The Price of Your Vice

Nicotine, caffeine, alcohol. These are just a few luxury items that can break your budget, but many people are willing to pay for them no matter the cost. Maybe your personal indulgence isn’t as costly, but whatever your weakness is, it may help to sit down, do the math, and determine how much you’ve been spending. You may be in for a real eye opener! 

Cigarettes: burning money
Without a doubt, everyone knows the dangers of smoking and the long-term health hazards it can lead to, so who needs a better reason to quit? Unfortunately, a lot of people! The desire to quit may not be enough. But what about money? Smokers pay more for health care and insurance as well as spend more on dry cleaning and teeth cleaning. Experts even note that smokers make less on their homes or cars when they sell them. In some extreme cases, they can even lose their job! If you’ve got debt that you’re committed to pay off, this is one area where you can save. If you pay an average of $4.50 per pack to support a pack a day habit, you burn through $31.50 per week, or $1,638 per year. If you can get through the detox, you could put the money towards your bills, go on that long overdue family vacation, save, or invest it. 

Caffeine: what’s all the buzz?
A cup of coffee brewed in your own home is not the problem. It’s the expensive specialty coffees that you pick up on your way to work every morning. According to E-Imports, a leading provider of espresso business solutions, specialty coffee sales are increasing by 20% per year and among coffee drinkers, the average consumption in the U.S. is 3.1 cups per day. In addition, Americans consume 400 million cups of coffee per day, making the U.S. the leading consumers of coffee in the world. Independent coffee shops total $12 billion in annual sales. It’s easy to figure out what you spend on coffee every month and multiply that by twelve. Think about what you could save. 

Alcohol: the savings may be sobering
Whether you drink socially at a bar with friends on the weekend, or enjoy a good bottle of wine with dinner at home, the cost can really add up when you indulge on a regular basis. Lets say your bar tab of two beers per day at $4 adds up to $56 per week, or $2,920 annually. If your budget is maxed out, it is certainly a luxury that can and should be eliminated.

Even if you don’t smoke, buy a daily latte, or drink alcohol, there is probably something in your life that you could cut back on. What about shopping when you really don’t need anything? For some, it may be shoes. For others it may be the weekly magazine they pick up on their break at work.

After looking at the numbers, hopefully you may find renewed motivation to cut back, save, and improve your health in some cases.