Are Your Bad Habits Costing You Money?

WARNING, WARNING your bad habit may be burning a hole into your pocket.  Are you guilty of buying that morning cup of coffee, or that pack a day habit?  Do you play the Lotto?  Well, news flash, you may be responsible for burning that big hole called debt into your pocket.  Recent study shows that if you cut those spending habits, you may be adding about 1-5k to your retirement.

Let’s do the math.  Coffee is about $2.00 a cup, multiply that by 7 then by 12.  That’s $168.00 a year you spend on coffee whereas if you make coffee at home you can be saving.  Cigarettes are about $9.00 a pack .  A Pack a day habit is costing you $756.00 a year.  How about lotto?  The average person spends about $5.00 a day playing lotto which can cost $360 a year.  Now consider this, if you are a smoker, think of the other costs such as health insurance, home owner’s  insurance etc.  These numbers can add up costing you a fortune.  if you think about how much money you can save by cutting back on things such as smoking, gambling and buying coffee, you can add up to $1,500.00 to your retirement plan a year.  Now add up those numbers till retirement age of 62.  Pretty sweet I say.

On this note, before you go off and ill spend your weekly paycheck, think about that vacation you have always wanted to take when you retire, is it worth it to you to pinch that penny?  I think so.  Instead of rushing to your nearest Starbuck’s or Dunkin Donuts, for $2.99 you can buy a can of coffee in your local supermarket and have plenty to last you maybe even a month.  That’s probably a 55 cent habit but look at the savings.

In the words of our dear old pal the Scrooge, say “Bah Humbug” to ill spending and let’s start getting our finances back on track.


The Naked Blogger asks: What’s your bad habit?

All comments and feedback are welcome below.


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