There is a mind-numbing range of mindless and expensive habits that get in the way of creating long-term and sustainable financial success.
Let’s be honest. Most of us have financial habits that we have fallen into blindly because we’re not honest about the habits that may be getting in the way of our financial future.
The following three habits are so expensive that it may be time to kick them to the curb:
The first one is tied to self-esteem. I totally get it, but your expensive fake hair habit is making you broke.
My hair broke off really badly and I needed a way to feel good about myself so I started wearing fake hair. Fortunately, this isn’t that big a deal, but my hair loss was a demoralizing experience.
I accepted that to get a great fake hair look that I would have to pay through the nose and so I paid big bucks (for me) to achieve the right look.
Like me, there are a lot of women who are dealing with hair loss or just would like to achieve a different look and spend way too much on their fake hair. I didn’t realize I had this habit and felt like I managed the expense really well.
I would stretch the times between getting an expensive weave and would try to consistently care for my fake hair with constant TLC.
But, what I didn’t realize was that I was paying too much for weaves and fun lace-front wigs and I discovered that I could get the same look for 75% less than what I was spending.
Instead of paying between $175-$200 for a weave or lace-front wig (including shipping), I discovered that there are inexpensive options that create the same look for less!
I discovered the amazing world of YouTube low-cost wig reviews. There were wigs that looked the same as what I was buying before, but for $30. It was a life-changing information.
I jumped on that savings, I still feel good about myself, and my wallet loves me for it.
Recreational pot habit.
One of the most expensive habits of all is a pot habit. You should break the weekly pot habit ASAP.
Hey, I’m not judging you. I’m from Colorado. But that legal bud is not cheap.
If you’re smoking a bowl a couple of times a week, getting the newest in pot-related gear, and snacking like it’s going out of style, it may be time to do an audit of how much you’re spending on your legal weed.
According to the Colorado Pot Guide, the cost of an ounce of pot ranges between $100-$300 dollars depending on where you purchase it.
If you purchase just one ounce a month you’re spending $1200-$3600 in pot each year. That’s almost like shoving $20 bills into your bong and smoking it up. And, we haven’t even factored in the snacking costs.
For many people who embrace the 420 life, the expense may not always be top of mind. And, I’m not saying what you should or shouldn’t do. But your pot habit can be painful to your bottom line.
Instead of always having a reserve at home perhaps you could just indulge at your favorite concert like everyone else does?
When factoring in the cost of pot also consider the potential for losing your job if your employer does drug checks. In Colorado, employers have the right to terminate employment for off-the-job cannabis consumption, even if it’s medicinal.
Lack of research before purchases.
The first two expensive habits were pretty specific. This one, though, applies to most people.
Many of us make big (and small) purchases without doing research. I can’t even begin to tell you what a difference doing basic research on my purchases has made to my finances. I’ve discovered that there is always a deal to be found on any item I want to buy.
For example, if you hope to purchase a car, spend some time researching the following: gas mileage, if the car has had any recalls, cost for maintaining it, and if there is a place where you could buy it for less than the listed price.
There is no reason to purchase clothing at the listed price. It always goes on sale. By researching ways to get rebates on spending, savings apps, and places where you could purchase the same items at a discounted price.
Research doesn’t have to be an annoying and onerous process. And it’s at the heart of how I have been able to save substantial amounts of money on trips, shopping, and even my home purchase.
Once you kick your expensive habits to the curb, you will be more likely to have more money to spend on things that really matter to you.
What are your expensive habits? How do you plan to break them? Let us know at the #Adulting community on Facebook.