In your twenties, you can establish healthy financial habits that can work in your favor for the rest of your life. Think of habits like sticking to a budget, spending less than you earn, and saving for retirement. It’s important to work now to create habits that will benefit you in the future.
01 of 05: Not Paying Off Your Credit Card
If you’re only paying the minimum on your credit card, you’re essentially paying interest. This means you’re likely not paying off the debt and will continue to incur interest for several months and years to come. To find out how much this habit is costing you, you can look at your credit card bill. Each monthly statement contains a box that tells you how much interest you paid this month, how long it will take you to pay off the card by making minimum payments, as well as how much you would need to pay to pay it off in a certain number of years.
02 of 05: Eating Out
When you’re single, it may not seem like a big deal to eat out a few nights a week. You might even think it can be nearly as cheap as cooking at home, though this depends on where you eat and what you cook at home.
However, eating out becomes a habit that’s hard to break when you get married and start raising kids. Let’s say a family of four spends about $40 on a meal out, while a similar meal can be prepared at home for less than $10. That’s significant savings. Planning meals and prepping in advance can help resist the urge to eat out.
03 of 05: Smoking
Smoking can be costly in several different ways. First, there’s the cost of cigarettes themselves. The average cost is about $6.28 per pack. If you smoke two packs a week, that’s more than $650 a year.
However, additional costs may come later in life when you face serious health problems as a result of the side effects of smoking. Remember that healthcare bills can be very expensive.
04 of 05: Gambling
Gambling is a habit that can negatively affect your finances over time. Costs can add up quickly because it can be hard to stop. If you occasionally bet on a big game or plan an annual trip to Las Vegas, you probably don’t have a gambling problem.
However, if you find yourself gambling regularly or playing online poker and losing, you may need to seek help to overcome your addiction. If you are facing a gambling addiction, you might be at risk of losing your home, family, and job.
Lottery tickets are also considered gambling. You can save money too if you eliminate the habit of buying lottery tickets.
05 of 05: Impulsive Shopping and Deal Hunting
Impulsive shopping can add up quickly, and it can be hard to keep track of how much you spend on it each year because purchases are usually mixed in with other necessary expenses.
Another area that may be problematic is hunting for the perfect deal, then finding another deal that’s too good to pass up even if you don’t really need the item in the first place. These “deals” can cost you a lot of money on things you don’t really need.
Break this habit by forcing yourself to wait 24 hours before making a purchase. And if you think you have a real shopping addiction, you may need to seek help for your shopping problems.
End
Article updated by Rachel Morgan Cotter.
Source: https://www.thebalancemoney.com/very-costly-habits-2385527
“`css
}@media screen and (max-width: 480px) {
.lwrp.link-whisper-related-posts{
}
.lwrp .lwrp-title{
}.lwrp .lwrp-description{
}
.lwrp .lwrp-list-multi-container{
flex-direction: column;
}
.lwrp .lwrp-list-multi-container ul.lwrp-list{
margin-top: 0px;
margin-bottom: 0px;
padding-top: 0px;
padding-bottom: 0px;
}
.lwrp .lwrp-list-double,
.lwrp .lwrp-list-triple{
width: 100%;
}
.lwrp .lwrp-list-row-container{
justify-content: initial;
flex-direction: column;
}
.lwrp .lwrp-list-row-container .lwrp-list-item{
width: 100%;
}
.lwrp .lwrp-list-item:not(.lwrp-no-posts-message-item){
“`
}
.lwrp .lwrp-list-item .lwrp-list-link .lwrp-list-link-title-text,
.lwrp .lwrp-list-item .lwrp-list-no-posts-message{
};
}
Leave a Reply