So often we are warned about the negative impact of our less than stellar decisions on our physical health, but rarely do we see as much caution given to people regarding those same decisions and the impact they have on their financial health. So, let’s take a moment to look at just some of the bad habits that are killing your cash!
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Smoking
Not only has smoking claimed the lives of countless wonderful people but it truly wreaks havoc on our finances. As a former smoker I am personally well aware of the burden this horrible habit can have on your body but I never thought too much about the burden it could have on my wallet. Times have changed since my smoking days and cigarettes today can go for $8.00-$10.00 per pack. At $10 a pack, a pack a day habit will cost you $3,600 annually. In my youth I was a pretty serious smoker. I would regularly finish off two packs in a single day. That would have cost me $72,000 over a decade in today’s dollars. That is freaking insane!
Click here to quit smoking and keep money in your wallet
OvereatingÂ
While possibly not as immediately deadly as some other habits on this list, overeating is a concern to your health, your waistline and your pocketbook. It’s hard to blame people, food is delicious and plentiful. I absolutely get it, why eat kale when cake is just one isle over? Many people eat at specific times like dinner or lunch without much thought as to whether they are actually hungry or not. While calories you don’t need is in no way good for you, eating out of habit as opposed to hunger can cost you $10 a meal. That is quite literally weighing down your gut while lightening your wallet. That’s a lose-lose! Oddly enough, food purchases are the impulse buy that Americans spend their hard-earned money on the most. I guess when you look at the ever-expanding waistlines of Americans it isn’t very surprising at all.
Vaping
Vaping has gained in popularity over recent years but has also received its fair share of criticism with the deaths and chronic illnesses of several young people. The unseen financial costs of vaping aren’t considerable compared to the shocking health concerns associated with this deadly new habit, but they are still quite real.
The first month’s set up charges can be rather high at around $60-$150 but after that first month expect monthly costs to be in the $30-$50 range. If you are a cigarette smoker, vaping is a much cheaper option. Of course quitting is infinitely better than either. Heating coils, vaping juice, and other accessories all add up. According to experts, coils should be replaced about once a week to avoid seeing a dip in your vapes performance. While there are many options with vaping, none of them are free. Disposable vapes range from $3.00 to $7.00, Vape Pens can go anywhere from $15.00 to $35.00 and Pod Systems will set you back anywhere from $15.00 to $50.00.
Impulse Purchasing
Admit it, you are guilty. What’s grabbing one more thing in the checkout line before you get rung up or just one more item in the shopping cart to make sure you get that free shipping? Impulse buys have a shocking impact on the average American’s budget. According to a recent study from Slickdeal, the average American spends a staggering $324,000 throughout their lifetime on impulse purchases. That’s an average of $450 a month! That’s way too rich for my blood! You could get a Ferrari 488 Pista for that price!
One way to resolve this habit is to start budgeting your money. Once you can visualize the problem as a monthly expense it is much easier to curb your behavior.
For more information about budgeting check out Budget Basics
You Can Do This!
Whether it’s smoking, snacking or impulse purchases, all of these require some organization and self-control but over time I assure you they will get easier. Some say the first step is always the hardest and I absolutely have to agree. Step after step though you will walk away from the physical and financial burdens your bad habits that are killing your cash once brought you.