Do you ever think how much chewing gum each day costs you? We have these habits that cost us a lot unknowingly. You may not think too much about buying a small bottle of water each day, but on the annual scale, that would have cost you hundreds of dollars, as much as you would have to pay as credit card interest. Read below to find out daily habits that cost money for no good reason:
Buying Snacks at the Vending Machine
It’s customary for students and office workers to stop by the vending machine on a weekday for a can of coke or a packet of M&Ms. You can pay for these things with quarters, so you don’t really think of these habits as an expense. An item on a vending machine these days roughly cost around $2. Say, you spend $10 per week, that’s about $40 per month. That’s close to $500 per year. This is the lowest estimate mind you. If you didn’t spend that much money at the vending machine, you could buy a new laptop.
Getting a Caffeine Fix
Most people can barely survive without getting their morning caffeine fix. If you are in the habit of buying coffee from a café each morning, it is probably costing you a ton of money per year. The cost of a grande cappuccino at the average café is about $3.95. Buy one each day and you would be spending a whopping $1,442 per year just on coffee. That’s some very expensive coffee. You can avoid this by making coffee at home. It’s cheaper to buy a bag of ground coffee at Starbucks and make your own coffee at home. You will save time this way too.
Yes, daily lotteries. Avoid these as they are just a waste of money. Your chance of winning one of these lotteries is one in a multimillion. You are losing money by betting on an impossible win. Instead, if you saved the money you spent on daily lotteries, you can “win” several hundred dollars per year for sure.
Fast Food Stops
You forgot to pack lunch or you don’t want to eat dinner at home. In any case, many people buy fast food due to sheer convenience. Fast food is actually more expensive than you think. You can spend about $20 buying a family meal at KFC. You can use the same amount of money to buy veggies, bread, milk and a snack at a cheap store like Wal-Mart. Prepare your meals at home. It’s cheaper and healthier.
Smoking is not just bad for your health; it’s bad for your wallet too. Regular smokers can spend as much as $100 in a week buying packs. The cost of a smoking habit per year can run up to thousands of dollars. According to one estimate, an average heavy smoker spends over $10,000 buying cigs annually, which amounts to a good percentage of the salary. It’s simply better for your health and finances to kick this habit. The same goes for alcohol. If you are a regular drinker, you are spending a lot of money out of your salary on this habit.
Surprised by how much money those mundane daily habits cost? It’s definitely time to do something about it and save money for your long-term financial security.