6 Simple Pleasures That Takes A Toll On Your Wallet

Everyone has a simple pleasure he or she occasionally indulges in. These may even be vices they let themselves enjoy at times. It may be a weekly latte at their favorite coffee shop. But, spending on these vices will take a toll on your wallet. There are even instances when your health would suffer. The following are six simple pleasures that are taking a toll on your wallet.

1. Smoking

It is widely known that smoking is bad for your health, and everyone knows that. But, it takes a good bite in your finances. A pack of cigarettes has an average price of $6.16. The price in many states ranges from $5 up to $10 per pack. When you smoke five packs each week, you will end up spending over $1,600 each year.

Social smokers also run the risk of being addicted to nicotine even if they only smoke occasionally. They may even end up going back to the vice they previously left. Dropping this vice will not only help your health, it will also allow you to save money.

2. Lunch outs

Rushing all morning makes it tempting to eat out for lunch. But, eating out for lunch every day will force you to spend money. Your expenses will gradually pile up when you eat out for lunch every day. A survey conducted by Visa showed that an average American ends up spending $11.14 two times each week eating out for lunch. This adds up to more than $1,000 each year. The money can be better used as an emergency fund. It may be used on your 401(k) or the college fund for your child if you choose to bring lunch to work.

3. Monthly subscriptions

Do you have any monthly subscriptions you are not using anymore? These subscriptions include books, magazines, radio, meal deliveries, TV, and monthly fun boxes delivered to you every month. If you are not using any of these subscriptions, it may be advisable for you to cancel them.

You can save around $1,800 each year when you cancel $150 worth of monthly membership and subscriptions. This $1,800 saving can be used to pay your debts. It may even be used for a European vacation you are planning to have with your spouse. You have to think if the box of dog treats or makeup samples each month is really worth it.

4. Lottery tickets

The $10 worth of lottery tickets every week or a hundred dollars weekly poker fund can add up quickly. This may be a simple pleasure, but you can end up spending too much at the end of the year. While casual gambling may only cost $200 each year, you may get a good yield if this amount was invested instead. It is better to spend it on an ETF or the stock market rather than playing a game of chance.

5. Shopping

Some people may consider shopping as a way for them to lift their spirits up after a long day. But, they may end up spending too much. Even a seasonal sale or clearance sale may result in spending $100 on things you may not need. When you feel the need for a retail therapy each month, you may end up spending $1,200 every year. In addition, you will have a house full of unnecessary items.

The $1,200 you spend each year may be used for your retirement fund. This will also take out one important thing that may be causing stress in your life. It will also allow you to avoid retail therapy altogether and improve your finances in the long run.

6. Daily latte run

A latte or blended coffee may only cost $5, but the cost can add up if you get one every day. When you buy 300 lattes in a year, the cost will add up to $1,500. Nevertheless,, if you brew from home, you will end up saving $7,500 in five years. This is good enough for a down payment for a new house.

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