In a world where everything cost more than a weekly paycheck, it is important to budget expense according to needs and not wants. Vices tend to drain an income in little or no time at all. Vices can range from everyday luxuries to addictions and wasteful spending in areas where cost cutting is easily achieved.
Luxuries are the number one vice of people trying and failing to save money. A luxury, in spending, can be defined as the purchase of things that are clearly outside of the available financial means. Such things include coffee shop coffees and fast food restaurants. These vices are easily contended with by simply making coffee at home and packing your lunch or snack before leaving for work in the morning. Simple changes to every day vices add up to huge savings month after month.
Addictions, like smoking and drinking, are yet another vice that tend to drain the bank account. Over the years, the cost of one pack of cigarettes has grown from under $2.00 a pack to more than $5.00 a pack in some areas. At one pack of cigarettes a day, the total monthly cost can top $150.00. Alcohol consumption falls under these same lines. Drinking at home is much less costly than drinking in a bar or pub. Over priced and watered down, alcoholic drinks are nothing more than a drain on the wallet.
Wasteful spending as a vice can relate to everything from your cable television account to your driving habits. Saving money in every facet of life is the only way to train yourself that spending less and saving more is the only way to live. Check with your cable and other utility companies often to see if there have been package changes that may save you a few dollars and car pool whenever possible to save gas and thus save money.
By paying special attention to the vices of life and changing the way we spend money, the bank accounts in our lives will grow by leaps and bounds. The bigger a bank account grows, the better we will feel about our ability to save money.