As the old saying goes, “You can’t control what you can’t measure.” If you’re going to improve, you must know what needs improvement. So, grab a notebook and a pen and jot down 5 things you’re spending money on. These don’t have to be large things especially; they can be items that cost $1, $10 or even $100. The point is to get you thinking about what you’re spending money on.
Bad habits are like weeds; they can grow quickly and, if left unattended, they can quickly take over your life. Some bad habits, like smoking, are obvious. But other habits, such as spending too much money, can be harder to recognize. Bonus: Include a short list of said bad habits that are hard to break. Extra Credit: Include an in-depth analysis of one of the habits mentioned above and include a list of 5 tips to break that habit.
Breaking habits is hard. Whether the habit is smoking, drinking, or eating junk food, the cost and difficulty of breaking bad habits is high. Imagine setting yourself down a path that could result in you spending thousands of dollars in a lifetime, without any visible benefit.
This article may contain affiliate links. Click here to read my disclosure policy. Everyone has habits they need to break. In addition to basic expenses like rent, utilities, food and clothing, there is always at least one expense that is better left out. Whether you eat out too often, buy shoes that are too expensive to sacrifice money for gas, or don’t maintain your car properly, it’s easy to let unnecessary expenses add up. With the cost of independent living already high, it’s time to get your finances under control. It’s time to lose those extra pounds by giving up these seven expensive habits.
1. Dining room
In 2020, restaurants in America generated $899 billion in revenue, and that figure is only expected to rise. In fact, for the first time in history, people are spending more money to buy food than to buy food. Since this statistic was first measured in 1992, the gap has steadily narrowed and it is now officially established that millennials would much rather eat out than cook at home. The average meal ticket in costs 69, so it’s not hard to imagine your food budget quickly exceeding that amount. Try cooking at home instead, and you’ll be amazed how many meals you can cook for yourself with $69. And if you like convenience, you can try making your own easy-to-heat frozen mealsto save time and money. Related item: How to eat well for only $300 a month
2. Product wastes
Let’s go back to the previous point first. People are highly dependent on food. Guess when most restaurant purchases are made? If you’re thinking on your way home from work, you’re right. During lunch is also an acceptable answer. It is a fact that people take food from restaurants when they are in a hurry or when they leave the house. And then the food you buy stays in the fridge and slowly goes bad. Once you discover these products, you throw them away, literally throwing money away. Try to buy less food when you go to the supermarket. At the very least, try to limit bulk purchases of perishable foods. You can also create a meal plan so you know exactly what you will be eating during the week. It doesn’t have to be very complicated. One of my favorite sources for meal planning is the $5meal plan, because it offers affordable meals that I can easily put together and customize to fit my family’s needs.
3. Energy consumption
Most people don’t think about energy bills. As long as your monthly bill doesn’t skyrocket, you don’t have to think about it anymore. For example, falling asleep with the TV on costs $50 extra per year, missing by programming the thermostat costs $180 extra per year, and overloading our tech devices slurps unnecessary energy (seriously, the maximum is 100%, we don’t need to plug them in anymore). These small, energy-wasting habits may seem insignificant, but paying attention to the little things is good for your wallet and the environment.
4. Social beverages
Nobody tells you not to go out and have a good time with your friends. But don’t order so many margaritas you won’t have to pay rent for a month. A weekend out with friends can cost upwards of $100 if you include the cost of taxis, snacks and, of course, the drinks themselves. Do the math: If you only go out once a week, that’s $400 a month, or $4,800 a year. If you go out twice a week, that number can double, and the annual cost of social drinking is nearly $10,000, which is one of the most expensive habits. At the end of the week, it’s very easy to feel free with friends, but instead of getting dressed up and going to a crowded bar, grab a few beers and head to a friend’s house. Don’t hesitate to wear your sweaters.
