When we urge people to end bad habits, we are often talking about improving our mental and physical health. However, ending our bad habits could also save us money in the long run. We can turn that money into savings, retirement, or a trip! Here is our compelling evidence on why you should end your bad habits today!
Be Careful Driving
We typically don’t think of driving as a bad habit. Speedy driving can be a very bad habit to develop. When we decide that speed is our love and we have to go as fast as possible when we commute to work, or take a road trip, we raise our risks. Here is how careful and lawful driving can save you some money:
· A need for less fuel and saving at the gas pump
· Lower insurance rates for clean driving records
· Lower that risk of accident means unnecessary medical bills
· Lower the risk of an accident means lowering the risk of death and the insurmountable loss of a person which follows.
If your need for speed has resulted in an S22 status on your license, do look for the cheapest S22 insurance you can find. It will at least save you a little bit until you can change your ways and get better insurance rates.
Watch the Gambling
Cutting back on gambling can really help you save tons of money. Some people see online gambling as a way to make money and some people are able to do that successfully. However, if your losses are starting to exceed your betting habits, it’s best to quit now. Quitting now means the money you would spend and lose is now in the bank. You can let it sit and grow interest, invest it in some short or long term investments, or put it into a retirement account.
Drop the Cigarettes
We have been saying it for years and we will keep saying it for a long time to come. Quitting smoking is a fantastic way to save money. Initially, the money you spend on cigarettes will go towards gum and snacks you will ingest to avoid the habit. But over time you will slow down on those needs and resume a regular eating habit again. Quitting the smoking can add years to your life, turn your lung health around significantly, and save you tons on future medical bills.
Many people have switched to vaping as a healthier alternative to smoking cigarettes. The evidence is not completely conclusive as to the health effects of vaping because it’s such a new trend; many vape liquids contain man-made chemicals and the fear is that it’s equally as harmful to the lungs as cigarettes. Putting health aside, spending the money on the equipment and juice for vaping is still a luxury expense you can probably live without. That alone can turn into big savings for your bank account within the year.
Bad habits may make us feel good in the short term but in the long term, we don’t feel so good. Or we become subject to some serious health issues. We want you to feel good both mentally and physically. Our financial health relies on it! If you have a hobby or habit that is requiring you to dip into savings, it really is time to find ways to cut it back or cut it out completely.