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Insights on money, career and trading

The Monetary Costs Of Bad Habits

Posted on March 19, 2017 by Daniel at 9:44 pm

Bad habits cost more than just your good health. Drinking and smoking are damaging your body, but they are also doing damage to your wallet and maybe even your savings. If you took a moment to calculate all of the money you spend on things that are either bad for you or are doing nothing good for you, you might be amazed.

Here are some of the bad habits that could be breaking your bank, how to get help dealing with them, and how much money they may be causing you to lose over time.

Drugs

Drugs are not cheap, not even marijuana. And drugs are addictive. Even prescription medications can be used and abused, and they don’t come cheap either. You could be spending thousands a week on your drug of choice if you’re into something like heroin.

If you decide to get clean you also have the cost of detox and therapy, but those costs will help you save by getting you clean. The thing is, you need to want to stay clean or you can easily fall back into that bad habit, which could take your life, not just your money.

Alcohol

Alcohol may not cost as much as hard drugs, especially if you don’t mind the cheap stuff, but it can still cost you a lot of money over time. Not only will it cost you money drinking, whether you’re drinking at home or at the bar, but it will mess with your health and that can dip into your wallet as well. You risk cirrhosis of the liver, which can lead to a very expensive transplant surgery and a painful death.

Smoking

Smoking is a nasty and expensive habit. Even smoking one pack a day can rack up to $200 plus spent a month. That’s groceries for one person for an entire month (if you eat healthy portions and cook at home). It also increases your risk for cancer and other lung diseases, which can cost a lot in medical expenses.

Smoking also damages your home and your vehicle, if you are smoking in them. It coats the paint and the windows with black soot. You may have to invest in a home paint job in order to sell your home.

Shopping

If you are addicted to shopping, you may be losing a lot of money on a regular basis. While your brain is telling you that it is OK to keep shopping, you are filling your home with stuff you don’t need and may never use. The amount of stuff you spend money on could have been enough money to buy a second home.

Gambling

Gambling, much like shopping, is spending money on something with little reward. Unless you manage to win all the time and put away half your winnings, you’re losing. There is help for all of these addictions, so if you have a problem you should speak to your doctor and seek therapy.

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Insights on money, career and trading

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