Some gamblers liken their hobby to investors in the stock market, but as you can see, they’re completely unlike each other (unless you’re investing in something super risky, such as junk bonds). There’s a big difference between investing and gambling: investments typically ebb and flow in value, while gambling is zero-sum (you win or you lose).
Quit all vices free#
To avoid spending too much money on television, try to limit yourself to cable and one streaming service or cut out cable altogether and pay just $30 per month or so for multiple streaming services (Amazon Prime also includes its own free streaming service for members if you ever get bored of Netflix or Hulu). If you currently have cable, HBO, Hulu and Netflix, then you’re likely spending over $100 per month (not including the add-on specialty channels you pay extra for). Set firm limits for yourself to avoid the temptation of swapping your real cash for in-game currency because it’s way too easy to get hooked when it seems so cheap (“just $0.99!”).Īnother area of technological vices where you could save a lot of money is television. The solution? Don’t pay for anything in any gaming app, ever.
Quit all vices upgrade#
However, these games make money by offering countless upgrade options for a small fee (microtransaction), and you could be shelling out $50+ per month for games you love without realizing it. For instance, that “free” gaming app you love may offer level-up bonuses or extra features if you just pay the “low” price of $0.99 for an upgrade. Technology can be bad for your wallet, especially when it comes to addictive games with microtransaction payment models that really add up over time. Granted, you could save a lot of money if you made your coffee or tea at home instead of buying it from Starbucks or a local coffee shop every morning before school or work.īut you could also save much more money by cutting back on caffeine and seeking out caffeine-free sources of energy, such as energizing music, increased water consumption, and physical activity. Caffeineĭo you need coffee every morning to survive the workday? Do you regularly consume energy drinks to stay up late? If so, then your caffeine vices could be costing you $60-100 per month on average (assuming you only consume caffeine once per day on weekdays). This could equate to $600+ per year in savings if you quit vaping altogether. If you smoke 20 cigarettes per day, then you could be saving $188 per month or $2,292 per year if you manage to kick the habit.Īlthough vaping is generally viewed as a healthier and cost-effective alternative to smoking, studies have shown the average e-cigarette or vape user still spends $50-75 per month on their vaping vice. If you smoke just 5 cigarettes per day, this equates to $47 per month or $573 per year in potential cost savings. The average cost of cigarettes in the U.S. If you’re not a big drinker and want to save money on the next party you host, consider making it a BYOB event and provide food to your guests instead. This figure also includes bar tabs (multiple $10 cocktails every Friday night can really add up), as well as booze you purchase for social events. If you enjoy alcohol and make about $50,000 annually, then there’s a good chance you spend $500 per year on booze if you’re the “average American.” In fact, the Bureau of Labor Statistics reported that the average American spends 1% of their income on alcohol. If you drink beer or wine on a daily basis, then you could be spending as much as $300 per month or more on your boozy vice, depending on the quality and quantity of alcohol you’re consuming.
This has made it all the easier to satiate our drinking vices because we don’t have to worry about leaving the home and getting a DUI if we run out of alcohol.
We now live in an era when you can get booze delivered to your home within an hour or subscription boxes of craft beer and wine from around the world delivered to your doorstep every month. If you’re ready to make some real progress with your financial goals, then here are some strategies for saving hundreds (or thousands) of dollars per year by quitting these vices. However, this plateau usually happens because we’re unwilling to compromise on our favorite vices or make genuine progress towards quitting our addictions, such as smoking, caffeine or even technology. When you’re in the midst of budgeting, you might hit a point where you think there’s nothing left to trim from your budget.
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