How to Recognize Bad Habits that are Breaking Your Bank

It seems innocent to hit up the coffee shop every day for a four dollar latte, right? I mean, four dollars isn’t that much money. And if it’s one of just a few habits, how much can it actually hurt? Well, if you bought a latte every day of the year it would wrack up to nearly $1500. And while you probably wouldn’t actually buy a latte every single day, the point still stands. You’re wasting a lot of money. Here are some bad habits that you might catch yourself doing if you pay attention.

Impulse Buys

A survey done at CreditCards.com found that three out of four Americans admit to making impulse purchases. And we’re not talking about grabbing that extra item in the checkout lane at the grocery store, some of these impulse purchases are expensive. Plan for big purchases, like televisions or expensive clothes, and don’t let yourself make purchases to try and beat stress or depression. Consider freezing that credit card so you’ll only use it in case of emergency.

Wasting Electricity

Leaving your lights on can add up, so try to turn them off when you leave a room. Also make sure you shut down your computer or electronic devices when you’re not using them. At the very least, set them to go into sleep mode after a short period of inactivity. Considering upgrading your light bulbs to LED over incandescent. That’s an average of 5 cents per bulb per eight hours. Over a year, that can add up!

Grocery Shop Smart

A lot of us are guilty of thoughtless grocery shopping. We realize that when we toss out all the expired food at the end of the week. Instead of wasting all that food and money, take the time to plan your week’s meals and only buy essentials. If you have a good sized freezer, considering putting it to good use for longer term storage.

Eating Lunch Out

Unless your job requires you to network over lunch every day, consider packing a sandwich or making enough dinner for leftovers. Eating lunch out every day is incredibly expensive, and depending on your area and food preferences, you could be spending anywhere from $40 to $100 or more per week.

Alcohol & Cigarettes

Aside from potential expensive health problems resulting from too much alcohol use, the drinks themselves can be very expensive. If you’re drinking more than one a night, consider cutting back for your health and budget’s sake. And if you are a smoker, stop. Just stop. You are literally throwing away money and running down the clock before major medical issues rob you of your health and life. Many employers offer a smoking cessation program – look into it!