Not sure where all your money goes? What about your time? Studies show that people who spend an hour a week on their finances do far better with money management than those who don’t – and most people do have an hour a week. It’s just usually spent on something else. Money and time are the two things people let go of far too easily. It’s probably safe to say that you have a few vices eating into both of these precious commodities. Now the next question is a little tougher; do you know how much this costs you? If your answer is ‘too much’ and you think you need help with debt and managing your finances, there are debt counsellors who can help you step out a strategy. You can find out about this kind of help more online by checking sites like www.positivesolutionsfinance.com.au. In the meantime, here is some more information on the most common vices costing you money and time.
While it is tempting to run out at lunchtime and grab something from that cafe in your office block, this can be a very expensive vice. Buying lunch costs around $3,000 a year, so maybe that new tandoori wrap isn’t that great. You may only have time to throw some veggies and hummus in an old takeout container and race out the door, but think of the savings. If you really are time-poor in the morning, cut your lunch the night before and freeze it. It will taste all the fresher when you get around to eating it – and think of the money you’ll still have in a year.
Coffee is a vice most hardworking people have. Long days, not enough sleep, and demanding work environments mean people crave their caffeine fix for more than just the taste. However, buying that daily cappuccino adds up; around $1,000 a year is the number on that particular vice. The same goes for bottled water – bringing your own from the tap saves around $800 a year. So equip yourself with a travel mug for the coffee and bring it from home. There’s a lot you can do with $1,000, even if all you do is save it.
Lastly, that big time sucker; the TV. You can also add your phone, iPad, and laptop to this list. Unless you’re working out a budget or making a shopping list, your techno-vice will keep you from focusing on your finances for that precious hour a week – if you let them. If the difference between financial security and financial hardship is an hour a week, surely there’s something you can cut from your time budget. Social media time? Online gaming? None of those will keep you comfortable in your retirement.
We all have our little vices and most of the time they are harmless. If you’re trying to make a difference to your life though, in terms of getting on top of your finances, you might find that these vices cost you more than you suspect.
What’s your main vice? How much does it cost you in money and time? Share your insights in the comments box below.