5. Therapeutic purchases
Let’s get one thing straight: There are many ways to cheer yourself up if you’ve been scolded by your boss, failed a job interview or been dumped. The purchase of consumables should not form part of this. This can be good for you psychologically, but the incredible cost quickly makes it impractical. This is not advice to switch to excessive drinking, but to unwind with other proven psychological methods. For example, relying on friends and family has been shown to increase self-esteem and promote positive thinking. Related items: Why I have a 6-month purchase ban Update my purchase ban: 4 months B
Expensive clothing bonus
6. Gym membership
These costs are the easiest to forget and the hardest to change. Everyone puts off cancelling their gym membership for years, with the vain hope that they will suddenly be motivated to become a fitness fanatic. If you haven’t been to the gym more than three times in the seven years you’ve been a member, it’s time to lighten your bank account. This solution is so simple as to be obvious. Start Home training. There are numerous home exercises  that can help you lose weight and lead a healthier lifestyle. Related Articles: 5 fun and inexpensive ways to stay active How I get by without a gym membership
You may enjoy running around town like a runner, but sitting in the waiting room of a garage makes you ponder the prospect. Believe it or not, speeding puts extra pressure on your car, which in turn puts pressure on your bank account. When you drive fast, you press the gas pedal, which causes you to use more gas, which must then be exchanged for money at the gas station. Driving too fast strains the brakes, reduces fuel efficiency and causes rapid wear and tear to vehicle components. The answer? It’s very simple: Take it easy. Try sticking to the speed limit for a change. Have you ever had to give up any of these expensive habits to save money?
P.S. You can share your story
Want to share your money story or financial experience? Become a guest blogger for My Debt Epiphany! Read the guide and submit your ideas here.
Stop worrying about money and take back control
Are you ready to take back control of your money? Take the first step with a free starter kit that includes:
- 2 sample monthly statement schedules
- 1 Checklist for commencement of debt repayment
- 1 Radical cost savings checklist
Good luck! Please check your email now to confirm your registration.
Frequently Asked Questions
What is the most expensive habit?
The most expensive habit you could have is smoking. Smokers often spend more than $100 per week on cigarettes. This works out to around $5,000 to $10,000 per year. To have the equivalent cost in habit-related expenses, the average person would have to spend at least $300 per month on a habit such as shopping. Unfortunately, the average American household only spends about $200 per month on all categories of expenses combined. So, while a lot of people have expensive habits, such as eating out at restaurants, few have expensive habits that rival smoking. The most common expensive habits are those that are not at all related to money. Whether it’s watching too much TV or spending too much time on the internet, these habits can cost an average person well over $100 per month. In addition to the lost time, many expensive habits are also unhealthy and can be detrimental to a person’s mental and physical health. Fortunately, however, breaking these habits is possible. Here are five of the most common expensive habits, including what they cost, why they cost so much, and how to break the habit and save money.
How do you break bad money habits?
Some of the most expensive habits we’ve got are the ones we can’t kick, like smoking, drinking, gambling, shopping or eating out. And while you can’t break a habit in a day, there are ways to gradually retrain your brain and break those bad habits for good. While you could save a considerable amount of money every year by cutting back on your daily Starbucks run, cell phone plan, or cable bill, there are other areas of your budget that are harder to eliminate. Some people love their morning coffee so much that they’ll pay $5 or more for a cup of well-crafted java, even though it’s a luxury they don’t actually need. Or, perhaps they’re addicted to the rush of shopping, and they go into debt to buy a new outfit every month even though they already have more clothes than they can wear. Look, we’re not here to judge, but you should know that these habits can cost you a lot of money if you aren’t careful.
What are some money habits?
Saving money is the cornerstone of financial success, but it’s not always easy to do. Even those who want to save money often find their good intentions derailed by pesky expenses, like that daily latte habit or having to replace their car every few years. The fact is, Americans are spending more than they earn. While it’s a good idea to look for ways to cut back on spending, the best way to get rich is to make more money, so creating a budget should go hand-in-hand with saving. You’ve heard the adage: “You can’t manage what you don’t measure.” While certainly not a new concept, it’s one that is critical to making better financial decisions. (And, while it’s true that “money doesn’t buy happiness,” it can help you better manage your stress and anxiety levels.) But, what should you measure? While there are countless metrics you can keep track of, here are five that are critical for managing your finances:
expensive habits meaningexpensive hobbiesexpensive habits lyricsexpensive habits bookexpensive habits clothingexpensive daily habits,People also search for,Feedback,Privacy settings,How Search works,Acquired Tastes,Book by Peter Mayle,Expensive Habits book,expensive habits meaning,expensive habits clothing,expensive daily habits,expensive hobbies,habits that cost money,expensive services in usa,expensive habits lyrics