December 16, 2017 7:29 pm

4 Expensive Habits You Should Break for Good

Finding ways to cut expenses and save money is critical to every person looking to achieve their financial goals. Wise people have always suggested, “Save today and enjoy tomorrow”. You should start saving money for a comfortable retirement without having to work in your latter years. Every day, people waste a lot of money on expensive bad habits. These habits are not only costly but also have adverse effects on the health. Here we will discuss those expensive habits that you should quit immediately to save lots of valuable money for your future.

Smoking & Drinking

SMoking

It is expensive and has nothing to offer but serious health hazards. According to the results of different surveys conducted, people on an average spend 25% – 30% of their income on smoking and drinking each month. For people of low-income scales, this percentage goes up to 35% which is a huge amount. There are tons of productive things that can be done with this big amount. It is not hard to quit this curse sort of a habit. You can consult a doctor or a therapist and trust me, it would cost you much less than what you have spent and what you will spend in the future.

Gambling

Gambling 2

Gambling is another habit that has destroyed generations yet people consider it as a shortcut to earn money. People waste their money in hopes to win a huge amount but the end result is always the same i.e. house always wins. Low-income people are the biggest gamblers and 82% of the gambling revenue comes from low-income individuals. It is an addictive habit but you can quit it if you have the willpower to move ahead. Instead of gambling, you can invest your money in stock market and that will give you more returns than what you have expected.

 

Impulse Shopping

Shopping

Impulse shopping is more than just a hobby. It has transformed into a bad habit in many different individuals. People go for shopping and waste their money on items that they never planned to purchase. In most cases, these items are not even used. Impulse shopping is not bad if the balance is maintained and you do not overlook your budget. However, you should try to avoid it and save that money for other purposes.

Things You Can Do On Your Own

There are things that you can do on your own like trimming beard, getting nail work done, and minor repairs etc. These things may not seem too costly but when accumulated, become huge amounts. These are bad habits because you pay some person heavy amount just because you don’t want to move your hands. You should be active and do these minor works on your own. This will not only make you active but also save you a good amount of money.

Save Money

These are 4 bad habits you should avoid to increase your financial level and save money for your retirement. You will have to bear a lot but when you will break them completely, you will come out a better person.

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Rob Thornhill

Rob Thornhill

Author, columnist, journalist, teacher, licensed financial advisor. It's all about the money (savings).