How Much Are Your Bad Habits Costing You?

We all have our bad habits – some of them just tend to cost more than others. Even simple pleasures that only cost a couple of dollars can quickly add up over several weeks, months, and years. Take a look below for a few examples of how much your bad habits may be costing you:

Smoking Cigarettes

Cigarettes aren’t just bad for your health, they are bad for your wallet. Across the country, a box of cigarettes averages $6.16, with some states charging over $10 per pack. An occasional smoke won’t kill you, or your bank account, but everyday smokers should re-consider the habit. Here’s how much cigarettes can cost you, assuming $7 per pack and no medical expenses:

• One cigarette per day: $127.75 per year
• One pack per week: $364 per year
• One pack per day: $2,555 per year

Drinking Alcohol

There’s nothing wrong with an occasional bottle of beer or glass of wine. In fact, some studies show that alcohol can actually be beneficial for your health if consumed in moderation – moderation being the key word. Here’s how expensive regular drinking can be (costs may be even higher in major cities or upscale bars):

• One six-pack per week: $416 per year
• Three beers with tip, twice per week: $1,872 per year
• One big night out per week: $3,120 per year

Eating Fast Food

Continuing on the theme of habits that are bad for both your finances and health: fast food. Sure it’s quick, convenient, and cheaper than sit-down restaurants, but it can take its toll on your health and wallet. Here’s a few examples to help illustrate the point:

• 1 McDonald’s combo meal per week: $365 per year
• 1 Chipotle burrito and drink per week: $624 per year
• 5 Fast Food Meals per Week: $1,560 per year

Drinking Coffee

It’s hard to imagine getting through a morning without your daily dose of caffeine. About 84% of Americans drink coffee, with the average person consuming three cups per day, according to a poll from the National Coffee Association. The cost of this can vary drastically, depending on where you get your fix from:

• One cup per day, home brewed: $91 per year
• Three cups per day, home brewed: $273
• One cup per day, coffeehouse: $1,274 per year
• Three cups per day, coffeehouse: $3,822 per year

Need help getting a grasp on the expenses in your life? The financial advisors at American Investment Planners, LLC are here to help. We will sit down with you and work together to construct a sound financial plan which meets your needs, budget, and long-term goals. Call (516) 932-5130 to schedule an appointment with one of our consultants, or email info@americaninvestmentplanners.com.