Increase Savings While Reducing Vices
People are always talking about saving more for a rainy day or for the future while not paying much attention to what is preventing this from happening. There may not be so many ways around essential expenses but there are certainly lots of ways to turn one’s back on unnecessary ones. By reducing or even eliminating vices, there are more chances of increasing savings and realizing financial goals earlier.
Smoking
Smoking is one of the most common vices engaged in by people from all walks of life. Most people smoke without giving much thought about it although there are certain identified reasons why people start the habit. Smoking usually starts especially among the young to be part of a group or because it just seemed an attractive thing to do at that time.
Full-grown adults give several reasons for starting to smoke including the need to relieve tension, to control weight, or to boost energy. Whether these reasons have any absolute scientific basis or not still remains to be seen. What has been determined however, is that smoking leads to certain diseases that can be avoided if smoking is eliminated.
Regular smokers may not notice the amount of money they actually spend on this habit because buying is usually done in small amounts. However, the frequency and regularity of buying has to be considered in determining how much is being spent on something that can actually make people sick. Smokers will be surprised when they see their cigarette consumption in terms of money figures.
Alcohol
Moderation in drinking alcoholic beverages is suggested by some quarters as a healthy habit. The danger again lies in the possibility of consuming excessive quantity of alcohol for a continuous period of time. It also needs to be understood that the potency of each type of alcohol varies thus it is possible that what one believes to be in moderate level is already in reality in excess.
People who drink alcohol say it is a way to unwind after a hard day’s work. They say that drinking is fun and helps them forget their problems. Many forget that habitual drinking affects job performance and one’s state of health as well.
Habitual drinking also leads to a big dent in finances because alcoholic drinks are not cheap especially when consumed on a regular basis on frequent night-outs with friends. Some people even offer to shoulder the bills for drinking sprees which is obviously financially draining. Sometimes the loss of drinking buddies is just unacceptable.
Frequent Eating-Out
There is a general belief that people need not scrimp on food since it is a basic necessity of the human body. This belief should be qualified when it comes to frequent eat-outs. Eating out in restaurants, coffee shops, and other food stores easily add up in numbers and so does frequent take-outs. Regular eating-out is hardly a necessity and to indulge in it frequently is seen by many as a luxury. This is true whether a person has a family or on his own.
Frequent Shopping
Frequent shopping is in the same category as frequent eating -out. Both are luxuries that can be avoided since they cater essentially to wants instead of needs. Financial consultants strongly advise against impulsive buying or buying the first thing that is fancied. They also talk about the danger of buying something as a way of lifting up spirits during stressful times since financial decisions done during this time are not usually based on careful consideration.
My Say
A vice for the purposes of this article is equivalent to bad habits. Smoking, drinking alcohol, frequent eating-out and shopping are examples of bad habits that have an effect on the finances of a person engaged in it. If people are to realize their desired financial goals, it would be best to pay attention to these avoidable expenses so that there will be more opportunities for the accomplishment of bigger financial goals. It makes much sense to increase savings while reducing vices so financial stability does not remain an elusive dream.
Nomer Alkasarski
Hi Teresa, I found your blog on jsncruz.com. I really like it, it’s so neat:D Anyways, thanks for these tips. I don’t smoke, I don’t drink that often but I do splurge on shopping at times. Hehe.
Teresa Martinez
Thanks very much, we are bound to have at least one weakness in this life so we just need to remind ourselves not to go over.
rjmama
what I usually do is put a percentage on my savings and investment first, after receiving salary, then for household expenses and bills, whatever is left can be used for shopping and eating out. no cigarette or alcohol for me 🙂
Teresa Martinez
That is a very wise thing to do.
ralph
couldn’t agree more… you save a lot and it’s more healthier and good not only for you but to the rest of your family. Yahweh bless.
Teresa Martinez
This is something we must realize soon enough.
#TownExplorer | @edmaration
Uh. This article should be read by everybody. I am not against smokers and alocolics themselves but frequently, I find them to be always short of money but still have the guts to suffice their vice.
Teresa Martinez
It will be ideal for them to find a healthier way to enjoy.
Alwin
I can proudly say I don’t smoke and do not hear alcohol calling me haha… but one thing I can’t resist is food. thank God for foodie blogger invites \:D/
Teresa Martinez
You’re right. Being invited as a food blogger to sample the dishes of restaurants is really quite nice.
tumandok
I’ve no vices but I’m no good money saver. It always comes to mind that everyone must save for the rainy days. But why it seems hard for me to do it. Anyway what can I do is to force myself to save for the future. It takes a commitment and a will to do it. I could do it for I could even discipline myself of refraining from any form of vices.
Teresa Martinez
Then the easier it will be for you to save since there are no vices to consider.
che
Good thing I don’t shop frequently more so that I don’t have work anymore and I have to think of my husband’s hardwork.
Teresa Martinez
There is really a big difference between income from two earners to that of one but at least you get to take care of your family better by staying at home.
Tess Chancellor
These are true, so far my problem is my hubby’s smoking. One pack coz almost $5 .He knows it costs us a lot of money but he can’t stop it..Well, at least he don’t drink..
Teresa Martinez
A habit is really hard to stop. It would require so much determination from the person himself. Maybe in time…
Michelle
I don’t have ALL 4 habits mentioned above 😀 Yes, even frequent shopping and eating-out hahaha. For smoking and alcohol, not only you would be able to save money but more importantly, your health.
