With more and more ways to spend your money coming out on a daily basis, it’s no wonder that a number of people are finding themselves in debt. That being said, there are a number of reasons why people may find themselves in debt besides falling to temptation – including student loans, the rising cost of housing, and other unforeseen financial problems. Thankfully, you can get debt consolidation help when you need it and with improvements to your spending habits as well as a sound monthly budget, you can be well on your way to financial wellness.
Here are the top five vices to avoid that can quickly become money sinkholes if you’re not careful.
1. Alcohol
Alcoholic consumption has a huge influence in Western culture, especially when it is portrayed so readily in television shows, movies, and on social media. It’s so normalized that people see beer and wine consumption as a way to de-stress at the end of a long day. Even if you don’t have a drinking problem, alcohol is expensive and can end up costing you a lot even after one night of drinking with friends.
2. Smoking and E-Cigarettes
Any kind of smoking – whether it’s with cigarettes or e-cigarettes – is an expensive habit to get into, especially when a person smokes every day. For example, if you smoke a pack of cigarettes a day, you could be spending around $450 a month (depending on the kind you buy). Vaping can also be pricey depending on the device, juices, and amount of coils that you buy.
3. Gambling
It’s become much easier to gamble with a plethora of online gambling sites, but the traditional methods are still popular as well. There are casinos, race tracks, slot and gaming machines, and even places to play bingo and hold raffles. Gambling rarely has any payoff and can prove to be a real, problematic addiction for a number of people.
4. Microtransactions
You may have heard about microtransactions and gaming in the news recently, as it’s been a hot button issue of late. This business model of encouraging to people to spend little amounts of money here and there started with mobile gaming but has made its way into mainstream games. And it’s not just set up in a way where you spend cash to get the item you want – instead it’s presented like gambling and the same predatory practices are used to entice people to spend their money. In the worst cases, people can spend thousands of dollars over the course of only a few years.
5. Eating Out
While not the worst item on this list, it’s also an important one to consider. Too many people spend money on eating out when they should be saving money by cooking meals at home. If you want to reduce your debt, this is one lifestyle choice that you can easily make adjustments to.
Struggling with debt is no joke, so if you are in need of financial assistance then make sure to reach out to someone for help, like a certified Credit Counsellor from a non-profit credit counselling agency. They’ll get you back on track and set up with a debt consolidation program if you need it.
