Living a ‘good clean life’ and getting rid of all our bad habits is easier said than done. We all know that smoking, drinking and overeating is not good for you, but sometimes we do it anyway! Indulging in vices is often portrayed as the fun part of life, but letting bad habits go unchecked can have a major effect on your wallet! Do you really want to know how much you are spending on your ‘bad habits?’ If the answer is yes, read on…
Cigarettes retail for about $5 to $12 a pack, depending on where you live. Researchers estimate that, for a woman, the all-inclusive cost of smoking over a lifetime is $106,000; for a man, $220,000.
Drinking can still take a financial toll even if it’s done in moderation. Consume five drinks per week at a cost of $6 per drink and you’ll rack up a $1,560 tab by the end of the year. If you instead invest that amount annually, after 30 years, you will have amassed $123,331, assuming a 6 percent return.
A study by researchers at George Washington University estimates that extra pounds cost the average overweight man $524 per year and the average overweight woman $432. Savings after 30 years of compounding interest: $34,153-$385,725.