Teresa Martinez
Being sick is the worse because we have to spend hard earned money for medicines, doctors, and hospitals instead of enjoying with the family.
zhlryz
We’re guilty of frequent eating out in the Phils. and until here in Germany. Though we try to stop it from time to time since food here is a little expensive.
Teresa Martinez
Our family also loves food but we just try to limit eating out n special occasions and after going to church if budget permits.
mirage2g
While I agree with everything, I am a bit on the hold-out for shopping hahaha. My daughter is really growing up real fast, we need to often buy her stuff :/ It would be probably wise to buy her bigger sizes but I wouldn’t want her to look awkward. 🙁 Great tips, surely budget-saver!
Teresa Martinez
It is really fun going shopping with our daughters that it is so easy to forget about the budget that is why I just try to schedule our trips to shops and malls for such purpose so I won’t be tempted frequently.
Jerome ibuyan
Fortunately, I’m not a smoker. I didn’t even try. I believe avoiding the first two vices will not only save you money but also your life. =)
Teresa Martinez
Same here. Why spend for something that will hurt us?
Adeline Yuboco
Being someone that blogs about food, I don’t really see eating out and enjoying a bit of wine as a vice. Actually, it’s been quite the opposite. Thanks to it, I’ve been able to land a gig as a contributing writer to an international news source for their food and wine section.
Teresa Martinez
I have been careful to qualify vices as equivalent to bad habits in this post. Bad habits connote something that is done in excess to the detriment of health and finances. Obviously, this would not refer to your situation in relation to food and wine because it is considered as one probable source of your financial strength because you earn from it. Everybody deserves to enjoy little luxuries in life like wine, food, and even shopping as long as they are done within proper limits.
Ness
I agree. With the title alone, this already worked for me. I minimized going to spas and coffee shops. It saved me a little. But I still splurge myself in these “some times”. haha!
Teresa Martinez
There is really nothing wrong with pampering one’s self once in a while. Life will be such a bore without it. Problems only arise when they are done in excess.
jem alvarado
I strongly agree on these lists to increase your savings.. I have proven it with frequent shopping. Before I love to shop many things almost twice a month and I did reduce it.. Thankfully now hubby and I have bigger savings.
Teresa Martinez
I’m happy for you that you have already succeeded in increasing your savings.
Wreyzza Swift
I neither smoke nor drink alcohol but I’m guilty of shopping (which I call my retail therapy) and frequent eat out – they’re my vices. Tsk! I’m still working on them in order to increase my savings. Haist! 🙂
Teresa Martinez
It is really very difficult not to give in to what you call as retail therapy so maybe you can schedule your “therapy sessions” less frequently.
My Daily Mumbles
Yes we may not know it but we spent more of these vices than of our food in the table. Tsk tsk tsk
Teresa Martinez
Sometimes we are not aware of our overspending in one area so we need to reassess our priorities once in a while.
lovemindanao
i never did like smoking .. as if you are buying your own death wish aside from the fact that you are spending for nothing good. same thing with shopping … buying too much is very much dictated by the consumerism influence of the society …we could save or spend the money to more sensible things instead.
Teresa Martinez
I really wonder about smoking. Is there anything good that can be obtained from it?
Mai Flores (@mai_eaflores)
*sigh* I didn’t know that frequent eating-out was a vice. 🙁 I actually don’t do most of the things that you’ve mentioned above.. except for the eating-out part. I really can’t give it up. I yearn for it especially after doing so much work…
Teresa Martinez
We may have to qualify that. Eating out is not bad but if it becomes detrimental to finances such as sacrificing the necessities and foregoing savings totally just to eat out, there lies the issue against frequent eating out.
Cariza Helga Chua (@mshelgachua)
guilty of frequent shopping! but i am learning how to control my money now and cut my credit card 🙂
Teresa Martinez
In everything we do, moderation is the key.
Marri Bermudez
I totally agree with you that these are avoidable expenses but we can have a little of pleasure and delight that we deserve, Vices have definitely more disadvantages and it’s our choice to eradicate them in our lives.
Teresa Martinez
Of course we deserve to experience the good things in life as long as they do not turn into vices that are done excessively.
Cris | Pinay Thrillseeker
Because I am so stingy, I am not guilty of the vices mentioned above as I firmly believe those are just waste of money. Well except for eating out, though. That’s one of the things that keeps me happy and also serves as a reward for myself. I rarely go to coffee shops, though. Perhaps less than 10 times during this lifetime. 😀
Teresa Martinez
I commend your self-control in finances.
Gemma|My Dailies
ouch to shopping! Lol!.. truly that is the only past time and stress buster I know..plus eating out! Lol!
Teresa Martinez
We all deserve to shop and eat out once in a while, nothing really wrong about that.
Gemma|My Dailies
I agree.. but sometimes it every week thing! lol!
Jason Cruz (@jsncruz)
I left behind smoking almost a year ago. At PHP 40.00 a pack on average, quitting DID make me have a little bit more money. I can’t skip on the alcohol though since I’m a bit of a wine geek!
Teresa Martinez
We all have our weaknesses which we cannot do without. We just have to determine up to what level will not be harmful to us whether in health or finances.
jsncruz
Yes that’s true. I limit my drinks to 1-2 bottles but when with friends or if there’s an occasion, 4 bottles is quite a lot for me already 🙂