The big bills you pay every month can easily deplete your resources, but it is the small daily expenses that actually eat up your money. If you don’t track these small expenses properly, you could even end up in piles of debt because of it.
These small expenses are your vices that you can actually cut off.
Here are some of the ways your vices are burying you in debt:
- Cigarettes. A pack of cigarettes can cost somewhere from $10 to $15. If you smoke a pack every day, you could be spending $400 to $500 a month. That sums up to $5,400 a year. People don’t include it in their budget because it is just $10 after all. But $5,400 can actually pay off some of your credit card interests.
- Alcohol. Just like cigarettes, people usually take this expense for granted, because it doesn’t seem like a big deal. But the average American actually spends $1 for every $100 that he or she got. Some Americans who live in New York and Los Angeles, which are more expensive cities, spend up to $500 every month on alcohol.
- Eating Too Much. This is not a vice, but if you go overboard, it will consume your budget. If you keep eating out, you can spend up to $3,000 a month. A lot of people who earns big, eat out or buy fast food for all the three meals in a day. These expenses will accumulate into a big chunk of your monthly expense.