Everyone has bad habits, but not everyone realizes how much their bad habits are costing them. Here is a list of the most common bad habits that can break your bank.
Americans spend an average of $21.32 per week on brewed beverages at coffee shops. With a midsize latte going for $3.65 at Starbucks and $3. 19 at Dunkin Donuts; investing in a coffee maker for your home can help you save. Keurig, Cuisinart, Hamilton, and Nespresso are just a few thrifty manufactures that offer you brewed coffee, lattes, iced drinks, and cappuccinos in the comfort of your home.
We all know that smoking is bad for your health, but it is also extremely expensive. A pack of cigarettes costs more than two gallons of gasoline! The average cost of a pack of cigarettes is $5.25. This isn’t even factoring in the additional insurance and medical costs that this habit can cause.
- Paying Bills Late
Occasionally forgetting to pay your bills doesn’t cause much harm, but when it becomes a habit it can harm more than your wallet. The typical late fee is between $25-35, so if you miss paying your bills four times in a year you’re looking at $120. If you continuously forget to pay your bills on time though it can affect your credit score. Not paying your bills on time can cause your credit score to drop effecting your future endeavors.
If you are an average drinker you could be saving anywhere from $56 to $112 a month. The average cost of a case of beer is $21.99. If you buy two cases a month that’s about $45 and $550 a year. Besides alcohol, regularly buy soft drinks or bottles of water from vending machines can be cutting into your wallet. On average Americans spend $500 a year on vending machines.
- Online Games/Apps
Americans are spending about $55 on in-app purchase a month and around $105 a year in streaming/downloading music. Apps that are free-to-play are where spending is at its highest. Many people get into the game and want to excel, becoming willing to spend to get ahead. Playing games or using apps on your phone also eats up data quickly and can results in overage fees to your plan.
- Eating Out
Today, Americans are spending more at restaurants/fast food chains than they are at the grocery store. The average cost of a meal out is $12.75 and if you eat out 2-4 times a week you are spending about $2,332 a month. Imagine how much you are spending in year!
Here is an idea, ditch the morning coffee run or drive thru and instead put back one dollar each day. By the end of the year you would have saved $365! You can use it to treat yourself to something you’ve been wanting or put the money back into savings for the future! You never know when you may need it!