How Bad Habits Affect Us Economically

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We all are addicted to one bad habit or the other. It might be shopping for some, and ice-cream or tobacco for others. Bad habits are bad for our health. But, what we all fail to realize is that our vices can even cost us financially.

Here are a few habits which can cost a lot, and this is perhaps why you should get rid of them, or at least, put them under control.

Gambling

Statistics from the National Council on Problem Gambling show that at least 85% of Americans have bet on something and have gambled at least once in their lives.

Gambling can range from a friendly game of poker, simple betting on football matches and slots in Vegas to large-scale gambling at casinos, often illegal ones. Though gambling doesn’t have a direct effect on the health of the gambler, it does have enough hazards when it comes to mental and emotional well-being and of course, financial security.

Gamblers often find themselves tangled up in financial stress regarding household finances which ultimately affect the relationship they share with others in the family. When gambling becomes an addiction or an uncontrollable urge, it is very difficult to pull the reigns.

Most of the time, it is seen that addicts bet on unreasonable things, and often end up incurring huge losses. If the amount is small, let’s say, $10, it might not have a bigger impact, but in case of a large amount as is spent by those who play casinos, then the person loses a lot and there is hardly any chance of getting back.

A study shows that at casinos people spend almost $0.95 to $165 per hour. Thus, no matter what game you are playing, chances are that you will lose more than you win.

The other and maybe the most dangerous addiction is that of a lottery. A lottery ticket may just cost $2 but if a person spends $2 for about 10 years, then the total amount spent is $7300 and the maximum amount they can win in prizes is $3431 as expected return per ticket is $0.94.

Instead of spending on such useless things, if a person invests $14 per week on some safe investment scheme with low risks, then with 2% API, a total amount of $8059 can be earned.

Thus, it is high time that people should stop gambling. The best way to get rid of this habit is by betting on low amounts and keep it decreasing as the time passes till the addiction subsides.

Smoking

Smoking is another bad habit that is commonly found. Apart from medical hazards, tobacco also affects us financially.

Several reports have revealed that a gross total of $167 billion dollars is spent on medical bills due to tobacco-related health problems. In the recent years, there has been an increase in taxes applicable to tobacco products and the cost of a packet of cigarettes has gone up a lot.

One packet costs about $5 but certain states are known to have added an additional tax on it which makes the final price $10. Thus you are now spending 5 cents per cigarette. Most smokers tend to smoke about 2 packets per day and this adds up to $20 a day which makes about $140 every week and $7280 every year. Instead of spending such a lump sum on a habit that is bound to ruin you, physically as well as economically, the same amount can be spent to buy a car, or for even going on a holiday.

There are various methods through which you can quit this habit. Nicotine replacement therapy is one of them. This therapy makes use of chewing gum, nicotine-free products and others to get over the addiction slowly and gradually. Additionally, vaping is an affordable way to subside your addiction until you give up on it fully.

 Caffeine and fast food

Addiction to caffeine and fast food is another bad habit most children and adults are suffering from. However, nowadays, fast food has gotten expensive. A home cooked meal will cost about $2.65 while fast food will cost nearly $3 to $14.

Caffeine from popular brands cost around $2 which ends up to $730 a year. As an alternative, you should consider healthy snacks which are easy to make. These include the likes of yogurt, granola bars, salads, fresh fruits, stir-fry dinners and others. You should also try to brew your own coffee to save money.

Alcohol

Drinking occasionally might not cause health or financial hazards but those who drink regularly are definitely at a great risk. Alcohol can cause liver problems, cancers and heart problems in addition to costing a big amount.

On an average, regular drinkers spend around $515 per year on alcohol. Even two beers a week add up to $120 a year! Those who visit high-end bars spend even more on cocktails and special brews.

Over to You

Thus, we all tend to spend a huge amount on our vices over years. Let’s not make that happen and spend wisely.

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