5 Vices that are Draining your Wallet

attribute to stuartpilbrowWhen we’re short on money at the shops or when your car suddenly needs an immediate repair, we often think of the big things that are costing us money. Many people blame their monetary problems on household bills or weekly expenses – large, ongoing costs. While these costs can become financial burdens, you may be surprised at the amount of money you are spending on small vices that get you through your day – like your daily coffee or that weekend bet on the horses. If you’re trying to figure out where all your money is going, check out these five vices that may be draining your wallet.

Caffeine

Unless you’re on a health kick, most working professionals indulge in some sort of caffeine intake each day. Whether you enjoy your morning coffee or a can of soft drink from the vending machine at lunch, these small amounts can quickly multiply. The average cup of takeaway coffee costs between $3 – $4, with the price increasing the closer the vendor is to the CBD. Next time you go to get your morning coffee or afternoon fix, just remember that you could be spending up to $40 per week on coffee alone.

Cigarettes

Well, there isn’t much that needs to be said about cigarettes, because all smokers know that they are spending ridiculous amounts of money on this habit every year – but if you’re a smoker, you’ll understand that it’s also a pretty hard vice to break. The cost of regular cigarettes is increasing multiple times per year due to taxes. Nowadays, there is an alternative for many smokers, with a number of companies releasing electronic cigarettes that aren’t just a healthier alternative, they’re also a cheaper one.

Alcohol

Whether you enjoy a glass of wine each night or like to party on the weekends, alcohol is one vice that can quickly drain your bank account. Just because you decide to cut down on your alcohol intake, does not mean you need to relinquish your social life. Try other activities that don’t involve you drinking or make a pact with friends to party every other weekend.

Fast-Food

Fast-Food is convenient, yummy and a lot less effort than standing over a hot stove for hours. Its massive downfall (other than contributing to an unhealthy lifestyle) is the impact it has on your income. Fast-Food is generally a lot more expensive than something you can get from the supermarket, so while it may be convenient, cutting back on the amount of fast-food you eat each week will greatly benefit your bank account.

Gambling

Whether you consider your gambling to be a problem (and if you do, you should probably seek help) or just something you enjoy on the weekends, be sure to take into consideration that this vice is not always a winner. Sure, you may break even or even win big on occasion, but in the big picture of things, you’re generally throwing away a lot of money over time. This is one vice you can definitely go without, so if you’re worried about your financial situation, try looking for some weekend fun that’s a little less expensive.

So if you are struggling financially, try to put together a budget that will help you to better monitor your incoming and outgoing expenses. A thorough budget, including absolutely all costs, (even your daily coffee or weekend partying) will allow you to see where you can better save money.

Student-Finance.com.au is not a credit provider and does not act as a intermediary between any credit providers. This website does not provide Financial Product Advice or deal in the sale of any financial product. If you require this service it is recommended to seek the help of a professional. You should consider your own specific circumstances before making any Financial decision.