By Brandi Savitt – September 11, 2013
And How Much Is It Costing You?
Let’s face it – life is no fun without the occasional indulgence! But when our guilty pleasures and favorite conveniences become daily habits, we end up hurting ourselves – and our wallets – more than we realize.
Check out how bad habits can cost you thousands over time, and see if you find the inspiration you need to change your pricey ways…
The Impulse Buy
When kept in budget, a little retail therapy may actually be good for the soul. But if you’re a frequent impulse shopper, it’s time to get real. According to the Bureau of Economic Analysis, research shows that overspending is easy to do without noticing – and that’s a dangerous thing for those who of us who are trying to save or are living paycheck to paycheck.
Don’t worry – we’re not saying to never splurge. But before you buy something that may put you in the hole, take a moment and decide if it’s really worth it. And if you can’t pay your credit card in full at the end of the month – don’t make the purchase!
If you spend $200 a month on impulse buys, that’s $2,400 a year and $24,000 over ten years! That doesn’t even count the compounding interest and fees that will accumulate if you don’t pay your credit card bill on time and in full every month.
Laziness & ATM Fees
We all know it’s nearly impossible to avoid paying an ATM charge here and there. But making a conscious effort to only use your bank’s ATM – to avoid additional fees – shouldn’t be that difficult to do. And if it is, switch to a more convenient bank!
How it adds up:
If you spend $3, twice a week in extra fees, that’s $312 of wasted money a year and $3,120 over the course of 1o years!
Buying Your Lunch…
Making an effort to bring your lunch to work – even sometimes – is not only healthier, it will save you thousands over time! In most big cities, a non-fast food sandwich or salad costs $10 (without a beverage), compared to the $4 it would cost for you to make a satisfying lunch at home.
How it adds up:
That’s a savings of $30 every work week, $1,560 per year, and $15,600 over a ten year span of your career!| Print
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