes in my closet that I haven’t even worn.
Instead of buying sale items impulsively, save up for quality, classic pieces that you can wear again and again.
